Headlines

State-of-the-Art Pricing Strategies Invaluable

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

Published

1 year ago

September 24, 2023

INSTORE Staff

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.

Windsor Jewelers: Building for Tomorrow with Wilkerson

After 43 years in the jewelry industry, Windsor Jewelers' President Rob Simon knows the value of trusted partnerships. When planning a store expansion in Winston-Salem, North Carolina, he turned to Wilkerson to transform existing inventory into construction capital. "There have been very few companies I've dealt with that I totally trust," Simon shares. "Wilkerson understands their success is 100% based on your success." The partnership enabled Windsor to fund new showcases and construction while maintaining their position as their community's premier jeweler. For Simon, the choice was clear: "Over the years, I've been abused in every direction there is by different people in this industry, so I know what to avoid. One company not to avoid is Wilkerson."