Business outgrows when we push ourselves. Imagine when every team, software and every other aspect of the business push, what could a business earn? Every seller on eBay or Amazon competes with a highly price-sensitive shopper. Amazon price monitoring is one tool to track prices, but there are many pricing trends that influence a buyer’s behavior.
Being an online retailer or seller makes it very challenging to just make a mark on the customer. So, you have to indulge in many marketing and pricing tools like track competitors’ prices, drawing a marketing plan for retail, arming your business with a pricing intelligence platform like PriceIntelGuru and acing the amazon pricing strategy analysis. Many concepts like repricing, marketplace monitoring and price monitoring tools amazon can make you a business leader.
Let’s take a closer look at the concepts and understand the pricing trend influences.
What is Repricing?
Repricing literally means to change the price of a product according to the changes in demand. The price can be higher or lower. The concept basically takes into consideration how you track competitors’ prices enabling you to come up with a price that works best for you. But when it comes to online sellers on Amazon, repricing has a deeper meaning. Here, repricing software is used on a pricing intelligence platform like WebDataGuru. While online shoppers can compare prices easily on any kind of online platform, online sellers need a more concrete tool to stay at the top of the game.
A repricing software enables sellers to change their prices according to the competition and win a better position on the customer’s buying list. Amazon sellers often use amazon price monitoring tools, but they are limited to the eCommerce platform only. Whereas, a pricing platform can offer much more than just pricing. PriceIntelGuru is one of the leading pricing companies which offers a comprehensive pricing intelligence platform. Here the prices are automatically changed throughout the day or at a time specified by the seller.
Sellers, online merchants and manufacturers walk on a tight rope while we talk about repricing. You might be wondering why? Well, retailers usually have a strong marketing plan for retail businesses but lack a concrete pricing strategy.
Pricing is the cornerstone of every business. We all agree that it is the bottom-line that businesses need to ensure great profitability.
Benefits of Repricing
Using repricing software can jazz up your pricing strategy. Now, repricing tools are common for Amazon sellers. As amazon repricing is one of the most used tools by the merchants to beat their competition. Moreover, amazon price monitoring uses specific algorithms to beat the pricing of your competitor.
Let’s take a better look at the few benefits repricing offers.
1. Staying Relevant
Amazon is the pioneer in dynamic repricing strategy. As an Amazon seller, you need to ensure that you have absolute access to your product pricing. Having relevant yet competitive pricing is what matters the most on any kind of eCommerce platform.
Let us explain this with an example.
Now, you have become an amazon seller, hired an expert in marketing, hired a photographer and made an amazing website. You have a pricing strategy that is set for the products you sell, but still, you can’t get the conversions you need to thrive. What could be wrong? Well, to begin with, a careful and effective marketing plan for retail business are just the primary step in the eCommerce sector. You have to also conduct price monitoring tools amazon, amazon pricing strategy analysis and track competitors’ prices in order to have a relevant and real-time price that works for your business.
You might wonder why should you need to track competitors’ prices. For starters, as mentioned above, Amazon is the pioneer in introducing dynamic pricing which means sellers change their prices according to the demand and the competition. So, to get the most eyeballs and influence the buying behavior, you need to track competitors’ prices. And not just that, you also need to have a pricing intelligence platform that can do this for you at a distinct time and let you focus on your business.
2. Better than Static Pricing
Static pricing is not as effective as a dynamic repricing strategy. It might work for the short term, but in the long run, you need to have a better dynamic repricing strategy. This ensures sales and conversions of new customers as well. Market dynamics should never be ignored. Also, dynamic repricing considers amazon pricing strategy analysis and can give you an edge over your competitors. Why only Amazon sellers? Apparently, Amazon sold approximately 75,138,297 products in 2021. Also, Amazon has a 38% market penetration which is huge in the eCommerce industry.
Amazon price monitoring plays a vital role in getting your product up on the list. Algorithm-based repricing like WebDataGuru has to offer will always be more cost-efficient and accurate than manual repricing. For instance, you have a product price set at $10 below the competition. The pricing intelligence platform like PriceIntelGuru will track competitors’ prices and update you that they sell the same product at $50. Here the amazon price monitoring tool will help reprice your product to $45 when your competition will increase their prices to $55.
This simply means, that your prices will always be competitive and can ensure that can cater to a price-sensitive customer base.
Dynamic repricing will always let you have a better marketing plan for retail business. Furthermore, when it comes to distinctive amazon pricing strategy analysis, WebDataGuru tracks the data of the past 5 years and understands the changing statistics of the market.
3. Saves Resources
Being in eCommerce means every second counts and every second can make or break your business. You have to constantly compare, analyze and track competitors’ prices, and make the strategic move for your success. Time is the most essential resource and manual errors can make a dent in this resource. So, the pricing intelligence platform is your answer.
Accuracy is achieved along with saving time. That’s a win-win situation for every business. Freeing up your time means bringing in more business and achieving bigger goals while setting benchmarks for the future.
4. Consistency Across Platforms
While you set the prices manually, many eCommerce platforms can be missed out on or might have a few inconsistencies. Amazon price monitoring tools ensure that the pricing is the same on all the platforms.
Since a pricing intelligence platform always automatically change the prices via multichannel pricing, this particular glitch can be avoided.
