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Managing the perils of retail pricing
Retailers today face fierce competition, rising costs, eroding customer sentiment, and mounting investor pressure. Pricing is one frequently pursued strategy to respond to these challenges, which stands above the rest in terms of return on investment (ROI) and measurability.
Price execution principles still apply with price optimization
Too often, however, execution errors plague retail environments and diminish any potential pricing benefits. For those retailers confronted with an unexpectedly low ROI in their pricing programs and uncertainty about what to do next, Deloitte Consulting LLP has published a new white paper titled Common Cents: Managing the Perils of Retail Pricing.
Achieving execution proficiency, the keystone of any pricing program, requires a holistic approach that considers core operational concepts in addition to innovative strategy and scientific techniques. In this report, Deloitte Consulting provides a framework to help companies achieve pricing excellence by effectively managing their price tag execution, point-of-sale price overrides, and data integration, as well as policy alignment and implementation.