New research from global market research company Nielsen has shown that the right price often makes the difference between a sale and a switch. Their analysis has revealed that offering the best price is the most persuasive way of motivating shoppers to switch their loyalty to another brand or retailer, with switching sentiment highest for online retailers.
The Nielsen Global Survey of Loyalty Sentiment reveals that just over four in 10 respondents (41%) said that getting a better price would encourage them to switch brands, service providers or retailers.
Price was shown to be the major switch inventive for more than half of North Americans (61%) and Europeans (54%), whilst switching sentiment was highest for online retailers, with a global average of 39% of respondents.
These global findings further demonstrate the importance for retailers to price right, particularly for online retailers where switching sentiment is shown to be highest. Increased price transparency means that shoppers can easily check for the lowest prices before making a purchase, so it’s critical that retailers know where they stand against their competitors’ prices in order to successfully execute their pricing strategy.
Online price intelligence tools such as Profitero enable retailers to “right-price” in order to maximise revenues and margins. Profitero is also in a strategic alliance with Nielsen as the preferred supplier of online competitor pricing data to their retail clients.
Discover how we deliver critical online pricing intelligence to more than 40 global retailers ensuring they provide the most competitive prices in the marketplace. Email us at sales@profitero.com or visit www.profitero.com to ensure you price right this holiday season and beyond.
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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:
- Benchmark competitor prices
- Manage their prices and promotions
- Attract price sensitive shoppers
- Negotiate better with suppliers.
Our pricing data can be seamlessly integrated into price optimization solutions such as Blue Yonder, Revionics and IBM DemandTec, to deliver more accurate and effective price optimization. Profitero is also the preferred supplier of online competitor pricing data to Nielsen’s retail customers across more than 100 countries.
To discover how Profitero can help make your pricing smarter, contact us at sales@profitero.com or visit www.profitero.com.