Connect with us

Headlines

State-of-the-Art Pricing Strategies Invaluable

Winning a greater share of wallet begins with mastering pricing, study finds.

mm

Published

on

PHOTOGRAPHY: metamorworks/iStock.com
PHOTOGRAPHY: metamorworks/iStock.com

Retailers, in a constant battle to fend off price leaders like Amazon and Walmart, know that while offering a low price may not win new customers, having higher prices will definitely cost them existing ones, a new survey from DemandTec by Acoustic has found. As a result, pricing is more critical than ever in retail transactions – and artificial intelligence (AI) can be a big help in making that happen, the study says.

Here are three key findings from the DemandTec survey:

  • Less than 50 percent of retailers are satisfied with their ability to establish a winning pricing strategy;
  • One in three retailers fear any price change could drive adverse customer reactions;
  • 82 percent of best-performing retailers in the study say that AI technology is essential to drive business improvements in the future.

“Retailers that excel at applying data science and AI to pricing optimization can successfully counterbalance consumer price sensitivity with rapidly changing margin and supply pressures,” the report notes.

Click here for a link to download the full DemandTec by Acoustic study.

Advertisement

SPONSORED VIDEO

When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

Promoted Headlines

Most Popular