Product comparison: the key to boost sales in your online supermarket

10/09/2019

Angela de la Vieja

Supermarkets are part of that select group of online businesses that have references of "fixed" products in their catalogues. Unlike other marketplaces and online stores, in a supermarket you can always find products that are basic, which rarely change their characteristics and even their level of supply or demand. These are the cases when it is more complicated for an online supermarket to boost sales in certain sections of the store.

A product comparison system is precisely one of the tools that allows online supermarkets to boost sales of those products that can be anchored within the store, without highlighting and without generating competition among themselves.

How will a product comparison system do this function within your online supermarket? Motivating the selection of one or the other depending on the preferences of each user.

A product comparison system will allow the potential customer to select, in each case, the product that best suits their needs, thus fleeing the monopoly that certain brands can exercise against commodities.

Thanks to a product comparison system, the customer will be aware of new purchase options, will be able to open opportunities to try different brands and will have the possibility to check what is the best value for money being offered. For an online supermarket, this is one of the most interesting options to increase sales volume where, a priori, not many transactions are generated organically.

Price intelligence to optimise the product comparison of an online supermarket

When it comes to including, using and maintaining a product comparison system in an online supermarket, you have to take into account the elements that it must encompass to reach those niche products that go unnoticed in the store.

Obviously, price is one of the key factors that will greatly influence the comparison. After all, potential customers will seek, first and foremost, the most competitive price for the quality of product they want. Thus, with the comparison, the store will manage to show the new options that may be perfectly within the customers reach.

However, even though the prices for these 'static' products may be representative of the market in which they are located, thanks to the comparison, the supermarket can play with a dynamic pricing strategy that helps you highlight at all times those you want.

With a dynamic pricing strategy based on automatic price intelligence, the supermarket can recalculate and modify the prices of each of its products based on the units it has in stock to boost an express sale or discount sale, according to profit margins reported by each brand (adjusting them or improving them with the sale of more units by a small margin) or, even, placing them as a product in an offer pack at a cheaper price which enhances cross-selling within the store.

In this sense, when the product comparison is developed, programmed and integrated in the online supermarket, it is essential that it be linked to a price intelligence system that allows the store to make the best decisions in each case to enhance income. In this way, the search engine will always be optimised to obtain best performance, while continuing to offer best results to potential customers.

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.