Challenges in Apparel Pricing
The apparel industry is rapidly evolving, and with this comes a shift in consumer buying behavior and preferences. People values different characteristics and have different needs when buying clothes.
Poor pricing in the apparel industry leads to brands losing profits that a simple slight adjustment in pricing could solve.
There has been an increase in demand for promotions and this has led to apparel brands trying to lower prices. At the same time, the luxury industry is growing, as well as the demand for transparency in the production of garments, and sustainable practices in the industry, which are driving prices up. Pricing in the Apparel industry has long been one of PriceBeam’s primary areas of expertise. Consumer goods companies benefit from price optimization more than any other industry, but at the same time, it is often an incredibly challenging task. In fact, only as little as 12% of consumer brands have a winning pricing strategy. Thus, the demand for our services in this industry is high and consequently, we have grown in expertise with the many projects we have done.