I have been writing extensively on the issues around multichannel pricing for a few years now. As we head into this holiday season there is a clear expectation that price competition will heat up. There are some key differentiators that will separate the winners and losers. As you face these new competitive pressures that are driven by consumerization don’t lose focus on what is important. Here is how to get a treat:
The displayed price of items must be competitively composed according to the retailer’s brand proposition and offered consistently across all channels.
- Implement a well-articulated pricing strategy
- Effectively execute the customer basics:
a. Price – The price of items is consistent across channels
b. In stock -The product being sought is in stock
c. Check-out – The checkout process is fast, convenient and secure
d. Easy to return – Regardless of the method of delivery/pick-up the product can be easily returned
e. Easy to find – The assortment is organized, tailored and well represented across channels and can be ordered seamlessly if not available
f. Product information and reviews – Good product information is available across channels with reviews if applicable
g. Convenient delivery fulfillment – The product can be delivered/fulfilled in a way that is most convenient
h. Good product selection and suggestions – The product selection is broad with accessories and/or alternative suggestions offered
i. Assistance available – When I require help, informed staff are available to assist me regardless of channel
Customers will give you a trick by shopping your competition if you don’t deliver on the basics.
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Category: ecommerce merchandising-process pricing-policy retail-trends
Tags: amazon assortment competition consumers customer-analytics customer-centricity ecommerce merchandising multichannel omni-channel planning price-transparency pricing retail satisfaction showrooming stores trends
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