Inaccurate, inconsistent pricing – and a lack of digital technology in-store – is costing retailers in lost sales and consumer trust, as price-conscious shoppers seek out the best deal and better experiences online.
The report, Analogue to Automated: Retail in the Connected Age – which surveyed 5000 consumers and 1000 retailers – highlights an increased consumer desire for a more digital and connected shopping experience.
And in a digital age, where Amazon can change millions of prices a day, while pioneering Just Walk Out checkout-free technology, customer expectations around pricing, promotions and availability have never been higher. They also expect the in-store information to match with what shoppers can get online, such as competitors’ prices, stock levels and more.
The positive news for retailers is that nearly two thirds (65%) of shoppers are decidedly tolerant of ‘agile’ or ‘dynamic’ pricing if it saves them money and reduces waste.
Key Takeaways:
- Understand how retailers can ensure their store estate remains relevant
- Learn more about shoppers in-store digital expectations and how to meet their growing demand
- Examine the pricing paradigm and how to be competitive whilst maintaining customer loyalty and demand
- Review the pros and cons of dynamic pricing
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