Key Value Items (KVIs), Price Indices, and Pricing Rules assume that you know the right items that drive consumer perception. Most retailers who use these traditional investment strategies miss ~50% Price Image key items.
As customers shift their habits during and post-COVID, their purchasing decisions will increasingly be based on who they trust and to whom they give their loyalty. The retailers who adapt their pricing strategy to meet these needs have the opportunity to rise to the top by investing in categories and items that matter the most.
Based on behavioral modeling that incorporates neuropsychological factors, Price Image analysis enables retailers to calculate – even predict – customer perception to build trust and win baskets. In Part 1 of this 3-part series of my interview with Engage3 Data Scientist, Dr. Sahar Pirmoradian, find out why Price Image is the most efficient way to drive perception and sales today.