Online prices continue to fall as inflationary pressure has eased and retailers discount to clear out stocks ahead of Q4 ordering. Prices were down 2.3% year-over-year in May, the largest drop since the onset of the pandemic, and down 1.2% from April 2023, according to Adobe Analytics. It was good news for consumers but bad news for retail ledgers. Big-ticket categories remain challenged.
Online surveys provide valuable insights into everything from product design and packaging to consumer buying habits. But today’s research platforms often impose a tradeoff between speed and simplicity and the richness of actionable insights. A combination of machine learning and crowdsourcing concepts is solving this problem.
An everyday low price strategy can be a winner, but this comes with an asterisk. Such a self-limiting strategy can only work for a specific type of company and it requires a certain approach. And with COVID-19 disrupting any normalcy in retail, we need to examine whether companies embracing EDLP are faring better or worse right now.
Your online pricing policy protects your margins and ensures customers have a consistent experience with your brand, wherever they buy. So, when a seller violates your policy, it hurts your bottom line and can have a lasting impact on brand perception. Here are 5 steps you can take to address violations of your online pricing policy.
Trust is an important factor in achieving commercial success for retailers, particularly in the highly competitive US market. One of the ways that retailers earn trust is through their pricing strategies, but it’s a lot more complex than simply who is the cheapest.