Today's digitally enabled shoppers are consistently looking online to secure good deals on sports products. This leaves merchants with the challenge of providing pricing that is attractive to customers, while also having a positive effect on their bottom line. Leading dynamic pricing developer, Digonex announced today that they have teamed with the LIDS Sports Group to undertake this challenge for the sports merchandise marketplace.
The exclusive arrangement with Digonex will give LIDS Sports Group the first truly automated system that controls and adjusts prices daily to maximize sales in sports merchandise retail. Digonex's cutting-edge dynamic pricing system takes into account many consumer aspects such as competition, consumer purchasing behavior and a variety of other key elements that impact prices. Incorporating dynamic pricing will allow LIDS Sports Group to offer consumers more choices, as well as help increase sales and optimize profitability.
"Digonex is providing us a valuable insight into how price, consumer buying behavior and market trends impact sales. In the era of dynamic pricing we want to be on the forefront of bringing it to our customers in the proper way," said Scott Molander, Chief Operating Officer of LIDS Sports Group. "Digonex has been in the sports marketplace pricing tickets for pro and college teams and we've chosen their experience to help us explore the strategic implications of moving down that path for pricing merchandise for those same teams."
"We are thrilled to work with a true leader in the sports apparel business that has a world vision like LIDS," said Jan Eglen, Ph.D., CEO of Digonex. "More and more businesses are viewing dynamic pricing as a competitive, intelligent, and strategic opportunity to transform their business in a challenged economy. We're certain that focusing on better pricing can help Lids sell more merchandise and gain not only new, but repeat customers."
Thousands of dynamically priced products in various sizes, colors, styles and teams will be available on the Lids.com clearance website.
Dynamic pricing models, which allow pricing to go both up and down based upon consumer demand, enable retailers to offer a fair system that is market driven and both consumer and seller friendly. Digonex's pricing solutions continuously identify the 'sweet spot' where prices follow perceived market value and generate maximum economic return for clients while providing fair prices for consumers.
Digonex focuses primarily on development of automated and optimized pricing platforms for e-commerce, allowing client companies to increase customer retention and maximize revenue. Digonex developed the Sports & Entertainment Analytical Ticketing System (SEATS™), the first fully automated, dynamic pricing system for event ticketing that analyzes sales data and provides price recommendations based upon econometric and behavioral principles. Digonex has been awarded eight patents for its innovative pricing systems and prices products in Sports; Entertainment, including theater and touring artists; and Retail in both the US and the UK. For more information, visit Digonex.com.
About Lids Sports Group
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The LIDS Sports Group, is comprised of the LIDS retail headwear stores, the LIDS Locker Room specialty fan retail chain, the LIDS Clubhouse retail stores, the LIDS Team Sports wholesale team sports business and the Internet businesses, www.lids.com, www.lidslockerroom.com , www.lidsclubhouse.com, www.lidsteamsports.com, and www.lids.ca. Operating out of Indianapolis, Indiana, the retail businesses make up more than 1,000 mall-based, airport, street level and factory outlet locations nationwide, and in Canada and Puerto Rico. LIDS retail stores offer officially licensed and branded headwear of collegiate teams, major professional sports teams, as well as other specialty fashion categories in the latest styles and colors. LIDS Locker Room is a mall-based retailer of sports headwear, apparel, accessories, and novelties. Most LIDS and LIDS Locker Room stores also offer custom embroidery capability. LIDS Clubhouse operates team-specific professional sports and university athletics retail stores and e-commerce websites. LIDS Team Sports is a full-service team uniform and apparel dealer, custom screen printer, embroidery and sporting goods distributor. Hat World, Inc. is a subsidiary of Genesco Inc.