The Cognizant 2013 Shopper Experience Study reveals there is no substitute for getting price right the first time. Whilst retailers look to deploy new technologies, the reality is that shoppers want the retail basics. Whether they shop in-store or online, the top influences of purchase decisions are price and product assortment. Retailers need to be monitoring competitors every day to ensure they meet shoppers’ expectations on price and product selection.
One of the major findings in this latest study, which examined responses from 2,500 US shoppers in March 2013, is that price matching while in-store is a fast-emerging trend. Competitive prices and promotions are the number one factor that influences in-store purchases, alongside having the right product assortment and ease of returning products.
Retailers have long understood that getting prices right is critical to success. But equally important, as the report reveals, is understanding that shoppers have elevated their sensitivity to prices and taken it to a new level. Shoppers will express their displeasure by using all the digital tools at their disposal to get the price they want. However, the best retail strategy is to get the price right in the first place.
When asked what they would do if the price in-store is higher than they think it should be, the majority of respondents said they would leave the store and do one of two things: either look for the product at a lower price in another store, or look for it online. But while many retailers are revamping their price-match policies, there is no substitute for getting price right the first time. Price matching does not save the sales that are lost when shoppers walk out of stores without buying.
If the price you’re offering doesn’t match a shopper’s expectation, you won’t get a second chance. To get your prices right the first time, retailers need to constantly monitor their competitors and proactively adjust their prices in order to offer best value to shoppers. Price sensitivity, increased consumer price transparency, and increased price aggressiveness from competitors are the key reasons why it’s essential to get your pricing right – and why you need to be monitoring your competitors’ prices and product assortment every day using price intelligence tools such as Profitero.
Find out how Profitero is working with global retailers to provide visibility and transparency into the prices, product assortment and promotions of millions of products across thousands of retailers every day. To ensure you get your prices right and offer the best value to today’s price sensitive shopper, email us at email@example.com to discover how we can help you stay one step ahead of the competition.
Profitero: Web based competitor monitoring for retailers and brands
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 firstname.lastname@example.org