MIAMI, Fla.—Retailers are emphasizing pricing capabilities as a key to their top-line recovery in 2010, according to RSR Research's latest report, "Getting Back to Good: Retail Pricing 2010.” These findings are based on a survey of 123 retailers in the fall of 2009.
"It was fascinating to see a significant shift away from relying on stores for customer and pricing expertise by our retail respondents this year," said Nikki Baird, managing partner at RSR Research and co-author of the report. "It's no longer about getting front-line expertise out of the store and into the enterprise - thanks to cross-channel and social media, stores no longer have the best picture of prices that move local consumers. That now comes from a wider view of customer insights and behavior."
"If you think about where retailers were even five years ago, and especially given the economic circumstances of the last 18 months, the industry has really moved very fast to accommodate merging pricing and customer insights," adds Paula Rosenblum, also a managing partner at RSR Research and co-author of the report. "Winning retailers – those that outperform their peers in year over year sales – are particularly focused on turning these insights into a sustainable process."
"Getting Back to Good: Retail Pricing in 2010" contains analysis of the business drivers, opportunities, and organizational constraints surrounding retail pricing and promotions, as well as recommendations for creating successful pricing capabilities. The report can be downloaded here.