It is that time of the year already when people are ready to ring in the holiday season with some great shopping! Yes, it is December! Now, is the time when consumers are on the constant lookout for special Christmas Sales and offers. People keep their shopping lists for this time of the year to grab the best possible without any doubt. Now, if you are an eCommerce retailer then, this is your time to up your game. Are you thinking about pricing strategies that can help you gain the maximum number of consumers in this holiday season? Then, this blog is definitely for you.
Let us begin then!
1. Make Your Price Speak for You
Pricing can make all the difference in the Christmas Sales. Promotion plays a vital role here when it comes to announcing the price drop. Giving out offers is not enough; you need to make that offer reach your customers on time. That only will ensure a perfect Christmas Sales season.
Having said that, you need to monitor the competition as well. Let us elaborate. You need to create a buzz over every digital marketing channel and also do constant competitor price tracking. Then, you need to align your pricing strategies in a manner which is competitive yet profitable in every manner. Not to forget about your company’s brand value. You cannot just get into a pricing war and lose the brand’s position. It is quite intricate, deep and time consuming. But WebDataGuru’s competitor price tracking tools can guide you in the right direction in just a few clicks without wasting your time and resources. Yes, you read that right. Starting from getting to analyze the market condition, and promotions to deciding what will be the best possible pricing strategy for your business, you can get everything in detail with the help of real-time insights and analysis.
2. Offer Bundles During Christmas Sales
Bundle offers can be a great way to make sales. It actually pushes people to buy products in the best manner. Since it is Christmas Sales, you can rest assured you are getting the best possible tie-ups as everyone wants to push their products during this holiday season. For instance, while buying a headphone, you might see offers like “people also bought this together” and give the consumers a good deal to vouch for in the future.
Most importantly, bundles are the most tried and tested marketing pricing strategies adopted by online or offline sellers. Whether you are following, a penetration pricing strategy, or competitive pricing strategy or dynamic pricing strategy, bundle offers are very popular. Creating “BOGO” deals is the best way to grab your audiences’ attention. Now, you can get that done on WebDataGuru’s platform. You can get bundles of products and get pricing that can work based on the historical data analysis done by the AI. So, you know what you need this Christmas Sales season.
3. Choose a Penetration Pricing Strategy
Now, this is a pricing strategy which can lay down the groundwork. Here, you start with a lower price point to gain the maximum market share in a shorter time. It goes without saying that your product also needs to stand out. And during Christmas Sales, you can easily launch a new product adopting the penetration pricing model, and make the best mark in the market to give competitors a run for their money.
Also, to understand better, penetration pricing strategy works for industries where production costs decrease as the volume of production increases. So, that can be your ticket to enter the market with a bang. Competitor price tracking plays a key role here. You need to see the market pricing trends to enter the market with a lower price point. That makes sense, right? It is not over; we have more for you.
4. Choose The Right Time and Right Sales
Sales timing matters the most. As the Thanksgiving weekend approaches, the “Black Friday Sale” also begins. And soon Christmas sales come along. So when to get your sales done is your call. You need to study the market and your audience. We understand that this is not a small task. Big brands spend billions of dollars to understand consumer buying behavior. However as consumers are shifting towards online shopping, it has become a bit easier with automated tools like competitor price tracking. It helps in understanding the buying behavior which makes easier for big business decisions.
5. Better Pricing with More Expensive Alternatives
You must have seen big fast-food joints and movie theatres using 3 products with different pricing. Wherein the medium-priced product will be closer to the highest-priced product pushing you to buy that product instead of the lowest one. That is called “Decoy pricing”. Now, this is to create an illusion that the medium-sized product is a better deal than the lower one and make a better sale with such kind of pricing strategy. For instance, you have 3 popcorn sizes. One is priced at $10, the other one at $15 with French fries, and the last one at $20. So, if you want it is obvious that you would be inclined to buy the medium-priced product. As it is a better deal plus you get two things at the cost of 1. That’s how marketers get consumers to buy more. That hits the psyche of buying behavior.
With our tools, you can also study the buying behavior of such strategies, whether your product is actually showing any kind of growth with this or not.
6. Research your Competition
Competition is everywhere. Creating something different than your competitors can help you get consumers. There are many ways to research your competition. But the most sensible, valuable, and time-saving is through competitor price tracking. That can get you real-time data and help you analyze the best possible way to beat your competition in different consumer segments. Studying competition is the first step towards better sales. That can help you understand whether you should offer higher prices to create a better-valued product or discounted prices to penetrate the market with a bigger consumer base. Everything depends upon your competition research.
7. Use Dynamic Pricing
Now, being in an online retail business can be very challenging. As prices change every minute or sometimes in seconds. That happens due to the use of a dynamic pricing strategy. It means the price changes according to the demand. A flexible pricing strategy is adopted by big eCommerce giants like Amazon, eBay and Alibaba. That is done in an automated manner.
To begin with, constantly monitoring the demand online can be tiresome and frankly impossible. As it is impossible to understand the fluctuations of the platforms or even the consumer behavior for that short a time period. So, dynamic pricing can help here. It adjusts the prices in real-time. That means you get revenue depending upon the constant market changes. Earlier which was a challenge, is now an opportunity to do better business.
Block Your Calendars for Christmas Sales
Price points can turn into pain points for consumers and you as well. So, you need the right strategy to work for your business. WebDataGuru’s platform can work wonders for your business. Now, monitor your competition and boost profitability like never before.
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