Why is it important?
Consistent and “unified” pricing across channels
Shopper confidence and brand loyalty accrue to retailers which present a consistent price/value proposition across channels.
Rational and intentional competitive price relationships
Competitive price gaps send a message to your shoppers which support your intended price image or not.
Rigor in managing sensitive items (KVIs – key value items)
Shoppers measure value and make basket decisions based on how you price their most price-sensitive items.
Sensible product line price relationships
Price relationships between private label and national brand, good-better-best and multi-packs of different quantities, all send messages to your shoppers.
Shoppers have more options and price information than ever before requiring retailers to be more rigorous and intentional in presenting their price proposition.
Price has become a more substantial lever in creating an interconnected customer experience, instrumental in reinforcing a brand promise and competing effectively.