In the retail and e-commerce industry, price change approvals are a crucial process. It helps maintain profitability and competitive positioning. Every price change – adjusting prices due to market fluctuations, promotional campaigns, or supplier cost changes needs to undergo a rigorous approval process. The rigorous process ensures that the price changes align with overall business objectives and strategy and it doesn’t impact profit margins negatively.

A well-structured approval process comprises input from finance, sales, marketing, and even legal departments. Without a standard process price changes can result in inefficiencies in offering customer satisfaction leading to potential revenue loss. An effective approval process prevents unauthorized price alterations, maintains complaints with the pricing policies, and aligns with the business goals. Therefore an automated approval process is crucial, especially for an omnichannel environment. Investing in an automation tool speeds up decision-making and provides a clear audit trail for all pricing decisions which is useful for internal review as well as regulatory compliance.