A consistent price reflects uniformity, transparency and authenticity in the seller. It also ensures more visibility and you can get noticed due to your consistent prices on google as well. Your product will get noticed due to the amazon pricing strategy analysis. As a consistent price is scanned by the amazon algorithm. Repricing matters a lot while being on any kind of eCommerce platform.
5. Gives you a Competitive Edge
Without any doubt, price monitoring tools amazon give you an edge over the competition. Today’s competition is not just with price but on deeper levels like service, additional benefits, better sales, free delivery, selling an experience and much more. Online sellers have to fight tooth and nail to beat the competition. As pricing is one of the biggest motivators for purchase, giving out the best is the only option. Right from a substantial marketing plan for retail, pricing software, amazon pricing strategy analysis to amazon price monitoring, you need to ace everything to change that buying decision.
Repricing software is fast, accurate and effective. You can have real-time data to compete with and analyze the channels you sell all at the same time. Not to mention, you are also competing with yourself. A business needs to outperform and outrank its previous records to become the most loved brand. The biggest example is Amazon. Amazon is one of the biggest eCommerce conglomerates, that has outperformed its records. Started in a single room, today Amazon generates over $470 billion every year. Do you think, that was achieved by staying just ordinary?
No, they constantly emphasized the customer-centric approach, strong marketing plan for retail business survivals and inculcated amazon pricing strategy analysis for the merchants. This ensured that every customer has an experience delivered right to their doorsteps. Repricing is significantly core to the complete marketing plan for retail business. Additionally, being an online seller means having your product out there for everybody to access. That’s the best part but it also has the challenge of infringements of copyrights, patents, or design rights.
Here, what can you do? Marketplace monitoring can help you in such situations. How? Let us explain in detail.
What is Marketplace Monitoring?
Price monitoring tools amazon has to offer can help you in pricing but you need a complete package of data monitoring as well to be the game-changer in the industry.
When it comes to eCommerce and the online industry only big giants come to our mind like Amazon, eBay and Alibaba. But the online industry is much more intricate with small online retail businesses and niche sellers. This provides opportunities and challenges at the same time. It is slightly different from the price monitoring tools amazon has to offer though.
Marketplace monitoring extracts relevant information from the underbelly of the internet and provides you the information of the sellers and competitors in the business. Monitoring individual sellers can help you get an idea of the market scenario. Furthermore, you can identify any kind of copyright issues that may harm your brand in any way.
Let’s get a clearer look on the features of Marketplace monitoring.
Features of Marketplace Monitoring
1. Manage your market position
While price monitoring tools amazon can only give you insights over prices, marketplace monitoring will give you a holistic view of the brand you sell over myriad online platforms. Marketplace monitoring empowers you with strong data which is valuable and relevant for the business. Every online seller goes through a phase where they have to get into research and data analysis to capture a bigger market share.
For instance, you run a shoe company. You sell your products across all the eCommerce platforms. You know in order to sell on Amazon you need to have price monitoring tools amazon has to offer. But, what about the other platforms?
Here, you need a marketplace monitoring tool that can comprehend, track and analyze not just price but the quantities sold, seller names and pricing trends for all items you sell across all the eCommerce platforms. This means, your shoes starting from formals, casuals to sneakers will have a database of the associated competitor, the selling quantity, shoe inventory and much more.
This helps in maintaining a consistent market position for your brand across the platforms.
2. Managing Inventory
Marketplace monitoring can let you manage your inventory. Circling back to our shoe company example, you can have the data of a particular shoe type or size that’s in demand and can start with the manufacturing and marketing of that product thereby capturing the market share. Market place monitoring scans the complete online retail market. Apart from this, it also calculates the market dynamics for you.
WebDataGuru offers exquisite marketplace monitoring for businesses with real-time tracking records and insights. Now, manage, track and analyze your inventory on the go with the best marketplace monitoring tool.
3. Repeat Purchases
A buyer tends to repeat his/her purchase only if the product or service clicked during the first buying experience, right? Now, every seller wants to tap into the same buyer and that means lower marketing costs because you will not be selling your product to a new customer. Provided that the product, its features and pricing were accepted by the buyer.
Repeat purchases are what a seller is looking for. Now how can you ensure that? In the first place, you need to know who your consistent customer is and what they like. Once you have that data you can work towards retaining the same customer than getting a new one. It always begins with a loyal customer. Here, marketplace monitoring comes into the picture. You can get that precise data with an accurate ratio, to direct your resources in building a strong loyal customers.
Now, you know how loyalty points and prime memberships work.
4. Customer Lifetime Value
The deeper understanding of our previous feature. Ultimately, CLV or customer lifetime value is what every business works for. CLV means the total amount of income or revenue you expect to reap from each of your customer. Marketing funnels and price monitoring tools amazon can only help you in designing a marketing plan but marketplace monitoring can push those data to skyrocket if implemented appropriately.
Simply put, CLV investment should be viable for your business. Ensuring constant revenue from a particular customer base means ensuring profitability for a longer run. And marketplace monitoring can help you achieve that.
Decode a pricing strategy that’s efficient, excellent and competitive.
In conclusion, we would like to say that eCommerce is a tricky business. But there are ways to reap the most in the easiest manner. And we offer them.
WebDataGuru excels in marketplace monitoring, data monitoring and data scraping. You know where to come when you have a data need. Access and accelerate your business growth like never before with us.
Recent Comments