When it comes to pricing, retailers stand at the intersection of many crossroads. They believe their promotions are effective, even though they don’t have a lot of measures in place to track promotional effectiveness. They feel increased competitive pressures, but have yet to take the steps they need to use competitive price intelligence with any speed or regularity. They continue to feel consumer price sensitivity, but retailers’ differing perceptions of that sensitivity across mature markets suggests that this price sensitivity is self-inflicted by hyper-promotional activity, rather than an external force they must respond to.
And finally, even though a majority of respondents are responding to the rise of online dynamic pricing with technology investments to support their own capabilities, they express a largely divided response to the notion that dynamic pricing may have a lasting impact on retail in general.
So how do retailers navigate all of this uncertainty? Find out in RSR’s latest benchmark report on Retail’s pricing strategies.
Pricing 2015: Learning to Live in a Dynamic, Promotional World contains analysis of the business drivers, opportunities, and organizational constraints surrounding retailers’ pricing strategies. It also offers baseline recommendations for navigating the future of pricing, particularly as retailers struggle with evolving consumer technology and its impact on shopping behavior. The report is part of RSR Research’s ongoing efforts to provide market intelligence on retail technology trends, is sponsored by dunnhumby and supported by 360pi.
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