No retailer can win on just price according to Retail Systems Research (RSR)’s latest pricing research Pricing 2016: Life Becomes Unmanageable. So what is the key to winning a customer’s loyalty and preventing them from taking their dollars elsewhere?
This year’s main benchmark finding: pricing practices simply aren’t effective and the race to the bottom is claiming more victims than proclaimed winners. And retailers know it.
The following are some highlights from the research:
- Business Challenges have remained relatively unchanged from last year – consumer price sensitivity, competitor pricing aggressiveness, and price transparency all dominate.
- Destructive pricing practices have made it harder for retailers to take advantage of opportunities for pricing to contribute to business success, and retailers are beginning to realize that the pricing tactics they employ are just not working.
- Organizationally, there is an enormous gap in capability between high performing retailers and their lower performing peers, across people, process, and technology. These better performing retailers are positioning themselves to wean consumers off of the never-ending promotion cycle.
Find out what other technology investments are coming in the next eighteen months, and the role that competitive price intelligence will play in those investments.
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