OnDemand WTP Pricing Research

The Best Retail Pricing Strategies by Sector | Software Advice

Retailers face a number of important decisions when determining how to price their goods and services. The stakes are high: Setting prices correctly can attract customers, drive sales and burnish a retailer’s reputation. Incorrectly set prices, on the other hand, can have a profoundly negative impact on sales and customer loyalty. To help make more informed decisions, retailers often rely on the use of various pricing strategies.

Based on the results of a recent Software Advice survey, this report will help retailers learn which pricing strategies their professional peers rate as most effective, and how these efficacy rates vary from one retail sector to the next. It will also provide insight on how the use of retail technology, such as price management software, can work in conjunction with these strategies.

Conclusions

Respondents in our survey say that discount is the most effective pricing strategy for them. Across the top four retail sectors by the number of respondents, the results are similar, with discount rated as most effective followed by below competition and bundle.

While discount is rated as the most effective strategy, the growing adoption of pricing management software and intelligence among retailers can make it and below competition difficult strategies to maintain in the long-term while ensuring acceptable margins.

Retailers should thus consider using pricing management software in conjunction with different strategies to give themselves additional leeway to maintain margins.

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The Best Retail Pricing Strategies by Sector.

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