Vera Bradley Integrates Web-Based Data Into In-Store Pricing

Vera Bradley traditionally focuses on three factors when it comes to pricing, Scheele said:

• competitive analysis (i.e., what are its competitors charging for the same or similar product);
• pricing tiers based on product assortments, product features and product benefits; and
• product margin, which can depend on whether the product is being sold in one of Vera Bradley's company-owned stores, on its e-commerce site or via a retail partner.

With the help of First Insight, a company that provides inventory investment recommendations and go-to-market price point insight, Vera Bradley is now using customer data and feedback collected online to inform pricing decisions. To gather its data, First Insight engages consumers via social media, web, email and mobile applications, typically in the form of a game.