The pros and cons of omnichannel pricing consistency: Is it ever a good idea?

Omnichannel pricing works best as long as it’s simplified through a cohesive solution

THERE WAS A time when pricing was a one-channel concern, but that time has long passed. Now, companies need to know how to sell their products in-person and online, as well as across mobile applications and beyond.

Every company approaches this challenge in different ways, with some taking a varied approach to pricing across channels. For many companies, though, omnichannel pricing consistency, which ensures the same pricing structures from every angle, is an increasingly tempting option.

In this article, we’re considering what omnichannel pricing consistency actually means, and the pros and cons that could help you choose whether to adopt it.

What is Price Consistency?

First, a question: what exactly is price consistency? Well, as you can probably guess, omnichannel price consistency simply means that your pricing structures will remain the same whether shoppers are buying in-person, online, or elsewhere. In theory, it’s a simple option that makes money easier to handle in your company. But it isn’t for everyone. Let’s consider why.

Pros of Price Consistency:

• Reliable Brand Image: Reliability is key to building a brand image that customers know and trust, and omnichannel price consistency can help with that, ensuring transparent, reliable pricing that boosts your brand image.
• Reduced confusion: Customers are sure to be confused if they’re seeing one price here and an altogether different one there. It could certainly lead them to pause for thought, and that will inevitably cost you sales. By comparison, consistent pricing ensures continuity, keeping things clear and simple for everyone.
• Simple inventory management: There are also benefits for you via simplified inventory management, which includes an easier demand forecast and the ability to reliably use your sales history to predict profit margins.

Cons of Price Consistency:

• Product variability: Some products simply aren’t suited to one-track pricing, especially with the B2B sphere where companies may need to deliver speciality items or custom subscriptions that simply don’t fit a fixed pricing model. Companies selling SaaS software that is fully adaptable to the client can particularly benefit from SaaS omnichannel payment solutions that allow flexible cross-channel pricing as needed.
• Risk of lost sales: In some cases, omnichannel pricing can also cost you the ability to achieve competitive advantage, especially in commonly discounted areas like online. This can quickly lead to lost sales.
• Falling Short of Customer Expectations: Nowadays, it isn’t uncommon for customers to check your services online in the hunt for a better deal. If they don’t find it, then you may fall short of their expectations, while also running the risk that they’ll come across your competitors during their search.

Is Omnichannel Pricing Consistency Ever a Good Idea?

The simple answer to this question is that it all depends on the type of business you run. Many B2C companies thrive with pricing consistency, while B2B or SaaS companies often find that segmented pricing works best as long as it’s simplified through a cohesive omnichannel solution. In either instance, profits and customer loyalty should be key, and whichever method achieves them most effectively is probably the best choice for you.