Retail analyst IGD has predicted that under the new leadership of Doug McMillon as CEO at Walmart, a number of key initiatives will be accelerated – with a focus on price leadership one of the retailer’s top priorities in 2014.
Against a challenging economic backdrop in 2013, driving traffic and positive comparable store sales has been the number one priority for Walmart, according to IGD. In order to achieve this, the world’s biggest retailer has focused even further on price and implemented EDLP (Every Day Low Prices) across the entire basket to drive price leadership.
This holiday season is set to be the most competitive yet and a critical one for Walmart. The retailer has planned its biggest promotional package ever, announcing that it will match competitors’ Black Friday specials one week early. Walmart has lowered its prices 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.
According to IGD, winning on price will become even more important to Walmart in 2014 as digital and mobile continue to accelerate. However IGD notes that through Walmart’s investment in price intelligence tools, which enable the retailer to know where it stands online from a pricing perspective, the groundwork has already been set for Walmart to deliver and win in this area.
McMillon has previously been President and CEO of Sam’s Club, Walmart’s best performing pision through its commitment to delivering the best prices in the marketplace, and has proven that a successful pricing strategy is clearly key to winning the retail race.
Discover how Profitero delivers critical pricing intelligence to more than 40 global retailers, including Walmart-owned Sam’s Club, ensuring they provide the most competitive prices in the marketplace. Email us at email@example.com or visit www.profitero.com to ensure you price right this holiday season.
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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.