Personal pricing means that that a retailer creates incentives for specific registered customers based on their characteristics and actions. Retailers who use this method offer customized prices based on their customers’ behavior online and in-store. The idea behind personalized pricing is that highly loyal customers will receive better prices than unknown customers who have no history with the retailer. Therefore, unique pricing deals are offered to customers who keep coming back to the same retailer. These deals are extended to customers in specific conditions, meaning that it is mostly done one-on-one. This creates a customized shopping experience for customers using the customer level data, which may lead to greater customer satisfaction.
Personal pricing by tritonX
“Personal prices for loyal or special customers. Processed automatically and real time by the pricing-rules or coupons defined in tritonX.”
The personal pricing module of tritonX automatically offers specific customers or customer groups an adjusted pricing policy. These modified pricing groups can, for example, be defined on the bases of an item group or brand and whether or not they are sale items. It is also possible to give everything from a certain category or collection a different price, where certain things can even be excluded. Think for example of a 10% discount on the football collection for all members of the local football club. Another example is a 10% discount for all customers who have bought something in the last three months. In the same way a discount can be applied for your own employees or other companies with which agreements have been made.
The combination of the personal pricing module with a “loyalty status” is also very interesting. When you work with a loyalty program it can be interesting to work with personal pricing for certain customer groups in the loyalty program. For example, it may be that all gold members have access to the pre-sale this weekend before the sale starts for all customers. In this way you create impact and relevance for these customers, which leads to increased customer loyalty.
To make the personal pricing module work, a link to the cash register (Point of Sale) and the web shop is required. These are therefore also the channels in your omnichannel strategy where personal pricing can be applied. The personal pricing is applied automatically, so the customer does not have to do anything. As a result, customers do not have to ask for it in the store, because it is already in the cash register once the customer is registered. This also works in the same way for the web shop. Here it is also possible to display “my price” on the article-detail page for customers who are logged in. Personal pricing can therefore really be used in the omnichannel strategy of the retailer.
The intended solution of personal pricing:
Via the personal pricing module you can offer specific customers or customer groups a different price, both online and offline. You can give these privileges to, for example:
- Loyalty app users
- VIP customers with certain loyalty status such as Bronze, Silver, or Gold
- Employees of the company
- Associations that are sponsored
- “Ambassadors” of your store
Curious and excited to learn more about how to use personal pricing to create loyal customers? Please contact us!