Pricing. It's critical, and in some instances, the critical factor for influencing a consumer’s purchasing decision. But it doesn’t exist in a vacuum, and in order to develop healthy and lengthy relationships with shoppers, retailers really need to rethink their pricing strategies. For instance, how does pricing impact their customer experience goals and integrate with their loyalty strategies?
Retail Systems Research (RSR) recently published a list of the top 10 things retailers need to know about pricing in 2017. In the “Retail Pricing 2017: The Dawn of Personalized Prices” report, we see how a modern retail future demands innovative thinking on pricing. A few of those items on the top 10 list really stood out to us at Ecrebo:
Are your price strategies very effective at building loyalty with customers? 90% of top-performing retailers say yes vs. half their peers.
Retailers lost interest in dynamic pricing in favor of targeted, personalized offers to consumers.
Retailers often neglect the promotion delivery mechanism in favor of optimizing the offer. The best offer in the world is worthless if you can’t deliver it to the right person at the right time.
In the end, it all comes down to this: companies that don’t know who their customers are, or what their customers are buying, are at a competitive disadvantage. Yes, the majority of customers are sensitive to price, but they are also sensitive to the fact that their favourite retailers or brands don’t take the time to know who they are and what they really want.
We believe that retail winners stay relevant to what the shopper wants. What are you doing to stay relevant to your own shoppers?
Ecrebo's patented, software-only solution makes it easy for retailers to cost-effectively deliver personalized offers and messages at checkout on paper and digital receipts.