Pricing from AheadHelping retailers win in the age of the connected consumer |
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Access to information through digital technology has changed the tide in retail. The traditional image of a customer wandering the aisles of a retail store comparing products and prices is replaced by the "connected consumer" who researches products online, goes to a store for some focused hands-on time (while comparing prices on a smartphone) and then buys the product through an online retailer with a digital coupon, free shipping and quite possibly no taxes.
This shift is having a significant impact on nearly every aspect of the retail business. However, no area has been more affected than pricing. Advances in technology—coupled with new, low-priced competitor formats—are increasing price transparency, which is driving product commoditization and reducing many purchase decisions down to price alone.
Technology advances are also blurring the lines between market channels. Many of today’s consumers can instantly access and share vast amounts of information virtually, making it easy to learn about and compare different brands, products and prices—even while standing in a store.
Changes of this magnitude create obvious new threats; however they also create tremendous opportunities that may be harder to spot. What can retailers do to differentiate themselves in this challenging environment?
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Pricing from ahead
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