While it seems like something that every retailer would be on top of, pricing issues are becoming more widespread. There could be multiple reasons for this, one of which is the increase in reliance on the latest technology to handle multiple payment solutions, but not fully understanding it.
The payment blog Wise Pricer recapped several of the problems that larger companies have run into. Following an investigation, Toys R Us has been ordered to pay more than $178,000 due to overcharging customers on nearly five percent of its items.
While that was widespread, other retailers like Sears and Best Buy have marketed individual items well below suggested retail price like a new iPad 2 for $69, $400 less than retail or a 52-inch television for $10. These companies canceled any orders and refunded money when the issue was discovered. Last month, Delta experienced a glitch that dramatically dropped prices on airfare, but the company is honoring any tickets that were purchased at this price,
One similarity to all of these is the presence of eCommerce solutions around the problem.
"When you pay close attention to the prices on your eCommerce website, you can reduce the chance of making major pricing mistakes that lead to financial issues and public relations problems," the article reads. "Monitoring your prices is essential for retailers to mitigate this type of risk and quickly detect anything that falls through the cracks."
This all means that companies need to ensure their payment processing software solution is in place and employees know how to work it successfully. If not, there needs to be a support service in place to handle any potential problems.