The road to winning a greater share of wallet begins with mastering pricing, promotions, markdowns, and retailer-supplier collaboration.
Executive Summary
Remember the days when you could set a premium price for in-store items? That age isn’t entirely over, thanks to worldwide supply-chain issues. But smart phone-carrying consumers can and will check prices on the items they value most. In its March 2022 report, Retail Systems Research (RSR) states that “pricing is more important than ever for both sides of the retail transaction.” Retailers know that pricing pressure leads to tighter margins – and a lower margin of error with customers. RSR concluded that retailers require agile pricing tools that can help them to optimize prices, even proactively, to anticipate evolving consumer preferences.
