In the first part of our blog series on this topic, we explored in detail five critical price management-related questions facing traditional distributors getting into e-commerce. While the traditional approach to pricing might not be as effective online, there are some proven strategies that you can adopt to effectively support both your traditional business and your web-based model.
Strategy #1: Upgrade to a modern price structure that allows for market-responsive price management across all channels.
Ask yourself if your current pricing practices are hampering your ability to be flexible and responsive to changing conditions in different channels and markets. For example, if an item-specific list/street price needs to be updated, does it require you to update the item’s price for