And one thing that I’ve learned is that when you are driving at 150 mph, you need data inputs faster so you can adapt and make smart, quick decisions. We found in our own latest research that 52% of consumers we asked aren’t buying back to school at all. Right now, speed is the key differentiator and real-time consumer data is critical. Retailers must use this information to close the gap and construct a new pricing model that incorporates fresh data, provides insight into what consumers need and how much they are willing to spend. And it must be delivered quickly and reevaluated often so products and pricing can be adjusted in a fluid and dynamic way.

Source: Forbes August 21, 2020 18:45 UTC