We can all get a little too excited when our favourite retail stores have major sales. In fact, 91 per cent of Canadians admit they receive “great happiness” from a good sale or discount. However, nearly half of those consumers don’t think they’re always saving money when things go on sale. Instead, these consumers believe prices are inflated in order to make them appear cheaper when a discount is applied to the price.
Retailers can blame this new train of thought on the internet. Darn internet; making people think about things and stuff. Consumers are now constantly comparing prices, and sharing the patterns they see with each other via social media. This has given rise to a new ‘strategic consumer.’
This is putting a lot of pressure on retailers to become more transparent with their pricing. Some are even attempting to put a set of sophisticated analytical technology in place that can adjust pricing to ensure the right price is set at the right time for the right consumer. This is a system that has already been put in place by other companies like airlines or hotel chains.
It will be interesting to see what else the retail industry will do in order to better adjust for this new breed of ‘strategic consumers.’
Original Article: MarketingMag – http://bit.ly/1KaEnWA