Consumer pricing practices have changed significantly over the last few years as price transparency has increased exponentially and new channels have been developed. Setting a price that maximizes business results is an exercise that can no longer be done using only internally generated data. It requires an understanding of consumers’ willingness to pay.
Historically consumer pricing has been all about setting a descent margin on each product and service offered. In retail, different factors have been used to set consumer prices based on a multiple of the cost. However, increased price transparency and new distribution channels make it impossible to set prices using this method today.
PriceGain has helped companies in a wide variety of B2C market segments to improve their profitability through more effective pricing, including: