The chance of buying over the internet supposed a considerable change in sales volume for many industries. However, not all of them have benefited the same way from this growth; a few such as fashion or electronics have seen their demand increase considerably in the last years; whereas alimentary industry, for instance, has not boosted at the same level like the others. Nonetheless, a properly designed e-commerce pricing strategy is going to bring you more conversions, no matter what sector are you working at.
The fashion industry
The fashion industry has been (and still is) one of the most influenced sectors by the e-commerce business revolution. Availability, having access to a wide range of different brands and the dynamism of the industry itself with fast-seasonal products, are some of the facts that made this growth possible. 36% of internet users bought clothing over the internet in the EU in 2017.
The electronics sector
The electronic equipment industry has also benefited from this e-commerce wave, as 31% of EU’s internet users bought this type of products in 2017. Products’ constant innovation and the introduction of new technologies keep favouring the growth of this sector’s sales.
The household sector
The sales of this industry are less intense than the other two. However, it has great potential and finds itself in the podium of the most successful industries in e-commerce business. We see the height of human convenience in Amazon’s Dash Buttons to buy toilet paper (and other goods) automatically by only pressing one button.
Nevertheless, the range of products of this sector is hugely vast: from kitchen utensils to garden furniture, including all sorts of creative conveniences that will make your home cosier. 26% of EU’s internet users bought household goods in 2017.
Other industries that have been favoured by online sales are the travel & accommodation sector and the online tickets and events sales industry.
Analyze your sector and competition
That is the primary podium of the most successful e-commerce sectors until now. However, we would like to remark that in every sector many brands achieve success, and the thing is that any company with a well-defined e-commerce pricing strategy can succeed if they get to improve their competitiveness level and online sales.
As a brand, the most important thing to analyze to the smallest detail is the market itself. There are many adequate ways to understand the behaviour of the market and analyze competitor’s possible e-commerce pricing strategies. Making proper market research by studying what the situation is, and what the status of the competitors is in it, along with monitoring competition prices through different distribution channels; are some examples of it.
This will be helpful not only to boost your own pricing strategy but also to let you make an in-depth product analysis with which you can adjust prices adapted to the current market situation. As well as monitoring and analyzing competitor’s products, you can surely monitor your own products in the market. This is useful to study their status in the distribution channels and to identify the possible negative aspects that may affect your branding.
Once you have analyzed the retail industry and you are entirely aware of the situation of your products, you will understand better what the real market status you work in is and what your position as a brand is in it. After analyzing the market, you will be able to clearly visualize your positioning inside the market concerning your different rival brands; which is also an excellent way to improve your competitiveness.