Why It's OK to Charge Your Customers More In-Store
By Lindsay Silberman
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Online retailers are doing whatever they can to mimic the in-store experience, from offering “Live Chats” with personal shoppers to creating “Find Your Fit” tools that promise to predict a buyer’s exact size — like magic!
But before investing your dough into crazy e-commerce technology, consider this: you can actually charge customers MORE when they shop at your business’s brick-and-mortar location.
And there’s a perfectly logical explanation for it, explains Wendy Collins, senior director of strategy consulting for Revenue Analytics. Perhaps the most obvious reason? “You can claim a price premium because you have the ability for the customer to touch and feel the product,” she says. “Plus, brick-and-mortar shopping experiences involve richer customer service and product knowledge.”
Collins explains that the premium can become even greater during the holiday season — by capitalizing on procrastinators. She calls it the “take it home today factor” for last-minute shoppers. Says Collins, “They can buy it now and have it under the tree tomorrow.” Instant gratification? That’s priceless.
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