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Strategic Pricing: The New Competitive Battleground
Static pricing models and judgements based on gut feelings are over. Retailers currently operate in a market where minor pricing discrepancies can have a significant impact on key purchasing choices, according to the Retail Gazette’s Acuity Pricing Report. From a simple financial tool to a brand-defining commitment that influences customer loyalty, strategic pricing has changed throughout time.
According to Sophie Bailey, Managing Director at Acuity Pricing, “Today, success comes from being informed, agile, and intentional; using data not just to keep up with the market, but to lead it,” the research says.
Consumer Loyalty at Historic Lows
For retailers, the report’s data provide a worrisome picture. According to Deloitte Global Consumer Tracker statistics referenced in the Retail Gazette-Acuity Pricing Report, just 8% of UK consumers currently identify as brand loyal across all shopping categories, a sharp decrease from 17% in 2020.
According to the EY Future Consumer Index cited in the paper, 57% of UK consumers currently consider price to be the most crucial consideration when selecting a brand, a significant increase from 41% in 2022.
Source: Retailgazette.co.uk
The Cost of Poor Pricing Strategy
The Salesforce research reported in the Retail Gazette’s Acuity Pricing Report, which shows that 47% of consumers would discontinue purchasing from a retailer after encountering subpar pricing practices including inconsistent pricing across channels or a perceived lack of value, may be the most concerning for retailers.
Strategic Pricing: Essential for Future Success
Developing strong and responsive strategic pricing is no longer optional for retailers overseeing intricate product assortments or brands attempting to preserve premium positioning in the face of intense competition; it is now necessary for survival and expansion in 2025 and beyond.
Those who are adept at data-driven strategic pricing will be in the greatest position to gain both margin and customer loyalty in a market that is becoming more and more competitive as the retail landscape changes.
