Why it's Time to Update Your Pricing Playbook

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Are your pricing practices keeping up with your shoppers’ changing needs?

06/01/2021

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In this report, we will analyze outdated and ineffective pricing practices and share how they limit retailers’ ability to compete in a fast-changing environment.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

And more…

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