Retailers might be forgiven for being just a tad schizophrenic when it comes to the topic of pricing. On one hand, they know that competitive price intelligence and price optimization are “business basics” in today’s retail environment. Consumers can compare products and prices virtually anywhere via their mobile devices, and because Amazon can shift prices multiple times per day, advanced pricing tools are a must-have for all other retailers.
Yet when it comes to implementing the recommendations provided by price optimization tools, many retailers are still skittish. They fear that even a small price hike will send customers scurrying to their competitors. In fact, price is the reason more than 90% of shoppers leave a store to buy from a different retailer.
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