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.
In this report, we will analyze outdated and ineffective pricing practices and share how they limit retailers’ ability to compete in a fast-changing environment.
A few examples of dated pricing practices that we will analyze in this report, include:
•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