Four keys for Catalogue Intelligence

22/02/2017

Angela de la Vieja

In today’s article we are going to reveal the four fundamental keys to build a competitive catalogue in ecommerce, it is as important to know our competitors offers as it is to know their range of products.

One of the most useful tools in the competitive watch is a catalogue intelligence service that allows us to know in depth the complete range of our competitors’ products, to see what products they have and their availability. It is very important that this information is up to date, truthful and reliable. So for a catalogue intelligence service to be useful it must include the following four keys:

1. Know what we don´t sell but our competitors do. We could detect products that would be interesting to include in our catalogue, not forgetting that the first step to selling a product is the availability. Doing this task on a daily basis and by hand would be impossible if we didn’t count on a tool.

2. Analyse the availability. Although it is impossible to know the stock count of each of our competitors we should know in a determined times space whether the article is available or not. We could even estimate a delivery time if the seller informs of it.

3. Detect range growth. We should have a global vision of our competitor’s catalogue and be able to analyse this graphically when a competitor is growing at a certain time. This is very useful to detect possible tendencies in product and category brands.

4. Discover price strategies. We will get to know the global price strategies that competitors use over time. Know what our competitors do with their prices at the start of the Christmas campaign, during sales or any other concrete dates, and it will help us greatly decide how to design our own pricing strategy using our catalogue intelligence.

Lastly, a functionality that is necessary in catalogue intelligence software is having a configurable alert system, so that when a certain competitor is out of stock on a product r when they have included a new article in their catalogue, you receive an alert direct to your email.

Remember: keep your friends close and your enemies even closer.

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.