If getting the right price level in place isn’t hard enough, one thing often lost in the discussion is the impact of the competition. Whilst this makes sense – after all very few organisations have a monopoly – there is a fine line between paranoia and ambivalence when it comes to considering competitive forces in pricing decisions.
The retail landscape is more volatile than ever before. Okay, this isn’t exactly news, but one development which has given a lot of brick and mortar retailers pause for hope is price tracking. This isn’t the secret shopping programs from the 1950’s and 60’s. Instead, this is price tracking utilising advanced technologies such as artificial intelligence to give traditional retailers the help they need to thrive in an omnichannel world.
Of the challenges faced by brick-and-mortar retailers today, one of the biggest is how to manage their pricing strategy – especially with the rise of price transparency and other price tracking technologies.
Price. It may be the single most important element to impacting a customer’s decision to buy; either online or offline. Add to this the fact that markets are always changing and the need to have the right pricing strategy is more important than ever.