Competitive Pricing and its Importance in the Retail Industry
The retail industry is a highly competitive space crowded with several big and small market players struggling to gain proper traction in the market. With the rise of digital platforms, growth of e-commerce models, and the popularity of omnichannel business strategies in the retail industry, the market players have been compelled to revamp their pricing […]
The retail industry is a highly competitive space crowded with several big and small market players struggling to gain proper traction in the market. With the rise of digital platforms, growth of e-commerce models, and the popularity of omnichannel business strategies in the retail industry, the market players have been compelled to revamp their pricing strategies and business processes. To gain a competitive advantage and devise effective pricing strategies, retail sector companies can leverage supply market intelligence and analytics tools and methodologies to gain valuable insights and optimize their approach.
Competitive Pricing in the Retail Sector
Companies in the retail sector sell finished products and services to end consumers – the last link in the supply chain. The retail industry’s growth can be attributed to a set of factors such as growing population, high disposable income, and market growth opportunities. Apart from these, the industry has to overcome challenges such as a dearth of talent and sluggish economic growth of countries across the globe. To overcome such challenges and ensure profitability, players in the retail industry must opt for competitive pricing studies to identify factors that impact the pricing landscape. The competitive pricing solutions and tools help the business to assess the pricing trends and latest developments in the retail sector. Organizations are now increasingly turning to value chain cost analysis and competitive pricing studies to gain actionable insights that will help them gauge the competitor’s pricing strategy. These strategies and tools offer flexibility to businesses that help them to evaluate alternative pricing strategies under varying market conditions and gain a competitive edge in the market by developing a robust supply chain.
Recently, SpendEdge’s competitive pricing specialists helped a leading company in the retail industry to understand the market landscape, identify the factors that influence the competitors pricing strategy, evaluate their cost structure, streamline their supply chain processes, and leverage supply market intelligence to enhance their pricing and go-to-market strategies. Read the complete case study here.
The SpendEdge Advantage
Innovative procurement intelligence solutions help organizations build structural capabilities, improve operational efficiency, and identify cost-saving opportunities to make informed business decisions.
“Every organization needs smart procurement intelligence to be at the top of their game and redefine their supply chain activities,” says senior procurement analyst at SpendEdge
At SpendEdge, we believe in achieving sourcing and procurement excellence with robust, real-time market intelligence solutions that offer actionable insights to procurement professionals which help them in making important business decisions. We are a global strategic partner for leading Fortune 500 firms across industries such as pharmaceutical, transportation, and retail with proficiency in supply market intelligence, spend analysis and benchmarking, and category management.
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