However, the clear majority [of retailers] are aligned in their belief in the compelling value of competitive price intelligence, along with the need to invest in a best-in-class solution.
(PRWEB) June 18, 2015
Ottawa, Canada: 360pi, the leading provider of price and product intelligence for retailers and brands, today announced it has co-sponsored Retail Systems Research’s (RSR) pricing benchmark report, “Pricing 2015: Learning to Live in a Dynamic, Promotional World,” authored by RSR managing partners and lead analysts, Nikki Baird and Paula Rosenblum. The report, based on an online survey of 123 retail respondents from March-May 2015, highlights the top strategic pricing business challenges for retailers, the pricing strategies of retail winners and laggards, and key opportunities for retailers to successfully navigate through the future of pricing.
While 59% of respondents reported competitive price intelligence as very valuable, the report also shows that competitive price intelligence was cited as the top intent for change at 34% of “retail winners” and 50% of “retail laggards.” Additional takeaways from the report include:
- Retailers now feel almost as much pressure from competitors as they do from consumers: The top three strategic pricing business challenges are increases in price sensitivity of consumers, pricing aggressiveness from competitors, and price transparency.
- Majority of retailers still rely on a combination of manual and in-house competitive price intelligence tools: This reality could help explain the relatively low 34% satisfaction rate with existing solutions despite retailers’ perceived value in competitive price intelligence.
- Increased retailer concern regarding customer perceptions of their pricing and changes in pricing strategy: 51% of respondents report that increasingly they fear consumers’ negative reactions to their pricing strategies, up 14% from 2014.
“The insights from RSR’s pricing benchmark report are very interesting, giving us a closer look at how this particular cross-section of retailers is responding to increased online penetration and dynamic pricing,” said Jenn Markey, Vice President of Marketing, 360pi. “Not surprising, the study reveals that these retailers are largely divided in their opinions on how to best navigate today’s retail reality. However, the clear majority are aligned in their belief in the compelling value of competitive price intelligence, along with the need to invest in a best-in-class solution.”
360pi derives profitable insights from product and pricing big data to help leading omnichannel retailers, etailers, and brand manufacturers compete and win with shoppers. 360pi’s customer base accounts for over $US200 billion in annual product sales and includes Ace Hardware, Build.com, and Overstock.com, along with several Fortune 500 consumer products companies. With the majority of in-store purchases being influenced online, 360pi helps retailers and brands successfully navigate the multi-channel landscape with real-time insight into who is selling what, where, and for how much. Ultimately, 360pi customers make smarter decisions faster to drive increased revenues and margins across all channels.