10 Important Pricing Lessons Retailers Can Learn From 10 Simply Stupid Pricing Mistakes

10 Simply Stupid Pricing Tips, by Pricing Prophet, Jon Manning gives us ten important pricing lessons on how to price wisely. Jon calls them “tips”; I prefer to call them “retail pricing strategy mistakes”. Manning, as always, tackles the essential issues and cuts to the heart of the matter with a rapier. In his latest video, below, Jon presents the...
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5 Vital Questions Every Retailer Should Ask When Choosing Their Retail Intelligence Solutions

A funny thing happened to me at the eTail West conference in San Antonio, Texas earlier this month: I realized that many retailers don’t fully appreciate the vast differences in the capabilities and offerings of “pricing intelligence” providers. Many of the folks with whom I spoke seemed to think that there are a number of vendors, all doing and of...
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Private Label Popularity Means Retailers Must Compare Products Carefully & Price Competitively

The “Great Recession” and the recent ailing economy brought new opportunities for supermarkets, drugstores, and “Club” stores to reach out to consumers increasingly eager to save on everyday purchases. One of the simplest strategies for consumers to trim costs was to switch to cheaper brands, also known as generic no-name bran...
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Marketers Say Shoppers More Interested In Product Quality Than Low Prices. True or False?

We were looking at the results of a February 2014 “CMO Survey” performed for the American Marketing Association (AMA) by Duke University’s Fuqua School of Business. The point of the twice-annual CMO Survey, according to its own branding, is “to predict the future of marketing; track marketing excellence; and improve the value of marketing.” The su...
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If You Were A Retailer, Would You Admit That You Were Worried About Your Competition?

If you were a retailer, would you admit that you were worried about your competition? With eTail West around the corner (March 3-6 in San Antonio, Texas), I want to revisit what last year’s retail attendees said about their spending plans for 2014 — regarding the challenges faced in all aspects of multi-channel and online retail in view of competit...
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7 Ways Humans Crucial In Predictive Analytics Of Pricing

The Big Data juggernaut — miraculous and awe-inspiring — rolls along.  On the one hand, data volumes have become so large that oftentimes only advanced analytics and other data analysis technologies can make sense of them. On the other hand, humans can glean valuable insights from data that escape even sophisticated analytics software. It’s not en...
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Problems of Price Matching: Why Retailers Must Use Quantitative Data To Set Best Prices

With holiday results in — and Q4 reports to substantiate the fact that there were minor sales increases vs. greater costs — it seems that investing in price matching has been a folly for most retailers. As I wrote in a recent post: 9 Future Retail Competition Trends … Holiday retail sales for 2013 showed gains of only 3.8 percent while prediction...
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Winning Retail Pricing Strategies To Attract New Customers & Extract Value From Existing Customers

Netflix made headlines this week with strong earnings and hints that they might test some new streaming offerings (Netflix Reports Strong Subscriber Growth, in the Wall Street Journal). Netflix currently offers unlimited streaming on up to two devices at a time for $7.99 per month; however, they are exploring other options. For example, they may of...
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9 Future Retail Competition Trends

As holiday retail sales for 2013 showed gains of only 3.8 percent while predictions were for a 3.9 percent uptick from 2012, retail experts and analysts have singled out a batch of prob...
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Amazon’s New “Anticipatory Shipping” Patent: Prescient Parody Turns Real (+ Video)

It’s a growing trend among technology and consumer firms to anticipate consumers’ needs, even before consumers do. Witness appliances that tell you when they need repair, prescriptions filled a year in advance, smart televisions that predict which shows to record, and software that aims to predict users’ daily scheduling needs. Also the fact th...
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How Will Forrester’s Predicted $1.4 Trillion In Web-Influenced Sales Affect Competitive Retail In 2014?

$300 Billion in online direct sales expected in 2014 is nothing to scoff at… but it’s immediately overshadowed by the projection that an additional $1.4 trillion in web-influenced retail sales is expected in 2014. Retailers need to be keenly aware of three key factors affecting 2014’s “choppy waters” as they relate to the web, according to ...
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64% of Companies Deploy Big Data — 56% Struggle To Get Value From Their Data: A Contradiction?

Many predict that 2014 will be a breakthrough year for Big Data marketing. Yet Tom Fishburne, in his latest Marketoon, refers to observations from Gartner that 64% of companies are deploying or planning to deploy a Big Data project, yet 56% struggle to know how to get value from their data. (Gartner On Big Data: Everyone’s Doing It, No One Knows Wh...
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Did Retailers Rate Competitive Pressure, Margin, or Geography Most Important Reason For Dynamic Pricing?

I just wrote about retailers getting on the pricing intelligence bandwagon, based on a recent RIS (Retail Info Systems) Survey, Pricing Intelligence Goes To War. As retailers gird their loins, i.e. ramp up their pricing skill sets, they’re increasingly using (or planning to use) sophisticated tools for dynamic, real-time pricing.  That is to say,...
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