Simplifying Pricing Strategies to Get You Through the Major Retailer Challenges
Enhancing Product Visibility and Price Optimization
The competition in the online retail market is growing more intense everyday. The dichotomy that is a growing online customer business coupled with the threat of recession means the whole market is full of rapidly changing pricing strategies. You might even be unaware of how many competitors you have out there. With the upsurge of new retail stores every day, gaining a competitive edge in the market has become a tough nut to crack.
How Different Are You From Your Competitors?
- Are you selling something unique in the market?
- Do you have a brand image or products that sell for themselves?
If your answer to both questions is ‘No,' you might be a part of the crowd. Today, unless you have some uniqueness in your product, the chances of facing intense competition are very high.
To withstand this competition in the market, the key to your success would be figuring out how your brand and product are different from others. Ask yourself:
- What distinct value propositions do your products have over those of the competitors in the market?
- Even if your products and services are similar to other brands, how can you leave them behind in terms of customer experience?
The Pricing Game: How Can the Product's Price Change the Course of Your Sales?
In a competitive environment, the success rate not only depends on how and when you deliver quality products and services. In fact, success is when your customers choose you over your competitors and are satisfied with the experience in such a way that they want to make a purchase again and again.
Well, we understand this, and that's why we know how difficult it would be if the economic situation and trends worsens and slows down. Product pricing is the crucial aspect that directly affects your bottom line.
But did you know:
- 90% of online buyers claim to compare prices before making purchases.
- Almost half of the customers buy only discounted products.
- Out of 10 online customers, roughly 6 of them consider pricing as the key factor in forming their purchase decision.
Making a Move: How Does PriceManager Help You with All of These Retailer Challenges and more?
If customers are not buying products from you even when they are in demand, they are buying them from someone else - your competitors, and you need to stop that happening or your business wont last much longer..
That's where PriceManager helps you; its pricing intelligence tool monitors and analyzes your competitors' pricing strategies. When you have an insight into their pricing and promotional activities, you can prepare yourself accordingly for the pricing battle.
Moreover, you can also go attack the areas where your competitors have a weakness..
The Goals You Can Accomplish with PriceManager's Price Intelligence Solution
- Precise product matching
- Track, monitor, and analyze the competitors' pricing data with accuracy
- Price optimization based on recommendations
- High scalability according to your business needs and growth
- Discover products similar to you private label
- Develop effective pricing strategies
- Offer the most competitive prices in the market or set them above the competition but maintain pricing elasticity.
- More sales and profits
- Expansion in customer base