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Mobile and Digital Strategy Come with a Price

Former consumer electronics buyer, Frank Fotia, affirms the link between consumers and the digital world, and encourages retailers to use this information to strategize.

It’s not groundbreaking news to know that pricing is being re-defined by mobile and online technology. Shoppers are making decisions more quickly and retailers are responding with the provision of product data to consumers, sometimes within moments of them entering a store location or online environment. Mobile and digital strategies require valuable pricing and product information inputs in order to maximize sales potential and enhance consumer trust.

Consumers embrace mobile in the purchase process

New research released determined that almost half of consumers surveyed by eDigitalResearch are willing to have retailers send them promotions, discount and other information such as product and store data directly to their mobile device. Consumers surveyed are going on further to say that they would allow retailers to push personalized messages to them. This is a huge opportunity to retain a captive audience and drive sale., Spamming consumers by pushing promotions that are weak (i.e. uncompetitive) can hurt brand loyalty or completely jeopardize marketing and promotional strategies. It is essential for retailers to ensure their market competitiveness is evaluated and understood by the appropriate personnel in their organization prior to driving promotions on products or running a category campaign.

Integrate pricing information into digital channels

Sears’ Get Advice online chat feature is an example of a digital strategy that is bridging the digital and in-store worlds. It allows consumers to ask questions online and get answers on product information from in-store associates or the online community. This strategy is yet another that could include pricing and competitive data in order to maximize conversions and overall consumer trust. Retailers can stay ahead of the curve by suggesting products that make the most sense for the consumer while maintaining a strong focus on transparency and pricing control. Having pricing data at the fingertips of store associates and/or in the online environment can help drive profitable sales growth by allowing for more-informed, customized selling and marketing strategies.

Moment of truth

We know consumers are embracing the digital world. Retailers have a chance to score big, as long as they are aware of the fact that there are responsibilities associated with addressing this channel. It is a retailer’s responsibility to become aware of the competitive landscape and to use the tools they have at their disposal to price competitively in order to succeed in all aspects of the business, especially when it comes to sales and marketing. 360pi’s 360agent can help retailers create a positive experience for consumers while fueling effective digital and mobile strategies.

About the Author
Francesco is a former consumer electronics (CE) buyer, with years of experience at a successful multi-billion dollar retailer. He offers first-hand knowledge on how to convert price intelligence into practical and value- added merchandising strategies and concepts. Currently, Francesco is 360pi’s retail industry lead, and is an ongoing contributor to Profitable Insights, focusing on the various ways to leverage price intelligence to help increase margins, sales and market share.