The consumer and retail sectors are experiencing a period of volatility with the post pandemic era of pent up demand, countered with the current economic uncertainty we are facing. Rising costs from suppliers as well as the squeeze in the labour market make for a challenging outlook. That said – there remains to be significant opportunities for businesses who are innovative, driven by data and insight and able to evolve. Our team has significant experience delivering successful retail and ecommerce pricing strategies and outcomes for our consumer clients.
For most retailers, the current trading environment is very challenging. On one side, profitability is being impacted by a level of inflation caused by increased supply-chain and other costs. And on the other side, a cost-of-living crisis means that few have the capacity to accommodate more across-the-board price rises without making some very difficult decisions.
However, when the market headwinds are this strong, doing nothing is also not an option. Luckily, there is an alternative solution that enables you to attract consumers and convince them to spend with you, while also driving increased margin.
To achieve this, you need a deep, fundamental understanding of your key value items (KVIs) – the products that have a disproportionate impact on your ability to attract consumers and improve the perception of your brand.Get in touch with a retail pricing expert