Key dates in the price comparison calendar

04/06/2019

Angela de la Vieja

When establishing a dynamic pricing strategy, it is essential to take into account the critical moments in which possible price changes will occur in our competitors. However, there is also a factor that retailers should not lose sight of, and that is to emphasise the dates in which the buying customers themselves compare prices online.

In general, it is logical that both situations coincide. On one hand, the e-Commerce will guide its dynamic pricing strategy based on the dates in which it is more likely to attract sales from a greater number of potential customers. On the other hand, users will be more aware of the price tracking of those products that interest them at times when they know they are susceptible to change by online stores.

Having a calendar that defines the key moments for comparing market prices essential to be able to carry out the necessary actions & changes at the precise moment.

A priori, there are date that are common knowledge which surely already appear in the sentences of any online seller and in their pricing calendar: Black Friday, Christmas, Mother’s Day and Father's Day, Valentine's Day, the recently established Single Day in China... However, it is also essential to take into account the specific dates in each sector so as not to dissociate the business from the reality of the market.

Clear examples of these cases are the typical January sales throughout the textile and fashion sector or Easter for the travel and tourism sector, but you can also cite other more striking dates such as St. Patrick's Day in Irish e-Commerce or other dates specialised in drinks and beer.

In the management of this pricing calendar, the sales and pricing teams must work hand in hand with marketing to establish both the actions to be carried out and to detect new trends that can be exploited by the on-line store. This will be what enables us to create specific actions via the e-Commerce until we can even incorporate them as a sign of our identity.

Today, this strategy, normally associated with branding, is already being seen in sales during the year with days as varied as that of the day of friendship, international kissing day or even unofficial celebrations such as Star Wars Day.

How do these dates affect the actions of the e-Commerce with the customer?

The fact of having fixed the key dates for price comparison supposes a huge advantage for any e-Commerce that we can break down into two main benefits:

Stay alert for changes made by the competition at any time.
Trace the pricing strategy together with balancing the different changes with the proposed sales prospecting.

However, from a pragmatic point of view for the customer, it is essential to take into account what was mentioned at the beginning of this post, and it is: online buyers also keep track of the price changes in stores where they make their acquisitions.

How to take advantage of this knowledge in advance? The answer is clear: maintain a strategy of moderate pricing, fair with the user and without cheating. We have already seen on other occasions how malicious price changes in the days before Black Friday do not make a good impression on the audience. No other reaction could be expected...

Knowing in advance the dates in which these comparisons are most likely to be made will not give the online store “carte blanche” to make indiscriminate actions, but it will be an element in its favour when making the necessary re-adjustments without which may be misinterpreted. In addition, obviously, to correctly select the day and time for these changes will be an advantage over the competition if we are the first to offer a better price for the most demanded products.

In short, having a programmed calendar within the dynamic pricing strategy will allow the -Commerce to readjust its prices in each of the most relevant moments for its audience. Keeping this calendar of events, and the pricing software that implements it, updated, will be vital to remain in the game.

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.