Here’ why your retail pricing strategy needs more attention
Pricing is one of the most important elements that helps you win the customers. You need to give a great product at a competitive rate so that the sales could go on.
In retail, you might have experimented different ways to get more sales. Have you been successful with them?
If not, Econsultancy has shared six reasons due to which you might not be getting the right results.
Min-Jee Hwang says, “Here are some of the most common reasons why your pricing strategy may need an update:
1. Working with inaccurate competitive pricing data
How often are you monitoring and benchmarking against the competition? Retailers are repricing frequently, and if you’re not near or at that pace, you are likely missing out on opportunities to capitalize on these changes.
For instance, human error can come into play if you’re relying on manually collecting data. It’s also much more time-consuming than automating the process, which means by the time the data is aggregated, you’re already late to the party. Automated data collection can help tackle both these issues.
2. Changing prices uniformly across your product catalog
Different products or categories have different price elasticities and require different pricing strategies”.
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