Pricing is generally at its most effective when it’s close to the customer. But in recent years, this thinking has played second fiddle to an approach based purely on the numbers, without considering the nuances of customer behaviour.
Hugh Barker, Price and Promotions Director - Intelligent Shopper Solutions, now part of Kognitiv Corporation, explores some key factors affecting pricing in a new article entitled Is It Time For A New Perspective On Pricing?
Some of these factors highlighted in the article include the current landscape of pricing tactics, organisational design, financial and/or competitive focus, among others.
The paper examines why customers and pricing need to be in sync and explores the role of connecting customers to pricing decisions.
It also noted that many pricing models are based on regression analysis of historical data and over-reliance on financial models may not yield the best pricing decisions.
For more information, read the full article here.
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