Home Hardware Stores Ltd. Crafts a New Pricing Strategy With Wiser’s Price Optimization
As the largest independent home improvement retailer in Canada, Home Hardware Stores Ltd. follows one key guiding ethic—that community and the common good is simply good business.
Of course, achieving this mission requires an effective, profitable approach to pricing, a task made challenging by Home Hardware’s four unique stores under its umbrella, selling everything from power tools to lumber, appliances, and furniture.
Challenges
As Home Hardware has continued to grow, the company has realized that staying competitive nationally within a $52B Canadian home improvement market is crucial.
Manually tracking and matching prices across both online and in-store platforms has become even more difficult and has proven to be nearly impossible on such a large scale.
With only its manual methods for pricing, Home Hardware was forced to forego tracking its in-store platforms at all. Something had to change.
Solutions
With Wiser’s Price Optimization product, Home Hardware gets a clearer view of its own prices as well as competitor prices across multiple channels in near real-time, resulting in efficiencies all around. With this data, the retailer can get a clear visual of where it stands in a nationwide competitive market.
Using Wiser data, Home Hardware is able to analyze its own market gaps at a granular level and adjust accordingly to meet its goals.
PRODUCTS USED:
As a company, we went into this process knowing our end goals and had an idea as to how to get there but having Wiser there to provide feedback and a different perspective helped focus our efforts.
Leanne Morton
Price & Cost Analyst
Results
Home Hardware needs a pricing tool that can keep up with its size and speed and Wiser’s Price Optimization is the right fit for these requirements.
With this tool, the days of manual price checking and repricing are over, and the Home Hardware team is equipped with timely, customized, and accurate data that allows them to remain one step ahead of the competition.
Some key features of Price Optimization include:
- Automated Repricing: Using a variety of inputs across multiple channels, Wiser is able to automatically adjust Home Hardware’s prices to help them stay competitive.
- Prioritization: Using Wiser’s Price Optimization, Home Hardware can prioritize its pricing strategies based on customizable criteria.
- Live Preview & Simulation: With Wiser there’s no guesswork. Instead of waiting until prices are fully live, Home Hardware is able simulate different pricing strategies to see the potential impact before committing fully to the changes.
When it comes to pricing strategies, it’s easy to overthink processes and complicate things. Home Hardware, by using Wiser’s Price Optimization product, can instead simplify the approach to pricing and create agile, profitable pricing strategies for its retail stores.
Gain a Partner in Wiser
Wiser Solutions is in it for the long haul. We will be a dedicated partner to your marketing efforts as we work with you to establish baselines, run tests, optimize workflows, and turn our real-time data into confident marketing decisions for your business.
Knock that next merchandising campaign out of the park. Win market share from your competition with price optimization. Understand shopper insights to create better messaging. No matter your goals, Wiser is here to help.
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