Five reasons why brands should monitor prices in their distribution channel

14/04/2016

Angela de la Vieja

Manufacturers and brands are paying more and more attention to the online distribution channel, and retailers like Amazon are achieving that higher percentages of their sales are online. If for many years manufacturers have monitered the prices in the physical channel, whyuld they monitor the online channel?

Today we will present to you 5 reasons why brands should start to monitor their products and prices of their online distribution:

1. Know what is happening with their prices: different to the physical channel, the online channel experiments a lot more changes in price in a lot less time, as well as being a great showcase for their brand. Not knowing what is happening with these prices would mean ignoring the image of the brand that potential clients see.

2. Compare their price strategy to the competition´s: brands as well as retailers are not alone in the market, being able to compare their price strategy to those of their competitors will allow them to stay in the game and know just what is happening in their own distribution channel. Am I losing my position to one of my competitors?

3. Anticipate price wars: The main party to be injured in a price war is the manufacturer; if their distributors sell their products with a small margin they will end up stopping working with this brand, which in the long run mean the destruction of that channel. In turn, this problem will have a secondary effect short term, brand will have a poor visibility of prices compared to others that do control their channel, i.e.; their products will be perceived as less value for having much lower prices than their competitor´s.

4. Control merchant impact; marketplaces are in fashion and more and more there are a larger number of small businesses that commercialize products of brands without any type of distribution agreement. The problems that we have mentioned before are accentuated when we are talking about hundreds of businesses that are commercializing the brands products with no agreement. A poor service could translate as a poor view to that brand. A manufacturer should know who and for how much their products are being sold online.

5. Follow the evolution and rating of their products: it isn´t any less important to be able to know I the experience of the user with the products of the brand is positive o not, for this they can monitor channels of opinions and therefore see the evolution and ratings as well as new opinions about their products.

As well as these commented reasons, there are many more that Minderest could help you with as a manufacturer to better your position in the distribution channel. We would be delighted to explain these to you during a demonstration of our software.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.