Influencing Price Perception to Drive Sales and Boost Margins
By Leveraging Data and AnalyticsConsumers are looking for more convenience.
The rise of online shopping and “everything
stores” have made big office supplies stores less
attractive to shoppers. For these big retailers,
optimal pricing is key to keep a competitive
advantage. To address this challenge, an
international office supplies retailer wanted to
understand what drives their customers’ price
perception. To be precise, they wanted to know
which items are most price-sensitive, identifying
the so-called key value items. Their goal was to
improve their pricing strategy in order to influence
their customers’ price perception, thereby
stimulating purchases and increasing sales.