The world is going digital! People are increasingly buying online – books, music, groceries, food – almost anything is just a click away. Additionally, digital products are replacing physical ones in several forms especially for publishing companies. These factors together have led to explosive growth of the digital channel.
From a consumer perspective, this trend is great allowing them easy access to a large portfolio of products at a click of a button. However, for suppliers the complexity of the overall price management process has also exploded.
First, the traditional product price setting problem needs to account for the unique lifecycle effects of digital products in addition to determining which factors matter for pricing in the world of big data. Second, the dynamic nature of pricing presents a huge challenge (and opportunity) to continuously shape consumer demand and maximize profits by ensuring the right product price at the right time. Third, for certain products, physical sales (new & used) as well as streaming or rental options can impact digital pricing and demand. Finally, with almost no publishing and inventory costs, digital product portfolios can be enormous – the challenge of ensuring pricing coverage for the entire digital portfolio with small commercial teams can be a problem in itself.
This webinar will tackle these problems head-on and cover the following topics:
- Digital Price Management Framework: Outline a framework for Digital Price Management focusing on every day (baseline) pricing
- Digital Price Science Approach: Modelling and practical use of consumer price elasticity in the digital pricing context, a self-correcting and learning framework for use in dynamic price setting
- Digital Pricing Best Practices: Outline how to run a best-in-class, value-led price management process enabled through latest technology to cover a large digital portfolio.
Participants will go away with a good overview of the latest thinking in terms of process, pricing techniques and technology to enhance digital pricing.
About the Speakers
Jana Littleton, Director of Science
Jana is a Director in the Vistaar Science group. With over ten years of experience designing algorithms for decision support systems, Jana has been exposed to a wide range of industries. Her main focus areas include B2B as well as B2C pricing, forecasting, and optimization models. Within Vistaar, Jana has a cross-functional role working closely with potential as well as existing clients to ensure Vistaar’s science address the daily challenges faced by companies and works seamlessly within Vistaar solutions. Jana holds a B.S. in Industrial Engineering, a B.S. in Applied Mathematics, and an M.S. in Industrial Engineering all from the University of Washington.
Venky Subramanian, Vice President Europe
Based in London, Venky manages European operations and customer success for Vistaar. Venky has a rich professional background, with leadership experiences ranging from commercial and strategic roles to enterprise-wide operational consulting engagements with Fortune 100 companies. At Vistaar, Venky has worked with clients across a wide range of industries on transforming their price management process leading to several million dollars in documented value. Venky holds a Bachelor’s degree from the Indian Institute of Technology, Bombay, a Master’s from the University of California, Davis and an MBA from INSEAD, France.