When users monitor prices: How, When and Where

20/06/2018

Angela de la Vieja

Price monitoring is an indispensable element for retailers, eCommerce and manufacturers who offer their products online. However, these types of tools are also increasingly used by users, who truly face the reality of price differences. As buyers, online users are increasingly concerned about getting good prices, yet above all it is getting to know the manufacturers of the products they buy. We must remember that the pricing strategies of any brand helps, in part, to define their identity.

The apex when we see most usage of these price control tools is generally prior to key dates such as Black Friday or Valentine's Day, etc. During these celebrations, all self-respecting eCommerce sites offer discounts and promotions that sometimes, unfortunately, can be price traps. Obviously, more experienced consumers recognise the strategies of some online stores, so they already know how to act and avoid these tricks to prevent themselves being conned.

The tools for consumers to track prices can, in essence, be differentiated in these three types:

1. Browser extensions. These are, above all, convenient for the user since they are installed directly in their browser that they use to make their purchases. These extensions allow you to have in a single view all the information about the product you are interested in: price history, cheapest and most expensive in your history, product evaluations, etc. In addition, some extensions, like Amazon Assistant, allow you to obtain product suggestions with competitive prices based on the criteria you configure along with the users interests and their browsing history. Keepa is another of the extensions popular amongst online users, especially for marketplace purchases, since it allows you to track the price variation of a product between two specific dates.

2. Apps. The operation of price tracking applications is relatively simple. Once the products that are of interest are included it is possible to obtain alerts for price changes, see when a product is available (in case it is out of stock), etc. In general, these applications also allow real-time access to price changes as well as product suggestions which are similar to those which the user is looking for.

3. Specialised websites. Finally, online shoppers can also track the prices of the products that are of interest to them through specialised websites. In this case, both Amazon and Google Shopping’s tools stand out. All of them allow to identify and generate a database with the articles that the potential client wants to monitor and to control price increases and decreases. The main utility of these internal tools is that, in a marketplace as large and numerous as Amazon, it is possible to understand what prices oscillate in which vendors’ products. However, an independent software or web can provide added value allowing the comparison of prices within multi-brand stores with the online store of each manufacturer or distributor.

The use of all these tools by users makes online stores and brands aware of how important it is to monitor their competitor’s prices. This will serve to detail a defined strategy which will allow you to attract loyal customers and maintain your sales in the complex world of digital sales.

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.