The NPD Group has introduced a solution designed to improve retailers’ understanding of where and when they can price their goods differently from the rest of the market. The Price Permission tool helps retailers build pricing, merchandising and service strategies that help them stand out from competitors.
The solution analyzes item pricing and buying behavior, both online and in-store, based on weekly point-of-sale data, assessing price and promotion activity across different brands and retailers. Retailers can use this information to check which categories are heavily commoditized, where they can invest and where consumers are willing to spend more.
The tool also can help companies drive better ROI by helping them discover which categories are heavily commoditized and don’t warrant significant investment, which in turn lets them focus investments on areas where they can drive higher margins.