In this article, MONEXgroup represents factors impacting retailers decisions when setting pricing strategies; mostly in an economy where competition, investment opportunity, financial support and growth potential continue to exist.
This year, Nielsen Research conducted a survey covering 375 Canadian Businesses; including gas, grocery, pharmacy, restaurants, fast food, apparel and general retail sectors – where 48% of the existing retailers planned to modify their pricing strategies and drop their rates in mid 2014 to retain their customers, reported by American Express. In order for merchants to promote “customer loyalty”, price reduction including sales promotions and discounts were their pricing strategies for they year 2014! (Nielsen – American Express Merchant Services Monitor, 2014).
Among these businesses, fast food retailers agreed to put more efforts toward customer service (Economy, the star.com, 2014); which directly reflects customer loyalty, quality of service, profitability and retains long term relationship. In fact, 76% of Canadians have spent more due to their “history of positive customer experience” in store with merchants (CNW, 2014).
For merchants across Canada, MONEXgroup provides you with ways to increase cost efficiency by:
- Reducing your credit card transaction fees
- Getting paid on time with next business day deposits
- No need to switch banks
- Providing you with POS payment terminals that suit your business needs
- Reducing internal operating costs towards your services
- Supporting terminal replacements within 2-4 hours, Learn More
Industry Reports: The Canadian Chamber of Commerce has mentioned the “10 barriers to Competitiveness 2014”, among which Canada needs to work on areas for improvement including skilled personnel, promoting international trade agreements – tariff and custom policies, reduce tax complexity and increase innovation in manufacturing.
In this context, the Retail Council of Canada planned to put efforts towards the National tariff regulations between Canada and USA, and the government desire to work with the Senate Committee on National Finance with the objective of initiating pricing strategies and delivering essential products to the Canadian families and benefiting retailers.
Lowering Credit Card Processing costs for merchants was emphasized in the 2014 Economic Action Plan stating “Canadians face the highest Credit Card acceptance costs in the world”.
MONEXgroup supports merchants across all Canadian market segments with their pricing strategies. When partnering with the number one payment processor in Canada; MONEXgroup will increase your cost efficiency and quality of service. We provide you with reliable and secure payment solutions to meet your unique business needs. Request a Cost Comparison Analysis today!