Understanding Retail Customers’ Pricing Expectations and Tolerances
Think of it as Retail Price Mythbusters, Shopper Edition. In a recently completed Revionics-commissioned survey conducted by Forrester Consulting, shoppers from the U.S., United Kingdom, France, Germany and Brazil revealed their pricing expectations and tolerances — including some findings that defy conventional wisdom.
The survey, which questioned consumers about their price perceptions and shopping behaviors across multiple retail categories, found that an overwhelming 78 percent of shoppers think it’s fair to use data science to increase and decrease prices as long as they’re presented with prices they’re willing to pay. They’re even fully prepared for dynamic pricing across various retail sectors, with only 6 percent saying they don’t think it’s fair at all for prices to change dynamically. And most shoppers don’t expect consistent pricing between online and in-store channels, with customers generally expecting less expensive prices online than in stores, with the exception of groceries.