How does a 3% improvement in margin dollars sound?
Identifying the ideal price point isn’t about having the lowest price, but rather optimizing your numbers to drive sales and margins. Competitors’ prices are only one of several data points that retailers must consider when formulating their own pricing strategy. Ugam engages with many retailers on their competitive pricing strategy, which gives us the experience and knowledge in this area. During the course of many years of work we have come across several democratic, but not so obvious indicators that can and should be considered while deciding on pricing.
This paper sheds light on these indicators that should influence your pricing.
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