Headlines

State-of-the-Art Pricing Strategies Invaluable

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

Published

8 months 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.

She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”