Price synchronization is the process of managing a product’s price point across all sales channels to provide a consistent consumer experience.
Amid today’s omnichannel sales environment, consumers find, browse, and research products through numerous channels before making a purchase. Inconsistent or inaccurate product information can drive these consumers away from your products and toward your competitors.
Price synchronization is one way of ensuring potential customers receive a consistent and cohesive brand experience — no matter what channel they’re shopping on. When businesses synchronize their prices, they ensure the same prices are listed for the same products on their social media, ecommerce, website, and brick-and-mortar sales channels.
Because synchronizing across an omnichannel ecommerce network can quickly become unwieldy, many businesses use product information management (PIM) systems that connect channels and sync prices — and other details — automatically. These technologies reduce the risk of error, update price points across channels in near real time, and save time otherwise spent on manually updating details.