With tightened budgets and increasing online tenure, consumers are smart about the way they shop across channels today.
Comparison shopping engines and widgets, for example, make it easy for consumers to quickly find the cheapest price for an item. This access has accustomed shoppers to finding the best deals or values available online — and the majority of online buyers select the item with the lowest price, regardless of channel.
This easy access creates a conundrum for retailers, who must manage consumer expectations around pricing, but who also want to be consistent in their business practices.
Forrester Research, in a recently published report titled “Higher Prices In Your Stores: OK Or Not? How Consumers React When Store And Web Prices For An Item Differ,” examined this issue and revealed five retailer myths surrounding the topic of consistent pricing across channels. They include the following: