While retailers are working to create the ultimate omnichannel experience for customers, this digital environment is affecting product pricing and promotions. As more consumers are accessing shopping information in real time and making decisions on the spot, retailers are motivated to deliver more pricing changes and creative promotional programs. But are these actions as effective as they could be, and yielding the best results? Retailers need to know:
- How do we get to know our best customers across all touch points?
- What price points are our customers willing to bear?
- Are consumers fatigued by certain promotions?
- Which data sources do we need to analyze in order to deliver the most successful pricing and promotion campaigns?
This e-book examines the key factors affecting merchants’ plans for improved pricing and promotions, with a focus on how to consolidate and analyze disparate data sources. By understanding the components of the building blocks outlined in this report, retail organizations will be poised to deliver on the promise of optimum pricing and promotions.
3 Building Blocks of Optimized Price and Promotion Strategies
A study and e-book by Retail TouchPoints and sponsored by SAS.