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You may be used to prices changing, but not quite as often as they do now. Retailers are fighting each other to have the best prices down to the penny, while frequently monitoring online price comparisons between competitors. In an effort to remain on top in search engine results, retailers are using pricing competitive intelligence and pricing strategies to beat each other with bids down to the penny. Nevertheless, are retailers relying too much on online competitive intelligence in a bid to stay competitive with pricing strategies? One website noted the price of a microwave sold online flocculated 11 times during the course of a day. What does this mean for consumers? Though consumers are used to price changes, this may mean they learn to shop more in the “moment” for a microwave whose price in one day flocculated between $700 and $950. It also may give new meaning to “these deals are going fast!” How online competitive intelligence may change shopper’s online price comparisons?
With online competitive intelligence helping retailers maximize their profits while minimizing their actual cost, retailers are more easily optimizing their businesses. In their quest to be first in online search engine results, they may also be sharing new information about online price comparisons. These new pricing strategies may affect shoppers in the future. This could mean virtual shopping may change in the near future, with retailers offering more personalized options and online pricing comparisons becoming more modified to the individual. Instead of retailers using pricing strategies where online prices dramatically change, retailers may begin to use online competitive intelligence to find a shopper’s pricing threshold (the price a shopper is most likely to pay for an item). Does this mean online competitive intelligence could permanently change how consumers looking for online price comparisons? Will segmented pricing become the norm for individual online shoppers?
Is there cause for concern that pricing strategies, retailer’s obsession with staying on top of online comparisons, and the use of online competitive intelligence may change how consumers shop and what they buy? It is no secret stores offer some consumers special pricing to get them to spend more. This is not a new practice when it comes to pricing strategies. However, could these pricing strategies mean pricing will become more segmented and online competitive pricing as we know it now will disappear? For now, this remains to be seen. But in the future, online shopping may become more individualized, with specials just for you.
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online competitive intelligence, pricing strategies, online price comparisons,
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