Sales from high street retailers are set to decline by £13 billion in the next 5 years as more consumers shop online, according to investment firm Panmure Gordon.
Internet sales are expected to more than double to £69.7 billion by 2020, up from an estimated £28 billion last year, peaking at 30% of all retail sales.
“Having stores in every high street will no longer be an advantage,” said Philip Dorgan, investment analyst at the firm. “The most successful retailers will be the ones who use data about their customers to best advantage, an area where the likes of Amazon has a head start.”
As price continues to be one of the biggest motivators for consumers shopping online, it will become increasingly important for retailers to remain competitive on price – especially against pureplays such as Amazon.
Profitero’s online daily pricing data allows retailers to benchmark its products’ prices against those of its competitors every day, with its market leading technology monitoring over 40 million products across 3,500 websites. This intelligence enables retailers to identify where their prices are too high – thereby losing out on sales – or too low, therefore losing out on profit margins.
To find out how Profitero can help your business with its pricing strategy and give it the competitive edge, email firstname.lastname@example.org today.
Pricing intelligence company Profitero provides retailers with actionable price intelligence data, monitoring over 50 million products across 4,000 eCommerce retailers every day, observing pricing, promotions and stock availability. We work with the world’s leading retailers, enabling them to acquire new customers and grow profit margins by monitoring and responding to changes in competitor pricing and promotional activity as they happen. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email email@example.com
Profitero.com web-based competitor price monitoring for retailers and brands