Not All About Price? Tactics to Drive Value for Retailers
Price is one way to stay competitive but there are many others available for retailers this holiday.
Product intelligence solution 360pi just released the second report in its Holiday Insights Series, analyzing how luxury retailers, category experts, low-price leaders, department stores, and refiners like Amazon are utilizing experience-based tactics to capture the attention of shoppers and win them over this holiday. For example..
+ Luxury brands and retailers are focusing on brand message consistency, customer immersion, interaction, and instant gratification.
+ Category experts are focusing on loyalty, and differentiating with value-add services and exclusive collections.
+ Departments stores are using promotional pricing tactics including cardholder targeted campaigns and site-to-store shopping options.
+ Low-price Leaders are promoting early season discounting, layaway programs and price matching strategies.
+ Refiners, specifically Amazon, is pushing its free shipping membership and pushing its Lightning Deals
What this should ultimately show is that price is just one way to compete - there are others and they can help retailers drive value this holiday season. Are you intending on competing on price alone this holiday?