An essential part in the creation of an ecommerce is the catalogue selection, which will be always available for sales. The first question that arises is, which products should I attach to my catalogue? The ideal answer should be, “those products for which there is a demand and my cost price allow me to be competitive in the market”. To discover which products satisfy this condition, we will have to make use of those catalogue techniques that could give us an answer. Let´s have a look at those tools we can take advantage of for a competitive and correct election of our range.
Products with a high demand
An indicative of which products have a high demand is the dissemination of them in the market, i.e, those products that are frequently in the majority of stores. Although these products are very competitive, they will bring us more traffic attendance because there is a real client demand. Employing this “catalogue intelligence” tool, we will be able to generate a list of those products which have a high recognition, and therefore, they are candidates to be incorporated.
Products with low demand but limited competitiveness
They are also known as “niche” products, those which are difficult to find in the market but have a target client interested in them. Detecting our ecommerce products that are not in the competitors can result very useful to distinguish our company from the rest and to be specialised in a determined range of products. Directly related to low competitiveness, we can fix higher margins, because clients interested in these products will not have many options to purchase. As it is mentioned in the previous point, we can export a list of products that are only manipulated by us. Furthermore, there is not a high competitiveness.
The definition of pricing strategy
Fixing the product’s Price is not simply applying a margin of benefit above the cost Price, but adapts it to the market price that customers are paying for it. For that, we will access to the list of products and prices of each competitor, so we will determine pricing strategies for products or general pricing strategies at category and brand level. Knowing the market price, we will make our products saleable.
The creation of a catalogue rich in information
Feeding a data catalogue is an expensive task in terms of time because it implies giving a name, image, description, technical information and classification to a data sheet. Through Catalogue Intelligence we will have access to images and technical descriptions of dozens thousands products. We will save thousands of hours in the creation of our own products sheet with them. Besides, we will take advantage of our multiples sources of information, which will allow us to contrast the information and make it truthful.
Managing the catalogue growth
The ecommerce catalogue must be dynamic and market adapted, incorporating and removing products according the market demand. Our tool will regularly inform us about which products are incorporated by the company, being products susceptible to joining ours, if our competitiveness indicators show it.
Employing the previous techniques, we will obtain a catalogue rich in information, competitive and provided with a real market demand. It will allow us to save on inventory, addressing our investment to the market direction.
If you desire to know how we employ these techniques in your ecommerce, you can apply for a demo here.