Deciding on the optimal pricing strategy for your business can be challenging. Not only do you have to keep your cost and your customers’ purchasing power in mind, but also consider what your competitors are doing. At the end of the day, your competitors are offering the same or similar products and targeting the same customers. If you don’t price your products perfectly, you can lose ground at the first step and as a result, will find it difficult to compete, let alone thrive.
The giant Amazon arrived in Australia and has been generating a variety of opinions about what the future holds for online and physical retailers
“Experts believe that proaction doesn’t necessarily mean absolute price and service competitiveness with Amazon but rather developing an effective total marketing package and a flexibility geared to fast decision-making”, says Roger Pugh from The Big Smoke Australia.