Kiran Gange's guest appearances

Kiran Gange

Impact Pricing

OwlTail

Kiran Gange founded RapidPricer and is currently working on automated pricing and promotions for retailers using image processing, spectral images, IOT data and artificial Intelligence. In this episode, Kiran shares a dynamic pricing strategy for retailers that increases profits while providing greater value to customers.   What you will learn from this episode:  Develop a dynamic pricing strategy that prioritizes maintaining long-term customer trust rather than solely focusing on profit Discover opportunities for retailers to implement dynamic pricing strategies Learn about a pricing strategy that reduces food wastage in the retail industry    "Take a look at your data to understand how customers are reacting to price changes." - Kiran Gange   Topics Covered: 01:16 - What inspired him to write the book 'The Expert Guide to Retail Pricing' 02:55 - The reason for suboptimal pricing in most retail companies he works with 06:13 - Pricing in B2B versus B2C as it relates to value associated with the product or service 07:51 - Explaining about the lagged reaction between the value and the price of the product 09:22 - Illustrating the work they do at RapidPricer when it comes to dynamic pricing 13:16 - What helps customers in their decision when choosing stores to buy from 15:05 - Frameworks used and discussed in Kiran's book 16:16 - Identifying products that are profit drivers or traffic drivers 17:45 - Determining individual product elasticity even without changing prices [plus a discussion on category and product elasticity] 20:30 - Seeing opportunities for retailers to do dynamic pricing [Costco having a brilliant customer level analysis] 22:30 - What is the ‘minimum margin rule’ 23:26 - How does pricing improve value 24:58 - Kiran’s best pricing advice    Key Takeaways: "There's so much more value to be achieved in actually selling the product at a lower price than to take this incremental profit and to lose the trust of the customer, which is much more important than your profit in the long run." - Kiran Gange "It was Jeff Bezos who once said that our elasticity numbers always show that people are inelastic, but that's not true in the long run. You don't want to take prices up and lose the customer's trust. You might as well use a system to build trust while reducing the wastage and increasing the customer satisfaction." - Kiran Gange "It's not about what the customer is going to see while he is already inside the store, but giving them a fair value where it matters." - Kiran Gange   People/Resources Mentioned:  The Expert Guide to Retail Pricing by Kiran Grange:  https://www.linkedin.com/posts/kirangange_retailpricing-booklaunch    Connect with Kiran Gange:  Website: https://www.rapidpricer.com/ LinkedIn: https://www.linkedin.com/in/kirangange/     Connect with Mark Stiving:  LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com 

