Your Pricing Secrets Aren’t Secrets

If you’re a retailer who thinks your pricing policies are private – you’re wrong.

Customers are becoming more aware of pricing pracities every day, thanks to smartphones, showrooming, and comparison shopping being easier than ever before. But beyond simple price matching, customers are trying more and more to determine if your price is really the *best* price – or should they wait to buy?

Via Rather Be Shopping and ABC, here’s how some shoppers read price tags:

Beyond that, shoppers are very interested in your markdown schedule, and are increasingly trying to wait for the best buy. If you’re trying to use inflated prices and bigger markdowns to combat this, think again. From CTV News:

Several major retailers are facing the wrath of consumers after getting caught marking up prices and then holding big sales to make it look like the merchandise was deeply discounted.

Consumer reporter Lynda Steele visited the Gap outlet store in New Westminster to investigate. It took less than a minute to find several examples of re-ticketed jeans, all covering up lower price tags.

“Consumers get very upset if they get ‘tricked’ if you will, and they realize that, you know what? I’ve been played for the fool,” said Darren Dahl.

A hidden camera investigation at JC Penney stores in Maryland and Virginia found items in every store that appeared to be marked up, and then put on sale.

Smart, technology-savvy and connected customers won’t accept pricing policies that promise fake value. Additionally, retail pricing has never been under more consumer scrutiny than it is today. The best way to win with pricing is to engage directly with your shoppers, getting their voice on pricing, and acting accordingly.

How do you deal with smart, curious shoppers?

Joe Shartzer

Cofounder at Nyopoly
Joe Shartzer is a co-founder of Nyopoly and loves startups, stats, sports, and alliterations. And bourbon.
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