Digital presence has taken the world by a storm, right? With each and every step, people are bombarded with information and tried to lure in making them a consumer.
But is that it? The simple answer is No. Consumers have become smarter and deliberate in buying something. Prices, quality, brand and many other factors make them buy a product or service.
Don’t worry we will not let you ponder upon that, read on this blog to feed your curiosity and also to convert those price comparing shoppers into your long-term consumers.
So, let’s begin.
How Do Consumers Compare?
Price. Yes, price is a major precedent in purchasing decisions. Customers go for a quick google search and find the better price for the products they want to buy.
Price comparing apps are also available. Consumers find the same product at different prices on different sites or sold by different vendors. Competitive pricing is a major part of current shoppers. eCommerce retailers need to adapt this at every step.
Consumers do have preferences. Some people go for brand comparison and price, while some only keep the price as the determinant. But, the price factor is undeniably present in buying decisions.
What Should eCommerce Retailers Do?
Now, as we have established that pricing is a major factor in shopper’s buying decisions, what should retailers selling online should do?
To begin with, it has to be noted that not all the shoppers will buy at a higher price. More often, buyers will buy from a third-party seller for a lesser price after comparing the brand.
So, you have to more accurate with your pricing. How to do that, you ask? We will tell you. By following the below tips, you can have a competitive edge over your competitors.
- Data Extraction: Go for monitoring real-rime data across all the channels. WebDataGuru provides an exclusive service of Data Extraction which will help you create a pricing strategy. You must think like a consumer. If your consumers are searching across numerous channels, you must also do the same to provide what your consumer is looking for.
- Pricing Intelligence: A good pricing intelligence tool can help you solve many problems in one go. You can monitor competitor pricing, form a pricing strategy, make the best use of price in marketing and get authentication of platforms where you want your products to be sold. Yes, it’s really that easy. PriceIntelGuru ensures that you have the best price monitoring with real-time analysis and proper background data.
- Price According to Your Brand: Pricing is very tricky. As we made it clear that price has a major influence on purchasing decisions, it is also equally important to understand the relation between your pricing and branding. It’s eminent, that you know whether you are selling a premium brand or not. You want your pricing to reflect what your brand sells. PriceIntelGuru can help you identify the crux of your price derivation.
In conclusion, a pricing strategy is important to beat your competition. You can adopt, dynamic pricing or premium pricing, it’s pivotal that you know where you stand as a brand for a consumer.
Creating an impact with good pricing can be challenging. That’s where we step in.
Contact us today to know more!