Every retailer knows the importance of pricing. The right price can make or break sales, but the challenge comes in finding that right price. This is why pricing intelligence is so important. Defined as tracking, monitoring, and analyzing pricing data to make educated decisions, pricing intelligence should be a core component of any business strategy.
Wiser’s CEO, Andy Ballard, writes for TotalRetail three main steps behind pricing intelligence to help retailers better position themselves in the marketplace.
Here’s a sneak peek at Andy’s advice:
“Because product pricing changes often, retailers need to constantly monitor their relative price position and incorporate changes within a dynamic strategy. However, this doesn’t mean lowering the price just because a competitor does.”
“With the right insight into which competitive products are selling at a premium price, retailers can act in near real time with discounts, ‘buy one, get one’ deals and similar offers that get consumers excited, or thinking about making the switch from a competitor.”
You can read the full article at TotalRetail.