Price Integrity Audit
Pricing is a strategic tool that reinforces a brand image and can drive or defend market share. UL’s price integrity services independently review pricing at the point of sale, assessing fluctuations that can negatively impact consumer perception, violate regulations and ultimately damage the bottom line.
UL provides price accuracy audits and compliance programs with corporate-wide reporting and accountability. These include:
- Pricing reviews
- Customized end-to-end pricing assessments
- Web-based system and reporting
- Critical pricing procedure identification
- Staff training and evaluation
- Root-cause analysis of pricing violations
- Legal compliance with state and county pricing regulations
- Brand protection
According to the Federal Trade Commission (FTC), the U.S. retail industry experiences average pricing errors of 3.35 percent annually, while nearly 30 percent of stores had less than 98 percent price accuracy, the threshold required by most states.
At a time when state and county governments are becoming increasingly vigilant in prosecuting a retailer’s price violations, pricing errors can have a negative financial impact on a business and potentially damage its brand.
Given the dynamic pricing in today’s modern retail stores, managing pricing at the shelf and the checkout is incredibly complex, potentially costing businesses customers and reputation.
With a national network of highly skilled auditors, UL conducts over 50,000 audits annually and can audit every store in a chain, at a desired frequency and at affordable prices. UL is an industry leader that understands the complexities of maintaining pricing consistency.
For more information on UL price integrity audits, please contact us at 1.877.532.5326.