About 15 years ago JCPenney’s new CEO had a radical idea: pricing transparency. They were going to do right by their customers by reducing the sticker price to the “sale” price. The company lost billions of dollars because consumers valued the feeling of getting a deal over being charged a fair price.
About 15 years ago JCPenney’s new CEO had a radical idea: pricing transparency. They were going to do right by their customers by reducing the sticker price to the “sale” price. The company lost billions of dollars because consumers valued the feeling of getting a deal over being charged a fair price.
Looking back, this may have been the point when I realized that I no longer had confidence in the average American.