What’s the State of Retailers’ Omnichannel Pricing Strategies? New Report from RIS News

January 5, 2016

A truly successful omnichannel strategy requires retailers not only to consider assortments, promotions and inventory categories as part of their advanced analytics strategy, but also to factor in pricing to build an effective personalized shopping experience.

RIS News’ newest Retail IQ Report, Analytics-Powered Pricing in the Omnichannel Age, examines how retailers can no longer view pricing as a separate element if they wish to stand out to their customers, as they fight for their attention with pure players such as Amazon and eBay. With expert commentary from former Gartner Research VP Kevin Sterneckert, now EVP of Marketing for Predictix, this report provides key insights into how top-performing retailers are using pricing analytics to catch the attention of today’s price-conscious consumers.

This report highlights the importance consumers are placing on pricing in their overall buying decisions, including their need for transparent and fair prices. Based on these demands from consumers, the report also notes that retailers currently find themselves spread out across a wide spectrum in terms of adopting an advanced analytics strategy that implements pricing. Retailers that are more advanced in their pricing strategy are faring better than their peers. For example:

• 80% of retailers lag behind Amazon in terms of the strategic use of analytics.
• 48% of retailers don’t take into account competitor assortments and related pricing.
• 47% of retailers report that price transparency is one of their top pricing business challenges, compared with 24% of retailers in 2014.
• Retailers realize a 23% premium return of wallet share, profitability, revenue and relationship growth by fully engaging shoppers.

For omnichannel retailers, evolving their pricing strategy can no longer be a separate exercise. Predictix is pleased to be a part of this report and believe it will serve as a valuable guide to omnichannel retailers to help them observe the current state of the industry and gather best practices to continue moving forward with their analytics strategy