Terrific Pricing Video: 10 Important Things Retailers Should Know (And Do) About Competitive Pricing

What does Goldilocks have to do with half a car? Or Bart Simpson have to do with a pricing laboratory? Pricing strategies. At least according to Pricing Prophets they do. We chose this video because Pricing Prophets’ Founder/Managing Director, Jon Manning presents some of the best competitive pricing advice you could want, with humor and goodwill...
Read More

Why Retailers Should Pay Attention Online — “Web-Influenced Offline Sales” Come Into Play

The ways consumers use the Internet for shopping continue to evolve. One day the name of the game is researching and shopping online, and then buying online. The next day it’s shopping and researching in the local store, then buying online. Then there’s another type of online retail competition: The phenomenon of “web-influenced retail sales”...
Read More

How To Use Price Segmentation To Maximize Retail Profits

No two customers have the exact same Willingness to Pay (WTP) — and your objective should be to capture as much of each of your customer’s WTP as possible, while still winning the business.  So do you charge different prices to different customers???  I hope so!!!  (This is price segmentation).   Imagine two customers, Mr. Rich and Mr. Mid...
Read More

Great Video: 10 Outstanding Pricing Milestones Throughout History

What do the Rolling Stones have to do with pricing milestones? Find out in this video when Pricing Prophets’ Founder / Managing Director, Jon Manning tells us the colorful history of pricing. It’s all there: Auctions (think Joseph and the Coat of Many Colors); opportunistic pricing (price vs demand, as in charging more to take people across the Th...
Read More

Consumers Will Spend $327 Billion Online in 2016: Forrester Research

If you were living under a rock — or busy celebrating Leap Year — you may have missed the following significant projection from Forrester Research at the end of February: U.S. consumers will spend $327 billion online in 2016, up from $202 billion last year. I think it’s so significant I’m going to say it again: U.S. consumers will spend $327 bi...
Read More

How Shared Social Media Opinions Affect Retail Shopping & Buying

I came across a cool video that shows the extent to which consumer comments in the social media affect and influence other consumers. The message is about customers who are eager to tell the world about their purchases and tout their degree of satisfaction.  The video also shows how much they trust other consumers’ opinions (over advertising) for...
Read More

8 Clever Tactics To Outprice, Outsell & Outperform Your Online Retail Competition

With growing numbers of online competitors — not to mention Amazon, with its, well, Amazon resources — you have to find creative ways to outplay, outwit, and outlast the competition using competitive pricing intelligence and promotions.  Whether it’s flowers, fram filters, frocks, washing machines, supervitamins, wines, or Kibbles ‘n Bits… you’...
Read More

5 Smashing Ways To Greatly Increase Your Profit Margins Using Competitive Pricing

Competitive pricing is the most important element of your online retail business! And the more I work with competitive pricing and Competitive pricing intelligence, the more I know how simple and obvious it looks, even though it’s not. So let’s get something straight right away: Pricing competitively does NOT necessarily mean looking at your co...
Read More

Does Free Shipping Help, Hurt, Or Not Affect Online Retail Sales?

I blogged in December about the pitfalls of free shipping for both retailers and consumers. (6 Reasons Free Shipping Isn’t All It’s Cracked Up To Be).  The article noted that 93 per cent of consumers in a Compete.com survey said that free shipping is the number one item that would encourage them to purchase more products online. I decided to c...
Read More

Will I? Which One? 2 Important Buying Decisions Impacting Your Competitive Pricing

While setting prices we must put ourselves in the shoes of our customers. How do they make decisions? How can we help them decide to purchase from us? With almost every purchase, your customers make two decisions: Will I? And Which One? Will I buy something in this product category? If yes, then which one will I buy? “Which one?” includes both ...
Read More

5 Wizardly Ways To Maximize Profits With Truly Competitive Pricing

Utilizing competitive pricing intelligence to the fullest is much more than getting your competitors’ prices and information and then reacting to it. You have to look at your own pricing in new ways to find out where can you make money, save money, and increase your profit margins. And this race is a marathon you have to be in for the long run. H...
Read More

8 Reasons Consumers Like To Shop Online – Cater To Them For Online Retail Success

Because of the numerous advantages and benefits, more and more people say they prefer online shopping over conventional shopping these days. It’s important to understand the psyche of the online shopper. Cater to this and you’ll have them flocking to your… er, online store. Here’s what they say are important to them — and here’s how you can...
Read More

Ramp Up Your Real-time Price Intelligence With A Powerful New Lifeline: Email Alerts

There’s a shiny new tool in your competitor tracking toolkit, from your pricing intelligence tool provider: Email Alerts, a new, simple, and powerful addition to your price intelligence tool that sends you Email notifications of your competitors’ latest price changes. Email Alerts give online retailers the information they need to help make prici...
Read More