Understanding How Retail Pricing Strategies Affect Consumer Behaviour

Abstract

Retailers employ a variety of pricing techniques to change customer behaviour and boost revenue. Pricing plays a crucial role in determining a retail company' success in the fiercely competitive retail sector. Pricing strategies can influence consumer behaviour in a variety of ways, including how they perceive a brand, how they make purchasing choices, and how loyal they are to a retailer. Therefore, for retailers to remain competitive in the market, they must understand how retail pricing strategies impact customer behaviour. The purpose of this dissertation proposal is to examine how customer behaviour is impacted by retail pricing strategies. The study will concentrate on the retail sector and investigate how various pricing approaches can affect customer behaviour. In the study, the connection between pricing and consumer behaviour will be investigated while taking into consideration aspects like consumer demographics, product attributes, and pricing strategies. Both quantitative and qualitative methods will be used in the study to gather and analyse data. The research will get started by doing a thorough literature review on pricing tactics and consumer behaviour in the retail sector. In order to comprehend customer perceptions, attitudes, and behaviours regarding pricing strategies, data will then be gathered through surveys and interviews. In order to determine the relationship between pricing strategies and customer behaviour, statistical analysis will be done in the end. The results of this research will give retailers important information about how to use pricing strategies to change consumer behaviour and increase sales. The study will close the knowledge gap on retail pricing strategies and customer behaviour by adding to the body of literature already on the subject.