Kiran Gange founded RapidPricer and is currently working on automated pricing and promotions for retailers using image processing, spectral images, IOT data and artificial Intelligence. In this episode, Kiran shares a dynamic pricing strategy for retailers that increases profits while providing greater value to customers. What you will learn from this episode: <ul> <li>Develop a dynamic pricing strategy that prioritizes maintaining long-term customer trust rather than solely focusing on profit</li> <li>Discover opportunities for retailers to implement dynamic pricing strategies</li> <li>Learn about a pricing strategy that reduces food wastage in the retail industry</li> </ul> "Take a look at your data to understand how customers are reacting to price changes." - Kiran Gange Topics Covered: 01:16 - What inspired him to write the book 'The Expert Guide to Retail Pricing' 02:55 - The reason for suboptimal pricing in most retail companies he works with 06:13 - Pricing in B2B versus B2C as it relates to value associated with the product or service 07:51 - Explaining about the lagged reaction between the value and the price of the product 09:22 - Illustrating the work they do at RapidPricer when it comes to dynamic pricing 13:16 - What helps customers in their decision when choosing stores to buy from 15:05 - Frameworks used and discussed in Kiran's book 16:16 - Identifying products that are profit drivers or traffic drivers 17:45 - Determining individual product elasticity even without changing prices [plus a discussion on category and product elasticity] 20:30 - Seeing opportunities for retailers to do dynamic pricing [Costco having a brilliant customer level analysis] 22:30 - What is the ‘minimum margin rule’ 23:26 - How does pricing improve value 24:58 - Kiran’s best pricing advice  Key Takeaways: "There's so much more value to be achieved in actually selling the product at a lower price than to take this incremental profit and to lose the trust of the customer, which is much more important than your profit in the long run." - Kiran Gange "It was Jeff Bezos who once said that our elasticity numbers always show that people are inelastic, but that's not true in the long run. You don't want to take prices up and lose the customer's trust. You might as well use a system to build trust while reducing the wastage and increasing the customer satisfaction." - Kiran Gange "It's not about what the customer is going to see while he is already inside the store, but giving them a fair value where it matters." - Kiran Gange People/Resources Mentioned: <ul> <li>The Expert Guide to Retail Pricing by Kiran Grange: <a href="https://www.linkedin.com/posts/kirangange_retailpricing-booklaunch-learning-activity-7079502481717628929-PyVh/?utm_source=share&amp;utm_medium=member_desktop" rel="nofollow" target="_blank"> https://www.linkedin.com/posts/kirangange_retailpricing-booklaunch</a></li> </ul> Connect with Kiran Gange: <ul> <li>Website: <a href="https://www.rapidpricer.com/news" rel="nofollow" target="_blank">https://www.rapidpricer.com/</a></li> <li>LinkedIn: <a href="https://www.linkedin.com/in/kirangange/" rel="nofollow" target="_blank">https://www.linkedin.com/in/kirangange/</a> </li> </ul> Connect with Mark Stiving: <ul> <li>LinkedIn: <a href="https://www.linkedin.com/in/stiving/" rel="nofollow" target="_blank">https://www.linkedin.com/in/stiving/</a></li> <li>Email: mark@impactpricing.com</li> </ul>

Maximizing Value in Retail Pricing with Kiran Gange

Kiran Gange is the CEO and Founder of RapidPricer, a company that helps automate pricing and promotions for retailers. He helps companies grow internationally, especially into India. And he was a Senior Strategy Analyst at Fry’s Electronics. In this episode, Kiran educates us on retail and analytics-based pricing as he shares hypotheses and strategies you can practice in pricing your own products.   Why you have to check out today’s podcast:  Learn how to price retail products both in B2B and B2C setting Understand why you should increase your price in phases and not shock your customer at once Find out how important analytics-based pricing in, and discover strategies on how you can actually do it in your business    “Look at your past data. Use your intuition to guide the data analysis, but don’t only base your decision on intuition.”  – Kiran Gange   Topics Covered: 01:31 – How Kiran got into pricing 02:36 – Pricing in both the environments of B2B and B2C in retail 05:07 – A hypothesis to test for foot traffic and cameras 07:13 – Talking about the work that RapidPricer does 11:15 – The strategy on how to rapidly change prices, and the difference between base price and promoted price 14:00 – The difference between AI and a strategically thought-out programming 17:06 – Discussion around analytics-based pricing frameworks, and Mark’s ‘which one’ and ‘will I’ concept 21:01 – Using AI to know which products people are price sensitive on 22:09 – Pricing table topics: “Execute price increases in phases; test the outcomes.” 24:08 – Kiran’s pricing advice   Key Takeaways: “There’s a difference between a base price and a promoted price. The base price is when you decide what is the right price to keep inside your store for a longer time. A promotion is an instant decision, typically to correct something which is a negative factor.” – Kiran Gange “Customers don't like prices changing up on them instantly.” – Kiran Gange “Strategy is always the foundation behind how the prices should be done. It shouldn't be an entirely “I have no clue what's happening. Here’s the price. Here you go. Cancel the black box.” Ever. I believe, at least retailers are so traditional; they won't accept a solution like that.” – Kiran Gange “You need to know which products are people sensitive about and make sure they get the best value on those products to compete on those products. And the others can be your profit drivers.” – Kiran Gange “Whenever you have this cost increases, have like a strategy to understand which products are going to absorb the cost over time and which products can take it immediately. That will help you both stay up to date with your latest cost and not upset your customers too much.” – Kiran Gange   People / Resources Mentioned:  RapidPricer: https://www.rapidpricer.com/ Fry’s Electronics: https://www.youtube.com/fryselectronics DemandTec: https://www.demandtec.com/ Amazon: https://www.amazon.com/    Connect with Kiran Gange:  LinkedIn: https://www.linkedin.com/in/kirangange/    Connect with Mark Stiving:  LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:mark@impactpricing.com 

