One of the most difficult, yet key factors to successful business models is pricing. Retailers struggle to find the right balance between optimizing profits and maintaining traffic. There is a science to crafting a sound Retail Pricing Management strategy. Strategies must ensure retail businesses are well positioned to compete, so… tie the price to the value. Always.
While companies should make price part of the offering, the prices must allow for competition within the market, not with the lowest price, which is easy, but with a good price that makes sense by allowing you to make the profit without killing volume.
Our friends at Pricing Solutions tapped expert Fred Puech, director of pricing research and analytics to share four impactful strategies that will improve retail pricing management.
Learn sustainable pricing strategies that develop healthy margins and good traffic. READ THE FULL ARTICLE from Pricing Solutions HERE.