The holiday shopping season is right around the corner. An easy strategy, and an appealing one at that, to outsell your competition is to lower your online prices and engage in an online price war.
Naturally, we believe consumers turn to the internet in lieu of our physical storefront to find lower prices. But this belief is dangerous and couldn’t be farther from the truth.
According to a recent article published by Forbes (click here to read the article), consumers do not shop online for lower prices, and retailers who engage in a low price war among their competitors will lose the battle in the long run.
Instead, the ultimate key to generating more sales, building customer loyalty and outselling the competition is to invest in your brick-and-mortar store’s framework.
Many retailers may miss this solution. And instead of correcting in-store deficiencies – like lack of product selection, short staffing, shipping costs and delivery time – it becomes easy to fix underlying problems by lowering prices online.
Although correcting some of these core problems takes time, energy and money, it’s vital to do so to achieve long-term success.
Check back next month as we take a look at some of the key reasons consumers shop and online. And keep in mind, it’s not because of lower prices.