BENTONVILLE, AR – As retailers investigate new strategies to combat the competitive nature of the buyside sector, there’s one that seems to remain at the forefront: pricing. Together with its subsidiary Jet.com, Walmart has unveiled a new low pricing strategy to garner consumer purchases: “pick-and-mix” pricing.
“Pick-and-mix” aims to slash prices by giving shoppers control over how much they want to pay when choosing e-commerce as a platform. According to Forbes, Walmart and Jet.com are now offering lower prices to shoppers for agreeing to certain purchase options like no free returns, pick up in store versus delivery, or paying with a debit card.
This particular strategy then gives consumers small rewards for their purchase, while also providing benefits to the retailer as well. Forbes stated that strategies like these are especially appealing to consumers as it provides them a greater choice and empowerment over purchases, making Walmart’s e-commerce even more competitive to sites like Amazon.
This “smart pricing,” as Forbes calls it, allows consumers to share in lower costs while also allowing things like shipping costs to absorbed by retailers in the product price. As we recently reported, Walmart is currently riding a wave of e-commerce success as the company's stocks saw a 52-week high after its long string of web-based acquisitions.
Jet.com also made headlines in the fresh produce world as the company announced a new brick and mortar pop-up store, called “Story Fresh,” that sells fresh fruits and veggies and similarly themed items. No word has yet been released as to whether Jet.com will continue these produce pop-ups, and whether or not the “pick-and-mix” pricing extends to this location.
Will more retailers pick this up as consumers continue to turn to the convenience of e-commerce? AndNowUKnow will report as new pricing strategies are unveiled.
