Reasons why Brands & Manufacturers Should monitor their MSRP/MAP prices

06/05/2020

Angela de la Vieja

In the digital age, where online sellers proliferate more than ever, controlling recommended prices has become a really difficult, if not impossible, task without the use of price monitoring tools. Therefore, more and more manufacturers are turning to these, helping them to simplify this complex, yet essential, task and allowing them to have prices under control and thus get an overview of each market where they operate.

Identify who sells what products

Having a pricing tool can, for example, help you discover if there are unauthorised sellers on the various online marketplaces who may be following pricing strategies that could damage your brand's reputation or even selling counterfeit products. This last feature is quite unknown by manufacturers and is achieved by analysing the stock changes made by their distributors, consumer reviews about products and also any suspicious price changes.

Protect your brand image

It is vital for manufacturers to be able to know exactly what price their products are sold at and to know if their MAP policy is being complied with or not. However, this goes beyond simple monitoring and is closely linked to the maintenance of each brands image. The lowering of the minimum price required by any manufacturer could lead to a worsening of their image and that of their products and thus have an impact on consumers' perception of their brand. By analysing prices with the use of an automated tool, you can react in time to these unfair strategies that are unfavourable to your brand.

Preventing price wars

MAP stands for Minimum Advertised Price, i.e. the minimum price at which manufacturers allow their distributors advertise each product. A tool like Minderest can help identify if your dealers are respecting this set minimum, allowing you to identify and prevent a future price war from the outset. Understanding the behaviour and price trends within your distributors will allow you to get ahead of your strategies and take control.

The key to discovering your brands positioning in the market

The presence of competitors in each market is increasing rapidly and consequently manufacturers need to know if the information about their products, as displayed on each online channel, is correct. Some pricing tools will allow them to identify the entire product assortment their distributors represent along with competitor products, as well as their positioning with them. In addition, you will have access to product data such as: images, descriptions, prices and ratings or reviews from end-customers, together making it possible to evaluate their true presence in the digital market.

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.