Retail has evolved rapidly over the last decade, creating numerous new opportunities for brands and retailers. Technology has pushed the boundaries of retail even further, paving the way for e-commerce adoption, which has been accelerated in recent months by COVID-19. Today's shoppers are well-informed and constantly compare prices online before purchasing a product, thanks to the availability of technology. According to a recent MAP Services Corp survey, 92% of online shoppers compare prices at some point to find the best deals.
What is the Minimum Advertised Price (MAP)?
MAP, or Minimum Advertised Price, is a predetermined minimum price for a product below which resellers agree not to advertise or sell. For example, if an electronics brand sets the MAP pricing policy for a specific cell phone model at $100, retailers and resellers, both online and in-store, are required to sell the product at that price or higher.
How Can Brands Effectively Enforce Minimum Advertised Price?
In today's fast-paced retail environment, manually enforcing and monitoring MAP compliance is nearly impossible. To ensure complete MAP compliance, any brand with an online presence today requires a legally comprehensive, AI-driven MAP enforcement process. Brands require technology to monitor hundreds of thousands of their products sold online and to prevent sellers from violating their MAP terms through timely email notifications; all of this must be done around the clock and around the world!
