Web and mobile technologies have disrupted the business strategies of retailers as consumers can quickly and easily research product prices.What do retailers need to do to stay competitive given how empowered consumers have become?
A)Retailers need clear strategies to respond to the empowered consumer by price-matching or finding ways to offer greater value.
B)Retailers must implement data analytics to distinguish patterns in their best customers' shopping behavior.
C)Retailers need to reduce the number of sales channels so they are able to cut product prices.
D)Retailers need to offer free shipping and returns.

Question

Quizplus · Accepted Answer

With the empowerment of consumers, retailers need to have clear strategies to respond to pricing pressure. This can be done by price-matching or finding ways to offer greater value. Retailers need to understand that consumers are more price-sensitive than ever before and are willing to do proper research before purchasing. Hence, it is important for retailers to remain competitive by offering pricing that fits customer expectations.

Web and Mobile Technologies Have Disrupted the Business Strategies of Retailers