- On May 14, 2018
In a free-market, ethically-sound economy, every transaction for goods and services tends to create value for all parties in the transaction. Otherwise, why would they participate in the transaction if it did not create value? More transactions create more value. Our economy has benefited enormously from technology improvements that make transactions easier to conduct. Historical milestones include the adoption of currency, cash registers, credit cards, and online and mobile purchase and payment options. As a society we are moving towards nearly frictionless transactions.
However, there is still one important impediment that we have yet to overcome—optimal pricing.
Many potential transactions fail to close because the price is too high for the buyer. Many transactions are slowed down because the buyer compares price among items from the seller (across size or brand) or with items from other sellers (cross shopping online via mobile device). Other times transactions close, but the seller left money on the table because the buyer was willing to pay a higher price. Sellers who offer a large assortment of items to buyers are especially challenged by pricing.
Sellers can build trust with the buyer by having the right price on all items. Ideally, the buyer will spend minimal time contemplating the price because they trust that the seller has the right price. Sellers who do not have the right price, are very vulnerable in today’s retail market.
Fortunately, technology vendors like Clear Demand provide solutions that identify the right prices to build trust with buyers. This technology is easy to configure and adopt. It identifies those categories and customer segments where opportunity for better pricing exist.
Let us know if you are ready for right pricing.