The world will be a very different place in 2020. For retailers looking to compete in this new environment, there are some important capabilities that must be embraced. Price personalization and price communication capabilities are just two areas in which changes may occur.
Price Personalization
It’s all about delivering a personalized price to each consumer. Retailers are moving toward the airline pricing model – a demand based model – where the most loyal customers are rewarded. These loyal customers often pay the lowest price for the most. The least loyal have to work much harder for a lower price.
Price Communication
The most complicated of the pricing strategies. Strategies range from the Walmart “Every Day Low Prices” approach to contrasting High/Low pricing labels to the bundle pricing approach which increases the average basket size.
Can you think of strategies I have missed? Add your thoughts below the slide show.
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