In the last post on Modern Retail Pricing, Stephan Liozu discussed the renaissance of brick and mortar and the omnichannel store concept, and what that meant for retailers. But what does it mean from a price intelligence perspective? Not wanting to leave you in the dark, we have two reports for you that might help.
As part of the 2013 annual benchmark survey on retail pricing practices, RSR Research investigated the use of competitive pricing data in the industry. Not surprisingly, 60% of respondents, across all retail segments, believe that pricing data is a very valuable componenet of their pricing strategies.
Tools and techniques used to gather this data vary widely however, and as such, interest in automated solutions is clearly on the rise.
Like everywhere else in retail today, pricing is being transformed by omni-channel, and nowhere is that more apparent than in the changing role of competitive price intelligence. What was once a manual exercise is now a sophisticated online monitoring solution.
As omni-channel has grown and more and more product categories shift to where consumers are comfortable buying online, the game has changed significantly.
As you will see in this report, consumer electronics, was the first category to discover and respond to this new requirement, but other segments are not far behind
Hopefully these two reports help clarify how price intelligence fits into the omnichannel store concept.