Pricing is one of the most important assets when it comes to profit and revenue, as companies typically implement pricing strategies after considering multiple factors, these include for example the cost of their products, the market demand, as well as the competitive environment. Their products’ prices will likely impact their business profitability as well as
As retailers and brands know all too well, going back-to-school in 2022 turned out to be harder than the past few years. Buying school supplies is an investment that parents need to plan carefully, but why are sellers being highly affected by parents’ purchase behaviour ? Just a few years ago, parents could buy whatever
In every industry, customers have certain expectations, businesses tend to have similarities and competitors are trying to thrive, and this will give your company some goals to work on, but how do you know if your goals are realistic and achievable? Maybe you have guessed right: Simply by benchmarking your reduced prices during the sales
Monitoring prices is a competitive advantage for any ecommerce, and there are many ways to become more successful in the market. One of the easiest ways to be more competitive is to make sure you are charging the right price for your product, service. What is the first step in developing a repricing strategy? The
Every customer likes to buy at lower prices, but pricing in general is one of the most important decisions a company can make, especially when it comes to maximizing sales and achieving a high level of customer success. But what if you can achieve all these goals mentioned above? Let’s start off with a basic
Every business objective is to sell and succeed, but how come only few companies stick to their price points in their particular markets? Selling a product isn’t always that easy when you have to live up to expectations, since pricing has become an important asset to consider when launching a new product or service, now
A grey market is when a product is being sold without being brand approved. These products can damage the relationship between retailers and the reputation of the product. It’s very common with goods such as cameras, watches or even beauty products for example. There are many ways to limit the damage to grey items that
All businesses are born with an idea in mind, something they aspire to. In the case of Apple, for instance, the goal was to create a computer that was small enough so everyone could have it at home. However, at the end of the day, if you don’t sell your products, how can the idea
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Psychological pricing is a subset of some low-cost, easy-to-implement and effective pricing strategies. Used to influence customer behavior to encourage purchases. Psychological pricing is a practice based on a belief that a client is not rounding the price but rather considers it lower than it actually is. Therefore the psychological pricing involves setting a price
The growth of e-commerce during the covid-19 pandemic has pushed brands and retailers into developing their online presence. Therefore, there is a need to have a clear and detailed view on how your competitors are performing. Have you ever wondered if you could automatically gather data from your competitors’ websites allowing you to increase sales?
