What you should never do with your prices before Black Friday

25/11/2016

Angela de la Vieja

How to prepare a pricing strategy for Black Friday is talked about a lot, however, few analyses show what it is that we are supposed to do. This popular date can be a huge exit for our campaign or on the other hand a disaster, it all depends on how we prepare for it.

There is an extended theory about false offers during Black Friday, for example, deliberate increase in prices weeks before so that the discounts applied are not really discounts. From Minderest we have shown year after year that this technique or similar is not generated nor applied by the best-known retailers, although after each Black Friday they receive lots of criticism from companies publishing screenshots or photographs from previous dates to Black Friday.

The truth behind these increases is simple, and it happens every single day; prices are becoming more and more dynamic and they fluctuate depending on the competition. Even though an ecommerce applies a general discount to their assortment of products on Black Friday, there will always be products with prices may have been increased, whether it is due to an increase in costs, shortage of product or many other reasons.

How the says goes “the customer is always right”, and trying to justify the previous is almost impossible. With a few simple guidelines we can avoid being the object of criticism and our offers can be viewed in a positive way.

- On month before Black Friday we should start to monitor the possible increases in price that we make in our ecommerce, with the objective to keep them to a minimum. Those that there is no other option than to increase price, now is the moment, not later.

- If we are implying an algorithm of dynamic prices to manage the price changes, we should deactivate the calculations that increase prices, so that only reductions or equalizations in prices are made.

- Between one and two weeks before Black Friday we should programme those products that will be reduced in price. It’s preferable to make a noticeable reduction in price during Black Friday than to make small reductions in the days running up.

- And the golden rule is; that under no circumstance should you increase prices during the same week.

By following these guidelines it will guarantee that our ecommerce won’t be a victim accused of based practice and we will help to construct a positive reputation among our potential clients.

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.