Digital CPG sales are projected to exceed 10% of the total US CPG market in 2022, an approximate 100% growth since 2019. How do retailers keep up with the intensifying competition? By making competitive pricing a key aspect in enticing shoppers and converting them into loyal customers.
Pricing wars have taken over the eCommerce retail space and all online stores, big or small, have to participate, in order to thrive and convert more shoppers without compromising on product margins. Retailers and brands need to consider myriad factors like cost of production, competitor prices, consumer trends, revenue goals, and other business costs while devising a pricing strategy.
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