The global retail sector comprises of companies and individuals engaged in the selling of finished products to end user consumers. Factors such as increasing population, higher disposable income, GDP growth, and increasing customer spending are driving the retail sector and providing opportunities for the retail sector players. However, according to SpendEdge’s competitive pricing specialists, the global economic recession, higher unemployment rates, and inflation are some of the reasons behind the retail sector’s sluggish growth.
As a result of such challenges, many retail firms have started opting for competitive pricing studies to assess factors influencing the pricing landscape. Moreover, the competitive pricing solutions offered by SpendEdge also help retail sector players evaluate pricing trends and fluctuations in the market space.
The Procurement Pain Point and Insights Offered
A leading player in the retail sector wanted to assess the factors influencing the pricing landscape in the market space. Additionally, the retail sector client wanted to gain insights on value chain cost analysis and evaluate the cost structure of the competitors. They also wanted recommendations on tools to enhance their pricing strategies in the coming years.
During the course this competitive pricing study, the retail sector client was able to assess the factors influencing the pricing landscape in the market space. Additionally, the client also gained insights on the value chain cost analysis. This helped the client evaluate the cost structure of their competitors. The retail sector client was also provided with tools to enhance their pricing strategies to improve their foothold in this market space.
Key questions answered in this competitive pricing study include
The competitive pricing analysis study helped the retail sector client assess factors influencing the pricing landscape in the market space. Additionally, the flexible modeling tool offered by SpendEdge helped the client evaluate pricing strategies under changing market conditions.