Pricing in an OmniChannel World: A Retailer’s Survival Kit
October 28, 2014. 1100-1130 AM EDT
In OmniChannel retail, almost 20% of online transactions are now completed with a mobile phone as shoppers browse Amazon from retailers’ aisles. Technology has changed the competitive landscape by providing broader assortment choices with increased price transparency. This disruption has altered the basis of competition in favor of assortment and price and prompted in some cases indiscriminate price matching. A competitive response is necessary, but with whom, where and on which products?
This webinar explores some of the opportunities and emerging technologies associated with this changing retail environment. Some things to consider and reasons for spending 30 minutes with us on October 28th:
- Dynamic pricing is more than changing the timing of your price response; and price matching may be a race to the bottom. The magnitude of your price response as determined by shoppers’ demand and competitive price pressure, can be pivotal to your price image.
- Products and product lines proliferate in response to competition and market opportunities, which potentially create confusion for shoppers. Understanding product line relationships and their impact on demand holds valuable insight for product, price and channel strategy.
- Managing retail pricing strategy with growing assortments and competition from the “endless aisle” can overtax the typical human resources available to retailers. Automating rigorous rules and retail price management can set the fences for using evolved price optimization to find incremental profit.
Online transparency enabled by technology has altered the basis of competition in retail. That same transparency however can be turned into competitive advantage. Join us on October 28th for important insights on the subject.