Pricing

3 Questions Retailers Must Be Asking Themselves This Holiday Season
November 29, 2022 at 7:39 pm

The last three holiday seasons have each been unique as the pandemic first roiled consumer behavior and then unleashed pent-up demand, all the while playing havoc with the economy. This year, with inflation rising and discretionary spending squeezed, retailers are already preparing for a slower holiday shopping season, and a new set of challenging dilemmas.…

Retailing in the Metaverse: How to Get Priced Right for Web 3.0
October 27, 2022 at 11:19 am

Despite the first mention of the metaverse being found in Neal Stephenson's "Snow Crash" (1992), it wasn’t until 2020 that the term became an omnipresent buzzword in retail, technology and finance. And it wasn’t until October 2021, when Facebook officially announced it was changing its name to Meta, that it became a household trending term.…

Competera's CEO Offers Best Practices for AI-Driven Dynamic Pricing
September 28, 2022 at 2:41 pm

In this episode of Total Retail Tech Insights, Editor-in-Chief Joe Keenan interviews Alex Galkin, founder and CEO of Competera, a technology company that offers a comprehensive pricing platform. Listen in as Galkin discusses Competera's offerings and why he decided to start the company (0:51), the advice he would go back and give himself when starting the…

4 Creative Ways Retailers Are Using Gift Cards to Drive Sales
June 29, 2022 at 3:56 pm

With supply chain issues stressing physical inventory and inflation running high, consumers are turning to gift cards to fill the gap and stretch their spending power. According to a recent consumer survey from Fiserv, 58 percent of consumers said gift card promotions are motivating them to buy more gift cards during this inflation period. This…

Offsetting Cost Increases and Keeping Customers Happy — is it Possible?
June 9, 2022 at 3:43 pm

As the U.S. economy rebounds, inflation has become a significant concern for consumers as prices have soared across many sectors. According to the Bureau of Labor Statistics, inflation rose 8.5 percent over the last 12 months, with fuel, shelter and food driving most price increases. Energy costs alone rose 32 percent in the previous 12…

Report: Retailers Lowering Prices to Mitigate Rising Surplus Inventories
May 30, 2022 at 3:28 pm

While only a few months ago U.S. retailers were scrambling to fill their shelves due to supply chain delays, many are now facing inventory surpluses and having to discount unsold goods, according to a Reuters report. Average retail inventories have been rising quickly, too. The Reuters article cited research from Citi that found 11 of…

Renfro Brands' CMO on Navigating Inflation and Supply Chain Disruptions
May 23, 2022 at 5:28 pm

In episode 350 of Total Retail Talks, Editor-in-Chief Joe Keenan interviews Kadian Langlais, chief marketing officer of Renfro Brands, a leading designer, manufacturer and marketer of quality socks and legwear products. Langlais discusses the 100-year-old brand (1:02), her professional background in retail (3:12), and the impact that inflation and supply chain disruptions are having on…

Implementing AI-Based Price Optimization: 4 Mistakes to Avoid
April 13, 2022 at 6:07 pm

Since the dawn of retail as a human occupation, it has turned into a complex industry, with millions of players and networks between a manufacturer and an end buyer. So now, years and years after, retailers are amidst a highly saturated competition, diversified landscape of sales channels and store formats, tangled purchase funnel, and sophisticated…

Keeping Your Hands on the Wheel in the Age of Autonomous Retail Pricing
March 15, 2022 at 3:24 pm

Being from California, I've always loved to drive. Whether in the beautiful Sierra Nevada Mountains or along the stunning California coastline. I've always appreciated having the steering wheel in my hands, and the wind blowing in my now departed hair. (Cue Telly Savalas, “Who loves ya, baby?”). Despite being an “excellent driver” (if I say…

Preparing Optimal 2022 Retail Strategies With Data-Driven Pricing
January 12, 2022 at 4:24 pm

The once-familiar cadences of retail prices and promotions — quarterly or even annual rhythms, with perhaps just minor variations on prior years’ assumptions — are a distant memory today. The retail landscape has become almost unrecognizable as shoppers flock to online channels, demanding 24/7 complete price transparency, along with a wider array of competitors. Retailers…