Kiran Gange is the CEO and Founder of RapidPricer, a company that helps automate pricing and promotions for retailers. He helps companies grow internationally, especially into India. And he was a Senior Strategy Analyst at Fry’s Electronics. In this episode, Kiran educates us on retail and analytics-based pricing as he shares hypotheses and strategies you can practice in pricing your own products. Why you have to check out today’s podcast: <ul> <li>Learn how to price retail products both in B2B and B2C setting</li> <li>Understand why you should increase your price in phases and not shock your customer at once</li> <li>Find out how important analytics-based pricing in, and discover strategies on how you can actually do it in your business</li> </ul> “Look at your past data. Use your intuition to guide the data analysis, but don’t only base your decision on intuition.”  – Kiran Gange Topics Covered: 01:31 – How Kiran got into pricing 02:36 – Pricing in both the environments of B2B and B2C in retail 05:07 – A hypothesis to test for foot traffic and cameras 07:13 – Talking about the work that RapidPricer does 11:15 – The strategy on how to rapidly change prices, and the difference between base price and promoted price 14:00 – The difference between AI and a strategically thought-out programming 17:06 – Discussion around analytics-based pricing frameworks, and Mark’s ‘which one’ and ‘will I’ concept 21:01 – Using AI to know which products people are price sensitive on 22:09 – Pricing table topics: “Execute price increases in phases; test the outcomes.” 24:08 – Kiran’s pricing advice Key Takeaways: “There’s a difference between a base price and a promoted price. The base price is when you decide what is the right price to keep inside your store for a longer time. A promotion is an instant decision, typically to correct something which is a negative factor.” – Kiran Gange “Customers don't like prices changing up on them instantly.” – Kiran Gange “Strategy is always the foundation behind how the prices should be done. It shouldn't be an entirely “I have no clue what's happening. Here’s the price. Here you go. Cancel the black box.” Ever. I believe, at least retailers are so traditional; they won't accept a solution like that.” – Kiran Gange “You need to know which products are people sensitive about and make sure they get the best value on those products to compete on those products. And the others can be your profit drivers.” – Kiran Gange “Whenever you have this cost increases, have like a strategy to understand which products are going to absorb the cost over time and which products can take it immediately. That will help you both stay up to date with your latest cost and not upset your customers too much.” – Kiran Gange People / Resources Mentioned: <ul> <li>RapidPricer: <a href="https://www.rapidpricer.com/" rel="nofollow" target="_blank">https://www.rapidpricer.com/</a></li> <li>Fry’s Electronics: <a href="https://www.youtube.com/fryselectronics" rel="nofollow" target="_blank">https://www.youtube.com/fryselectronics</a></li> <li>DemandTec: <a href="https://www.demandtec.com/" rel="nofollow" target="_blank">https://www.demandtec.com/</a></li> <li>Amazon: <a href="https://www.amazon.com/" rel="nofollow" target="_blank">https://www.amazon.com/</a></li> </ul> Connect with Kiran Gange: <ul> <li>LinkedIn: <a href="https://www.linkedin.com/in/kirangange/" rel="nofollow" target="_blank">https://www.linkedin.com/in/kirangange/</a></li> </ul> Connect with Mark Stiving: <ul> <li>LinkedIn: <a href="https://www.linkedin.com/in/stiving/" rel="nofollow" target="_blank">https://www.linkedin.com/in/stiving/</a></li> <li>Email: <a href="mailto:mark@impactpricing.com">mailto:mark@impactpricing.com</a></li> </ul>