Gartner, Inc the leading advisory and research company, predicted that the top 10 retailers around the globe will take advantage of the contextualized real-time pricing. This pricing system would be easily managed through mobile applications. Using the mobile app, the seller would be able to adjust the in-store prices for customers. Obviously, this won’t be a surprise for many merchants as they know the future pricing system would turn out in this way.
Robert Hetu, vice president and research analyst at Gartner said in his statement that “Digital sales are growing at every stage and there is no longer a competition between offline and online sales. Customers these days don’t shy away from sharing their personal information to retailers, in return they expect to get some personalized offers from the retailers. Retailers in return should assess the data provided by the customers and product preferences. Then accordingly provide them with some immediate and contextualized offers.”
To offer relevant, consistent and personalized prices to customers, retailers should be able to understand customer’s behavior. In the sense how and on what basis a customer makes a purchase decision.
Adoption of retailer mobile applications and mobile payments also supports this predicted move towards the adoption of conceptualized real-time in-store pricing. Mr. Hetu also added in his statement that “Many consumers who download the retailer’s app either use it for online purchases or for obtaining a discount coupon so that they can use it in a physical store.
Even retailers sometimes face technology challenges and customer experience challenges. Initially, they would be unable to convince the customer that the price they are viewing is the real-time price. Thus Mr. Hetu replied that “Retailers should be able to educate the customer in understanding the nature of pricing, which means the price may fall and sometimes rise depending on the various aspects. Retailers should also be better in managing the delays in updating under-inventory and over-inventory levels.”
Let’s see what all changes would happen in this online retail world till 2025. Would the retailer be easily able to adjust and manage the prices and simultaneously stay competitive? Will this real-time pricing work well across all channels?