Retail business can bring loads of challenges if pricing is not paid attention to. Many retailers make the same mistake only to pay a price for it. The ecommerce business is extremely competitive and it is getting even more competitive day by day. In this post we will shed light on some of the biggest retail pricing intelligence mistakes you must avoid.
- Making assumptions about pricing
Most of the retailers make this mistake. Putting lowest pricing is the best way to entice your customers doesn’t always work. You need to find that sweet spot on the price quality matrix to make sure you are pricing your product correctly.
- Not paying attention to customer segmentation
If you ask any reputed retailer pricing intelligence service provider, you will come to know that customer segmentation is indispensable to your retail business. Not all customers are same and so aren’t their needs and desires. You got to break your customer base into various categories. Your customers should have a crystal clear idea about your product and its pricing. That’s why customer segmentation plays a pivotal role.
- Lack of automation
Price optimization works at its best when an automated system is in place. This eliminates guess work and the problems arising because of it. You can have a great fluid approach to set pricing points by harnessing a number of key data points. Smart retailers very well understand the importance of integrated automation and include it as a key part of their retail pricing intelligence strategy.
- Complicated offers
Today’s customers hardly have any time for complicated offers. The more the complicated the offer is, the lesser likely are your customers to get impressed by it. Customers must be able to comprehend your pricing points better. The easier it is, the faster they will decide to avail the offer and proceed to checkout.
- Ignoring customer experience
This is probably the biggest mistake you can make as a retailer. You must focus on knowing customer experience and to make it better. Perceived value is the prime factor that can be used to know how you should price your products. By doing so, you will make customer experience the focal point and it takes your retail pricing intelligence strategy to another level.
Hope you found the post useful. If you need more information related to retail pricing intelligence feel free to get in touch with us. WebDataGuru is a renowned retail pricing solutions provider agency committed to help you with your retail pricing needs.