One of the main benefits of price matching strategy is that it offers the best price to the buyers and improved customer loyalty. It can lead to more purchases in the coming years. Price matching implemented via competitor price monitoring is a great idea in the present day and time.
1. Be Price Competitive
Being price competitive means, you don’t need to set the lowest price. It is essential to match the price for the product category which consumers are likely to buy online for better prices. Many customers are not looking for a lower price but for a fair price. If a retailer offers a fair price to buyers who are casually looking for a bargain, you are likely to win the sale every single time.
It is also suggested to not carry brands which are likely to be price-shopped easily online. The retailer must take into consideration the online pricing and the price from manufacturers before bringing in a new line or product in the store. There should be scope to be competitive. It is not recommended to invest in a line where you be undercut.
Having a good understanding of the pricing strategy is beneficial as it can help in increasing the margins.