According to Benzinga.com, RSR Research, an analyst firm providing market intelligence on retail technology trends, released its latest report, "Optimizing Price in a Transparent World: Benchmark 2011." The report finds today's retailer challenged by a sophisticated, price-sensitive consumer.
As consumers research online for the best deals before leaving home to find the lowest prices in stores, they are not only forcing more competitive behavior between retailers, they are exposing different prices by geography and channel within a retailer's chain. Retailers' principle response to consumer-price transparency has been to invest in more targeted promotions.
The findings are based on a survey of 68 retailers between December 2010 and March 2011.
"Price transparency has become an overnight issue for retailers," said Nikki Baird, a managing partner at RSR Research and co-author of the report. "Four times as many retailers reported it as a business challenge this year over last year. When you couple that with consumer price sensitivity and increased price competitiveness in the industry overall, retailers are really struggling to avoid competing on price.”
"Optimizing Price in a Transparent World: Benchmark 2011" contains analysis of the business drivers, opportunities and organizational constraints surrounding pricing initiatives, as well as recommendations for creating successful pricing capabilities.
