Lower Prices Alone Won't Help Retailers Fight Amazon
Retailers remain heavily concerned that the low prices offered by Wal-Mart as well as Amazon (NASDAQ: AMZN) and other digital retailers hurt their business, according to a new research report. The study, conducted by Retail Systems Research, surveyed 1,266 retailers worldwide, with 87% of them headquartered in the United States. Respondents were asked to name up to three challenges their companies faced and 55% cited "consumer price sensitivity," making it the most commonly mentioned problem.
That was a 5% increase for price sensitivity over last year's survey. The researchers who wrote the report, Paula Rosenblum and Steve Rowen, called it "shocking" that retailers considered price their biggest problem when consumer data shows they should be most worried about in-store service, competitive differentiation, and customer dissatisfaction.
Price alone will not save brick-and-mortar retailers. Image source: Getty Images.
Source: Fool.com
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