In retail, various price forms play a crucial role in attracting customers, increasing sales and remaining competitive. The most important price forms include the selling price, the strike price, the offer price, the reference price and the base price. Both retailers and manufacturers use these strategies to successfully market their products and services and strengthen their position in the market. But what are the different terms all about?

Sales price

The selling price is the final price at which a product or service is sold to the customer. Retailers and manufacturers must carefully set the selling price to both generate profits and take into account customer demand. In e-commerce, dynamic pricing strategies can be used to adjust the selling price based on demand, competition, or other factors to achieve the optimal price.

Strike price

The strike price is a psychological tool that is frequently used in e-commerce. It involves crossing out the original price and displaying a reduced price. This is to show the customer that there is a discount and encourage them to buy. Retailers and manufacturers can use the strike price to emphasize the value of the offer and convey a sense of exclusivity or "having got a bargain".

Offer price

The offer price is a special price that is valid for a limited period of time. Retailers and manufacturers use this strategy to drive demand and entice customers to make a quick purchase. In e-commerce, timed offer prices can be highlighted by countdown timers or promotional banners to make customers aware of the limited offer.

Reference price

The reference price serves as a benchmark for comparing the current price of a product. Manufacturers and retailers can use the reference price to show customers that they can get a bargain or benefit from a high-quality product. Transparency and credibility of the reference price are crucial to gaining customer trust and building long-term relationships.

Base price

Base price is the price per unit of a product and allows customers to more easily compare products with different quantities or sizes. Retailers and manufacturers need to clearly state the base price to allow customers to see the best value for their money.

Market and pricing technologies to optimize retail pricing

In today's competitive e-commerce environment, it is critical for retailers and manufacturers to keep track of the market and the pricing of their products. This is where market and price intelligence technologies such as oraya insights for manufacturers and copio analytics for retailers come into play to help gather and analyze market information. With both applications, entrepreneurs in the retail sector stay informed about their competitors' products and prices, can monitor price developments at the level of individual items, and dynamically adjust their own pricing strategies to remain competitive.