RSR’s 7th annual benchmark on the state of pricing in retail reveals that consumer price sensitivity continues to dominate the pricing challenges of retailers of all sizes – with improving margin their top pricing priority
RSR’s 7th annual pricing benchmark study reports on how growing price transparency, driven by consumer smartphone adoption, continues to disrupt the retail industry.
With access to anytime/anywhere information via their smartphones, shoppers have unprecedented visibility into product and pricing information, and they are using it to make the smartest decisions. According to RSR, ‘this new reality is driving virtually every aspect of retailing today, including pricing.’
Although price sensitivity remains the most frequently cited top-three pricing business challenge for retailers, retailers are also concerned with protecting their brand’s price image – as well as ensuring cross-channel consistency in pricing.
Given the need for retailers to be price competitive to attract today’s value conscious consumer, however, it’s revealing that more than a third of ‘retail winners’ (defined by RSR as achieving more than 3% year-on-year sales growth) and more than half of ‘retail laggards’ (less than 3% year on year sales growth) say they don’t have the ability to respond quickly to competitors’ price changes.
With retailers ‘flying blind more than they should’, according to RSR, it’s critical to respond quickly in today’s ‘hyper-promotional environment’ – with competitor prices ranked the top-rated data element by retailers as they seek to win over consumers with ever better deals.
Discover how Profitero delivers accurate and reliable competitor price intelligence to help retailers compete more effectively on price – both online or in-store. Email us at firstname.lastname@example.org or visit www.profitero.com to find out how we can help you grow sales and margins.
Profitero.com: 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.
More than 40 global retailers, including Staples, Sam’s Club, Tesco, Waitrose and Ocado, rely on Profitero Price Intelligence to:
Benchmark competitor prices
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Negotiate better with suppliers.
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.