Rather than discounting for the sake of discounting, retailers need to be able to identify what is important and valuable to their customers and design marketing strategies that focus on “Promotions of Value.”
Pricing products correctly is a market differentiator that helps attract and retain fickle consumers in an increasingly competitive marketplace. See where you pricing capabilities stack up against the industry.
Whether it’s short-term disasters like the Texas winter storm or prolonged disruptions like COVID-19, these happenings can significantly alter a “normal” pricing strategy. That’s why retailers must understand how extreme events impact demand prediction and implement robust retail pricing strategies
By being transparent about costs, offering flexible payment and checkout options, and improving website usability, online retailers can tackle the cart abandonment problem and set themselves up for success in an increasingly competitive e-commerce environment.