How Price Testing Enables Retailers to Make Smarter Decisions

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The ability to price effectively is becoming a core competency needed in the retail industry in order to maintain a sustainable competitive advantage. It’s the reality in such a saturated market with increasingly sophisticated competitors. Pricing strategy is a unique part of online retail because the same strategy won’t necessarily work across the board. Why? First, there isn’t one magical pricing strategy that works for all retailers. Second, one pricing strategy doesn’t always work across all of a retailer’s SKUs.…

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The Benefits and Challenges of Multichannel Selling

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By Megan DeGruttola, Content Strategist at Stitch Labs. As the pace of today’s technology accelerates, the evolution of the retail landscape has also continued to advance. There are more channels to sell on and ways to reach shoppers than ever before, and smart retailers are taking advantage of these new virtual selling platforms. They understand the best way to fuel growth is by adopting a multichannel (or omni-channel) sales and brand strategy. Yet, the more sales channels and technologies you…

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3 Things All Retailers Need to Do to Get Ready for the Holidays

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*Written by Angelica Valentine It’s time for things to heat up in retail as we get ready for summer and the famed holiday season. There are a few things retailers need to do in order to set themselves up for success. Rethink Pricing How are you priced compared to competitors? If this question makes you panic, then gaining competitive insight needs to be a priority going forward. Market Price Index is a metric that explains how your prices stack with…

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eCommerce Pricing Optimization: In-house vs. Third Party Solutions

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According to The E-Tailing Group, 94% of consumers are willing to invest time into comparison price shopping to make sure they’re getting the best deal possible. The importance of price on purchasing decisions makes it critical for retailers wanting to compete to be able to respond to the market in real-time. Whether you’re a brand exploring ways to optimize price on your direct-to-consumer site, a brand or retailer with brick-and-mortar presence, a mail-order business trying to expand your footprint in…

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The Minimum Advertised Price (MAP) Policy Playbook: Part II

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Check out Part I here What to Include  When drafting your MAP policy, it’s important to include a brief description of your company. It lays down the groundwork as to why your brand should be valued at a certain price level. Give the retailer a chance to connect with your brand before moving on to the fancy and monotonous legal jargon. Build a list of items and their respective MAP prices to place on a page on your website. You…

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