Consumer electronics retailer Best Buy has vowed to beat the competition this holiday season by pricing aggressively to keep pace with rivals Amazon and Walmart. With six fewer shopping days between Thanksgiving and Christmas this year, the retail environment is set to be more competitive than ever.
Best Buy CEO Hubert Joly has said that the retailer is committed to being competitive on price this holiday season, revealing that price competitiveness is “table stakes” for Best Buy over the fourth quarter.
Joly confirmed that the retailer will offer ‘highly competitive prices, compelling promotions and our low-price guarantee’, stating that Best Buy were ‘playing to win as opposed to not lose’.
At the same time, Walmart has announced that it will match competitors’ Black Friday specials one week early. The retailer will lower prices this Friday on popular toys and electronics to match selected Black Friday deals from Best Buy, Target and Toys ‘R Us, and has also extended its Christmas Ad Match promotion to Walmart.com.
With six fewer shopping days between Thanksgiving and Christmas this year, the retail environment is set to be more competitive than ever as retailers battle to attract shoppers with the best prices. Online competitor price intelligence is more critical than ever, enabling retailers to monitor their online competitors’ prices and immediately adjust their own pricing in order to be the most competitive.
Discover how Profitero delivers critical price intelligence to more than 40 global retailers, ensuring they provide the most competitive prices in the marketplace.
Profitero.com: Web based competitor price monitoring for retailers and brands
Profitero is the leading global provider of online competitor pricing data. We provide both bricks & mortar and online retailers with their competitors’ prices, promotions and full product assortment information. Profitero’s accurate and timely competitor intelligence enables our customers to make better informed and more profitable pricing decisions, helping them to increase sales as well as margins.
Our pricing data can be seamlessly integrated into price optimization solutions such as Blue Yonder, Revionics and IBM DemandTec, to deliver more accurate and effective price optimization. Profitero is also the preferred supplier of online competitor pricing data to Nielsen’s retail customers across more than 100 countries.