3 reasons to match on and off line Price policy

30/03/2017

Angela de la Vieja

Ecommerce has only been about a few decades and it is already revolutionising the commercial world as we know it. It is understandable that in spite of being different channels, there are many elements in common, but the question is, To what extent should they both come together to support each other instead of competing? One of the main dispute points is precisely the price, should it be the same or different? Let’s look at three argument to unify our price policy and with them take a step closer to the well know “Omni channel”.

1. The first and most important: for the customer the distance between the ON and OFF line channels of a company is smaller, and they can go to one or the other according to their preference. The customer will not understand that despite being the same company the price should differ, even if the retailer has very good arguments about costs.

2. Different prices on and off line transmit to the customer an image of des coordination, how is it possible that despite being the same company they don´t know which prices they offer their products in the online store? If the customer can instantly consult on their smartphone the online price of a product, it doesn´t seem logical that it is not within reach for a large company.

3. And lastly, the important loss of Competitiveness. If we want our physical store to be successful, we will need it´s prices to be in line with the market, regardless of the purchase channel. As we are currently seeing, the price trend is more and more dynamic, and the physical shops will have to adapt to this to prevent their market share from being threatened by online giants like Amazon.

Although they are simple concepts, they represent a great challenge for traditional commerce, since they imply a great economic outlay on digital labels, computer infrastructures for price synchronization and the eternal question of if I change my prices 3 times a day in My ecommerce, should I do it also in my physical stores?

Exciting years await us.

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.