Are your pricing practices keeping up with your shoppers’ changing needs?
As the industry continues to face market disruption, driven by economic uncertainty and shifting consumer behaviors, retailers can no longer afford to use the same-old pricing practices. Retail TouchPoints teamed up with DemandTec recently to spotlight outdated and ineffective pricing practices and share how they limit retailers’ ability to compete in a fast-changing environment.
In this report, we will analyze dated pricing practices we see retailers implementing most often, including:
- Broad price-matching: unfocused competitive price-matching is a race to the bottom
- Cost-plus pricing: this dated pricing practice leads to lost revenue and alienated shoppers
- Infrequent KVI updates: identifying your KVIs should not be a one and done event
- Gut-feel pricing: running promotions and markdowns based on assumptions and gut feel
- One-size-fits-all pricing: rolling out broad-based pricing across all stores is a losing strategy
- And more…