Price Optimization in Retailing

As we have noted before, it is imperative for retailers to have a comprehensive, well-conceived pricing strategy.
With that in mind, take a look at the infographic below from Wiser, an online data analytics firm:
“Crafting a pricing strategy is an ongoing process. “Set it and forget it” is a thing of the past in online retail because competitors are just a click away. But it’s important for retailers not to get caught up in the race for customers and speed ahead slashing prices like the hare might have done. 2016 is the year of slow and steady price optimization strategies that take competitors into account, but also aim for long term growth and success like the tortoise.”
L-halloween-Wiser2 (1)

 

This entry was posted in Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing, Technology in Retailing and tagged , , , , , , , , . Bookmark the permalink.

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