What can retailers and brands do to stop the race to the bottom when it comes to markdowns?
First, they need to realize how bad the problem really is.
At a session titled “Markdowns: The Hidden Virus” at NRF’s Big Show Monday, Greg Petro, CEO of predictive analytics platform First Insight, said, in so many words, that the markdown problem is really bad.
In highlighting some First Insight research findings, Petro said over this last holiday season, 70 percent of consumers expected to see markdowns of 31 percent or more when they walked into a store or visited a retailer’s website.
What’s more, one-third of all shoppers visiting retail channels are looking for 100 percent of their purchases to be made on sale.
Read more at Sourcing Journal.