What is Retail Price?
Retail price is the price a customer pays for a product when purchasing it from a retailer or other seller. It is the actual selling price presented to the customer and may differ from a manufacturer’s suggested retail price (MSRP), wholesale price, or minimum advertised price (MAP).
Retail price is a type of product pricing information that may need to be managed and distributed across ecommerce websites, marketplaces, retail locations, catalogs, and other sales channels.
Retail Price and PIM
Product Information Management (PIM) can help businesses manage retail price as part of the broader product information associated with their products.
A PIM system can centralize pricing information alongside product names, descriptions, specifications, attributes, images, and other product data. Businesses can then apply workflows and validation rules and distribute the appropriate product information to relevant channels.
For example, a brand selling products through its own ecommerce site and multiple retail partners may maintain pricing information as part of its product records. When approved product information needs to be updated, a PIM system can help ensure the appropriate data is distributed to the channels that require it.
However, PIM is not a dedicated pricing engine or dynamic pricing system. Pricing decisions, calculations, promotions, inventory-based pricing, and real-time price optimization may be handled by dedicated pricing, ERP, ecommerce, or other business systems. PIM’s role is to help manage and distribute the product information required by downstream channels.
Related Terms
Frequently Asked Questions
Can PIM manage retail prices?
PIM can store and manage retail price as part of a product’s broader product information and distribute approved pricing information to relevant channels. However, dedicated pricing systems may be responsible for pricing calculations, optimization, promotions, and other pricing functions.
