Consumer-Centric Pricing: Adapting to the Shifting Control of Retail
Since the dawn of modern manufacturing, retail prices have been standardized and set by the retailers. There’s been little to no input from or consideration for shoppers beyond the thought of “how can we get the most shoppers to buy our product at a price that still makes a profit.” But with the explosion of technology and rise of digital devices that have put an ever-increasing amount of knowledge and power in consumers’ hands in recent years, that tide is changing. Consumers are taking control of the shopping experience—from where they buy, when they buy and now, even how much they’ll pay.