Kingfisher CEO Ian Cheshire has predicted that the retail industry will soon be using dynamic pricing based on demand and time of day, in the same way as airlines and hotels.
According to the boss of Kingfisher, dynamic pricing is set to revolutionise the retail industry, with electronic shelf pricing already enabling the retailer to change prices across its Castorama business in France.
Electronic price tags allow retailers to display up-to-the-minute and accurate prices, saving store staff valuable time in manually pricing goods. Prices are controlled by each store, allowing Castorama to install local pricing.
The Kingfisher boss and Chairman of the British Retail Consortium revealed he is looking at introducing variable pricing based on the model used by airlines into B&Q stores. This means products could have different prices at different times of the week depending on demand, with the retailer testing a system whereby prices of some products would be cheaper earlier in the day and during the week to encourage store visits.
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About Profitero
Profitero is the leading global provider of online competitor pricing data. We provide both bricks & mortar and online retailers with their competitors’ prices, promotions and full product assortment information. Profitero’s accurate and timely competitor intelligence enables our customers to make better informed and more profitable pricing decisions, helping them to increase sales as well as margins.
More than 40 global retailers, including Staples, Sam’s Club, Tesco, Waitrose and Ocado, rely on Profitero Price Intelligence to:
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To discover how Profitero can help make your pricing smarter, contact us at sales@profitero.com or visit www.profitero.com.
