How Much? Survey Examines Preferred Product Pricing Strategies

A recent survey on product pricing from Retail Systems Research showed a range of factors on how and why multichannel marketers arrive at prices for their products. For instance, from the 106 marketers who responded, 73 percent said the pressure to improve their bottom lines (margin or profit) was the top business challenge driving their pricing strategies, followed by increased pricing aggressiveness from competitors (48 percent), pressure to improve sales (46 percent), increased price sensitivity of consumers (39 percent), the need to protect a brand’s image (22 percent), increased price transparency — the impact of comparative price shopping (20 percent), and a need to provide more localized pricing (16 percent). Here are some of the survey’s other noteworthy results.