The current retail environment is evolving rapidly with an increasing focus on machine learning and disruptive innovation so retailers seem destined to use artificial intelligence effectiveness to maintain and improve their share of the market.
Even if a lot of our high streets are suffering from the competition offered from ecommerce sites, shoppers are still willing to visit a "real-live" shop and be tempted to purchase if the prices to them seem reasonable and competitive.
It's a misconception that online prices will always be cheaper – and there's nothing tempts shoppers to part with their hard-earned cash more than an attractive shop window display or instore promotions.
Pricing is one of the four elements of the marketing mix, along with product, place and promotion. An effective pricing strategy is vital for companies who wish to achieve success by finding the price point where they can maximize sales and profits. Companies may use a variety of pricing strategies, depending on their own unique marketing goals and objectives – and also on which industry they represent.
Online retailing continues to expand nationally and globally – as customers abandon historic high streets and shop from home or on the go. Two examples of online retailers challenging traditional purchasing behaviours include VictoriaPlum.com and ASOS.