Pricing

In an economic landscape filled with challenges, dynamic pricing emerges as a vital strategy for retailers aiming to maintain and enhance their market presence. According to McKinsey, optimizing pricing decisions could significantly impact profits, indicating that a minor 1 percent price increase might lead to an 8.7 percent profit boost. This modern approach to pricing,…

Dynamic pricing has long been a part of the rideshare experience, sparking unhappy social media posts when “surge pricing” kicks in after a night out on the town or a major event. But while the immediate leap from fluctuating fares for a ride home to varying prices for your lunch might seem a stretch, it's…

The United States has a startling food waste problem, much of it caused by the grocery retail market. Thirty percent of food in grocery stores is thrown away in the U.S., and 16 billion pounds of food is wasted by retailers every year, according to RTS data. In fact, the food that grocers waste is…

With signs that retail sales are slowing and inflation remaining stubbornly elevated, more businesses are turning to artificial intelligence (AI)-powered pricing software to maximize revenue and protect operating margins. While cost cutting will always be important, it's this focus on the top line that now creates lasting competitive advantage. The momentum behind AI shows no…

It’s fair to wonder whether merchants will soon pull their hands down from happy high-fiving over strong November sales and begin wringing them over the ample discounts they offered inflation-weary consumers during Cyber Five 2023. The long Thanksgiving to Cyber Monday weekend was a selling success, with e-commerce sales up 8 percent over a year…

As inflation persists, consumers are continuing to be cautious and experience stress. Financial reports from large retailers indicate a transition from discretionary spending to a focus on essential needs, an indicator of monetary strains among consumers. A New York Times article, “U.S. Consumers Are Showing Signs of Stress, Retailers Say,” notes that despite the resilience of…

In this episode of Total Retail Tech Insights, Editor-in-Chief Joe Keenan interviews Shikha Jain, partner and head of North American retail and consumer at Simon-Kucher, a global commercial growth and strategy consulting firm. Listen in as Jain discusses the work that Simon-Kucher does with retail organizations and the positive impact that it has had on…

Online prices in June 2023 fell 2.6 percent year-over-year (YoY), the most significant decrease since May 2020, when prices fell 1.5 percent YoY, according to the latest online inflation data from the Adobe Digital Price Index. June marks the 10th consecutive month of YoY price decreases, with over half of Adobe’s tracked categories (11 of 18)…

Today’s shopper behavior is changing faster than ever before. Typically, shopper behavior changes are slow and steady – like making course corrections on a big ship. However, with the highest inflation in 40 years, we are seeing material changes in shopping habits on a much shorter timeline. The Why Behind Price Increases The average shopping…

Consumers and businesses are both being impacted by ongoing inflation. Retailers must change their tactics in the current economic environment. They must understand the trends that have developed as a result of this inflationary environment in order to respond. In this post, I'll look at three tactics retailers may use to weather the current economic…