At Retail’s BIG Show this week, Forrester Research analyst Sucharita Mulpuru previewed findings from Forrester’s upcoming ‘State of Retailing: Online 2014″ study. According to Mulpuru, the web will continue to have an increasing influence on total retail sales in 2014, with dynamic pricing one of the biggest factors that retailers need to be aware of.
According to Forrester Research analyst Sucharita Mulpuru, 2013 was a great year for eCommerce with average growth of 29 percent. However she believes that “2014 promises to be even better.”
In her presentation at Retail’s BIG Show this week, Mulpuru predicted that online direct sales will reach close to $300 billion in 2014 – but that the really interesting number is the additional $1.4 trillion of retail sales that will be influenced by the web in some way.
She also noted that one of the key factors that retailers need to be keenly aware of – and which will shape 2014 – was dynamic pricing . “Branded manufacturers with strong brands will strike out on their own and will be able to maintain prices across channels, but this is limited to the top brands in any sub-category”, Mulpuru said. “Dynamic pricing is here to stay”, she continued, “with some of the biggest impact in areas such as merchandising strategies.”
The growing importance of dynamic pricing has also been highlighted in a recent study conducted by Retail Info Systems News. In November 2013, senior executives of large retailers were polled about their use of pricing intelligence. Dynamic pricing was chosen by more than a third of respondents as the most effective way to combat showrooming, with retailers implementing it on specific days, at specific times and in specific locations to compete against Amazon – which as Profitero revealed last month, implements more than 2.5 million price changes every day.
To compete successfully in 2014, leveraging price intelligence tools will be more critical than ever for retailers. Discover how Profitero delivers online pricing intelligence to more than 40 global retailers to ensure they stay price competitive across all channels. Email us at sales@profitero.com or visit www.profitero.com to find out how we can help you increase sales and grow profits in 2014.
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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.