Managing the pricing of a vast portfolio with lumise
Results
Profit increase
Achieved better margins through data-driven pricing.
Better operational efficiency
Minimized errors and saved time previously spent on manual pricing.
Faster reaction time
Adjusted prices quickly in response to market changes.
Improved strategic focus
Redirected time and resources to other critical business areas.
industry
Consumer Electronics
Home Improvement
region
Europe
main modules
Lumise specializes in high-quality lighting products. Their extensive range of products cater to different segments of the market, including professional, commercial, and consumer lighting products. With over a decade of experience in the industry, Lumise has established itself as a trusted name in the European lighting market and beyond, with an annual turnover of close to 8 million euros. Their selection of products includes state-of-the-art lighting solutions that are cost-effective, making them a preferred choice for customers.
The challenge
One of the most significant challenges Lumise faced was managing the pricing of their extensive product catalog. With a large assortment of lighting products and a complicated master data setup, pricing was a manual process that consumed substantial time and was prone to errors. Determining the right price for each product while ensuring overall profitability was a complex task. The manual approach hindered their ability to react swiftly to market changes and adjust pricing strategies effectively.
Key pain points:
- Time-consuming processes: Manual pricing updates were inefficient.
- Error-prone methods: Increased risk of pricing inaccuracies.
- Complex data management: Complicated master data setup added to the challenge.
- Competitive pressure: Need to maintain innovative and profitable pricing strategies.
The solution
Pricen’s solution offered several key features that Lumise utilized.
The automated pricing workflows provided effortless management by automating the entire pricing process, significantly reducing manual intervention. This automation enabled dynamic adjustments, allowing Lumise to respond quickly to market changes and demand fluctuations.
For profit maximization, Pricen’s AI algorithms were used to forecast price changes and predict optimal pricing points. This capability allowed Lumise to plan and execute profitable sale campaigns that maximized their profits.
“Pricen has been a super valuable investment that really has increased our profitability and reaction time. A must have tool for modern Ecommerce companies.”
Kari Kauhanen
CEO, Lumise
The results
Increased profitability
- Optimized pricing strategies: Achieved better margins through data-driven pricing.
- Maximized profits: Positioned pricing to capitalize on market opportunities.
Improved reaction time
- Swift market response: Adjusted prices quickly in response to market changes.
- Competitive advantage: Stayed ahead of competitors with agile pricing strategies.
Operational efficiency
- Reduced manual workload: Minimized errors and saved time previously spent on manual pricing.
- Streamlined processes: Enhanced overall efficiency in pricing management.
Strategic focus
- Resource reallocation: Redirected time and resources to other critical business areas.
- Customer satisfaction: Maintained high-quality customer service with a focus on core competencies.
BHG Group
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