Ensuring pricing accuracy for your business

Steritech’s Pricing Accuracy Assessments are evaluations conducted to help businesses identify discrepancies in retail pricing, ensuring compliance with regulations and maximizing profitability. These assessments are crucial due to the complexity of managing prices across various products and locations. 

Why accurate pricing matters

Accurate pricing is essential for companies to maintain regulatory compliance, prevent revenue losses, and uphold brand reputation. All states have laws or regulations that prohibit inaccurate or deceptive advertising and pricing practices.¹ Pricing errors can result in legal repercussions, such as fines or judicial orders, especially in states with strict pricing regulations.²

Inaccurate pricing can also lead to negative customer perceptions, affecting brand trust and loyalty. By having accurate pricing, companies can avoid these risks, maximize profitability, and enhance customer satisfaction. Additionally, accurate pricing allows businesses to make informed decisions based on reliable financial data, supporting long-term growth and success.

Our price accuracy assessment process

Our price accuracy assessments adhere to the National Institute of Standards and Technology (NIST) Handbook. It varies by state, but price accuracy is expected to meet or exceed across locations.

To begin the assessment, a Steritech specialist(s) will enter locations within the store and scan a predetermined number of items. These items are randomly selected from various departments or areas within your store. The assessment provides visibility to store-level information around:

• Price overcharges and undercharges which are identified by examining item details and percentage accuracy.
• The ratio of over to under charge which can be used to identify systemic problems.

Assessments are then tailored to each business location’s needs for efficient resource allocation. All data from the assessment is centralized in Steritech’s OnBrand360® portal to aid in location-level monitoring and drive corrective action. 

Benefits of price accuracy assessments with Steritech

Steritech's Price Accuracy Assessments are pivotal for businesses navigating the intricacies of retail pricing. Our devoted commitment to operational excellence ensures that every aspect of your brand's locations aligns with the highest standards of quality and consistency. 

Interested in learning more about Price Accuracy Assessments for your business? Contact us today to get a FREE Price Accuracy consultation.

¹Federal Trade Commission, Technology Services of the National Institute of Standards and Technology, States of Florida, Michigan, Tennessee, Vermont, Wisconsin, and the Commonwealth of Massachusetts. PRICE CHECK A Report on the Accuracy of Checkout Scanners.

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