Retail pricing strategies

Retail pricing strategies are methods retailers use to set the prices of their products to attract customers and maximize profits. These include cost-based pricing (covering costs plus profit), competitive pricing (matching or beating competitors), value-based pricing (based on what customers believe a product is worth), and psychological pricing (like $9.99 instead of $10). Retailers also consider discounts, bundling, or premium pricing for luxury items. The goal is to find the right balance between affordability for customers and profitability for the business, often adjusting prices based on market demand, competition, and brand positioning.