6 Strategies to Consider Before Slashing Prices

In an unpredictable economic climate, savvy retailers are constantly challenged to innovate and adapt, finding fresh strategies to remain resilient as <a href="https://www.conference-board.org/topics/consumer-confidence/press/CCI-Feb-2024" rel="noopener ugc nofollow" target="_blank">consumer confidence retreats</a>. Deep discounts are among the easiest and fastest ways to pull customers into stores, but slashing prices in tough times is a lot like drinking ocean water to quench one’s thirst: Your stomach or cash register may feel full, but you’ve only succeeded in making the underlying problem worse. For healthier alternatives to discounting in broad strokes, we looked to mainstream consumer packaged goods retailers, cannabis-industry brands, and retail data specialists. For most brands, targeted discounting always will have a place in the marketing mix, but discounting never should lead the charge. When applied correctly, the following six margin-friendly strategies can <a href="https://mgmagazine.com/business/retail-merchandise/how-many-skus-should-you-stock-in-a-dispensary/" rel="noopener ugc nofollow" target="_blank">keep inventory turning</a> while working to <a href="https://mgmagazine.com/business/retail-merchandise/build-brand-loyalty-by-owning-the-customer-relationship/" rel="noopener ugc nofollow" target="_blank">establish brand loyalty </a>without sacrificing profitability. <a href="https://medium.com/mg-magazine/6-strategies-to-consider-before-slashing-prices-c1a1b37020cf">Website</a>