Shopper-oriented Price Management (Price Reality and Price Perception)
01.
Background
A good price perception from a shopper's perspective is a "must-win battle" for all retailers. The optimization of the price perception goes far beyond pure regular and promotion price adjustments.
02.
Research Questions
Which articles have a high or low shopper relevance for the price reality?
Which other triggers influence the price perception of a store?
03.
Approach
Shopper-oriented definition and implementation of a price strategy to influence the price reality
Perform price perception check to identify price perception potential
Raise price perception potentials
Calculate price perception via price-image-touchpoints concept before vs. after optimization
04.
Results
Optimization of the price reality is the basis for a better price perception
Price perception can be strongly influenced via price-image-touchpoint concept ("This store is cheaper than ever before").
In the medium to long term, this leads to higher shopper satisfaction and a significant frequency and shopper uplift
