First Insight examined pricing and elasticity trends on over 90,000 items processed through InsightSuite — the company’s predictive analytics platform which enables retailers and manufacturers to select, price, market and buy new products with no sales history — between September 2015 and August 2017, along with other proprietary data sources. Using its proprietary data on the elasticity of demand, First Insight calculated average price elasticity and the change in elasticity by category and subcategory over the last two years. Categories included womenswear, menswear, children's wear and home goods across North America and Europe.
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As virtually all consumer product manufacturers and brand owners by now realize, the world is becoming increasingly e-commerce driven. While this paradigm shift has ushered in numerous opportunities for businesses, it also presents significant challenges. One of the most significant challenges businesses face in this environment is how to effectively enforce minimum advertised price (MAP) policies and uphold brand value in the face of a constant assault from diverters and unauthorized marketplace sellers advertising their products at prices that harm brands. What's becoming clearer each day is that even the most iconic brands must act swiftly and aggressively to preserve downstream sales and overall brand integrity.
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.
People are shopping online because of its inherent convenience, but research shows it’s also easier to find better prices. As you work to build a desirable brand with loyal, long-term customers, how do you attract and convert them without cheapening your brand identity? Read our e-book to learn how to build a brand without promotional discounts.
Consumers are shopping online because of its inherent convenience, but research shows it’s also easier to find better prices. As you work to build a desirable brand with loyal, long-term shoppers, how do you attract and convert customers without cheapening your brand identity?