There is no doubt that price is one of the biggest factors affecting gross margin, sales volumes and overall customer service level in any retail organization. A small adjustment in price can significantly alter consumer demand, profit, and company image; however, this effect can also work the other way around. Moreover, as you’re about to find out, not all products will have the same reaction to changes in price. So how important is price optimization for retailers? A report published by the Journal of Retailing that consisted of research from multiple universities across the United Sates, claims that
This content is restricted to site members. If you are an existing user, please log in on the right (desktop) or below (mobile). If not, register today and gain free access to original content and industry news. See the details here.