Charity L. Scott
speaker
56 appearances
2 recordings
1 series
first heard Dec 2019
last heard Feb 2022
Charity L. Scott’s voice in public audio — every appearance, attributed to the second.
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Many retailers have gone from updating their prices monthly or quarterly or even weekly to updating their prices as frequently as once a day and in some cases many times a day.
Thanks for having me.
Consumers might be seeing dynamic pricing showing up at the grocery store, at places like hardware stores, and at many online retailers.
Many retailers have gone from updating their prices monthly or quarterly or even weekly to updating their prices as frequently as once a day, and in some cases, many times a day.
Well, I guess it depends on what direction those prices are moving in.
If a price all of a sudden goes down, then the consumer is likely to feel pretty good about it.
But when a price is going up and it may not be clear to the consumer why that's happening, it can lead to people feeling, you know, a bit of sticker shock.
Well, retailers are saying that these moves are coming in response to rising production, labor and shipping costs, and also as a response to product shortages associated with the COVID-19 pandemic.
In a brick and mortar retailer, there are basically two options.
One is to physically print and then relabel all of the prices that have changed, which can be very time consuming and expensive.
The other option is to outfit the store with digital price labels, which essentially allow for retailers to update their prices in real time.
Now, there's also an expense associated with this.
So it's a bit of a trade-off for these retailers to figure out which way they want to go.
I think the most important distinction is that most of these price changes are being powered or assisted by software.
So the main thing to think about whether you're talking about a small mom and pop or maybe you're only talking about one or two stores versus a large retailer like Best Buy that has many hundreds of stores.
is that there is a dynamic pricing software that they're using that essentially recommends when a product should move based upon whether the product is going to cost more to restock from wholesalers, if there's a product shortage, and how much demand exists for the product and many other factors.
Yes.
So many large retailers do have developed their own proprietary software to do this.
But there are also companies that offer software as a service like Quick Lizard that will provide this service to retailers looking to automate their pricing strategy.
It's not.
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