The online market has gained a momentum in the last decade all across the globe. Millions of online companies have seen a boom with quality products and lower prices. But, according to a survey, eCommerce is seeing some price rise in the past consecutive 15 months.
One of the biggest reasons can be the ongoing global Pandemic that has triggered or rather, shifted people to completely go digital.
Why Price Rise in the Online Market?
To begin with, inflation is hitting particularly the apparel industry, furniture, nonprescription drugs and groceries. Given that people have not been able to move a lot from their homes in the past year, some habits have been cultivated and online buying has seen a growth.
In June 2021, the prices have seen a whopping 2.3 % increase. That’s a phenomenal number worldwide.
Why, you ask? Well, the answer is that online spending saw a rise in 2020-2021 and the trend is showing an upward growth.
What’s more shocking is that the price rise is seen in a time where generally certain industries go through a slump.
What do the Numbers Say?
- Online transactions worth $541 billion in just the first eight months of 2021
- The online apparel industry has seen the biggest rise of around 15.52%
- Growing price indicates that average spending has gone from $1 of every $6 to $1 of every $5.
- Predictable pricing patterns are not seen
- Changing scenarios mean keeping up with the market trends
What Should an Online Business do?
When the world is seeing inflation in almost 12-18 industries in August 2021 itself, it’s highly recommended to up your pricing game.
Dynamic market trends like these always come with uncertainty. The only way to make sure that your business not only survives but thrives is by going for proper pricing intelligence.
Let’s tell you how.
- Keep Changing Your Pricing Strategy
Companies have their pricing strategies that work. But, then why should you change it? Here’s why. Market constantly goes through changes. The online market is more vulnerable to price change.
If you are into eCommerce, then adapting to the pricing trends is a must. People all over the globe can compare your product or service price with your competitors. So, it is important to adjust your prices in the long run.
- Competitor Analysis
The online market is brutal. Here we go, we said it. The conversion of a potential customer to a purchasing customer is just a click away. Being behind ever for a second could mean losing a large customer base. Pricing strategies should be flexible and should help you grow.
PriceIntelGuru offers such a SaaS model for companies. You can get real-time competitor data, market trends and price comparisons over multiple platforms. It helps build a pricing strategy that can make you stay ahead of your competitors.
- Improved Product Performance and Research
Research is a must for every business, right? Now, what can make that more precise? Pricing Intelligence. An in-depth pricing analysis can help you enhance your product performances and customer service.
PriceIntelGuru provides data that can help you understand the customer better and improve the quality to have a more customer-centric approach.
Up Your Pricing Game with PriceIntelGuru
To sum up, price rise or price drop, companies have to be on their toes to meet the changing demands of customers. PriceIntelGuru offers complete visibility into your competitors’ pricing, precise online price monitoring and much more.
Contact us today to know more!