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www.IndependentRetailer.com MANAGEMENT Price
Transparency & Retailers
By Paula Rosenblum Retail Systems Research, LLC
On-Line Catalog At:
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BY NOW, most of us have used our mobile phones to compare prices on planned purchases. We may not check the price of every can of peas we buy, but we certainly do our personal due diligence on any item over a cer- tain price point. As consumers, we appreciate the opportunity, but as independent retailers, perhaps not so much. In fact, in RSR’s recent benchmark re- search report, Optimizing Price in a Transparent World, 40 per- cent of respondents highlighted increased price transparency and the impact of comparative price shopping as a top three business challenge. This new price transparency
would be a threat all by itself, but combined with increased consumer price sensitivity and increased pricing aggressiveness from larger competitors, it can be dangerous to the health of your business. However, all is not lost. Savvy pricing strategies can act as a lever to improve top line sales and nudge gross margin up, rather than down. In fact, 58 percent of small and mid-sized retailers saw an opportunity to improve their business in this area. The answer is certainly not
in trying to under-price continued on page 119
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