Retail winners and laggards approach pricing very differently
Retail Systems Research’s (RSR) newest yardstick in the report, ‘Tough Love: An In-Depth Look at Retail Pricing Practices’ has revealed some intriguing insights into the mindset of retail brands, specifically when it comes to pricing.
The report is part of RSR’s ongoing efforts to provide market intelligence on retail technology trends and offers up baseline recommendations for successful pricing practices, particularly as retailers navigate the industry changes brought on by cross-channel shoppers.
In terms of perceived business challenges, RSR reports that ‘winners’ tend to adhere to the behaviours of looking within, while ‘laggards’ continuously probe the competitive landscape. And when it comes to the world of pricing it’s the same old story.
While winners are more intent on protecting their brands’ pricing image, no matter if they are dubbed low-price or premium product leader, laggards concern themselves too much about competitor pricing aggressiveness and new competitors emerging in unexpected places.