Why Shoppers Are Fed Up With Fixed Prices
PSFK, with The Curve Report from NBCUniversal Content Innovation and Creative Marketing, examines the impact of flexible pricing in today’s retail industry.
In the world of retail, a ‘one size fits all’ pricing system has been the accepted norm for generations, but why is this? When you stop and think about it, every sales transaction is in some way unique, whether it’s because of fluctuating demand in the marketplace, individual consumer status, or the relative shelf life of that product. What if price could be calculated in real time for every purchase you make?
Based on data from The Curve Report, this same sentiment is shared by a majority of Gen Xers and Ys: As many as 76% of 18- to 49-year-olds are interested in trying a new flexible pricing model, and two-thirds say they prefer pricing that is flexible (66%) over pricing that is fixed (34%). Shifting to a more flexible model could provide opportunity to open up new markets, change buying patterns, reduce waste, and uncover a whole new set of purchasing behaviors among consumers.