Pricing Strategies of Consumer Brands directly influence the online sales. UPS online study highlights "57% of the consumers prefer to purchase online due to better pricing after researching an item in-store." Especially when it comes to multiple online sales channel as the online marketplaces are too competitive and dynamic in nature.
To price your products effectively and for better ecommerce conversions, dig deep into the Pricing strategies of your competitors.
See at a glance how your products are priced by Sellers on multiple online sales channels. Ensure the sellers of your brand products are inline with your Pricing Strategies.
Consumers rely on the Reviews and ratings on online sales channels as an authentic feedback from the consumer especially when it is the one posted by a consumer with verified purchase. According to Nielsen report “70% of consumers trust online reviews and ratings pre-purchase.”
Feedback is not only for the consumers, it’s a Brand who can get the valuable insights from it. “Kaizen - continuous improvement” approach needs to be followed for ensuring the delivery of quality products at the doorsteps of your consumer. It is difficult to capture public sentiments from lot of public data for improving products. We offer sentiment analysis for Brand Owners to take a quick action in boosting the online brand reputation by analyzing the sentiments of the consumers.
Do you know your products would not come in search results if they are not in stock??
Out of stock products can results in loss of sales to the competitor. Know the status of the inventory for the products sold by sellers. Get insights for products that went out of stock for which all channels at specific day . Replenish your products at the nick of time and control inventory effectively.
Brand Positioning - Analyze where your product's position in search results when your target audience searches using relevant keywords.
Do you know, 44% of consumers use Amazon as a first option to research the product they intend to buy…………
Are your products visible??
It’s not only the stuffing of keywords that can boost your positioning. Amazon Search Algorithm considers Sales Performance metric- Best sellers Rank as one of the key factor to show results. Keep a track on the best sellers rank for the relevant categories.
Brands build the marketing strategies for the products, but when it comes to online sales, it’s the online sellers who come into role play in direct selling to consumers.
So, it is crucial for Brand owners to manage the number of sellers selling your Brand products. Sellers poor performance often reflect in your product’s feedback. Pricing decisions are taken by the sellers when it comes to online marketplaces. To win buy box, sellers often price too low. Having inconsistent and varied pricing for products might affect the Brand reputation. Here comes the role of Minimum Advertised Pricing Policies defined by the Brands in which the authorized sellers agree to not sell the product below certain agreed price.
Brands spend a good amount of the advertising budget to promote products online by running promotional campaigns on marketplaces, running Lightening deals on Amazon and running Display Banners on Category Pages. It is challenging role for a Brand Owner to analyze the activeness and effectiveness of the planned promotions. Ensure you do not pay a single buck extra to a marketplace for the time your promotion is not active. Keep a track on the planned promotions, ensure the claims for the mismatch in the planned and the offered promotion.
Product Content serve as the wonderful means to influence consumer purchasing behavior for your product. In Online space, the product content is the look and feel of the product. The better your content is “search optimized”, more are the chances of landing in search results, the “quality” and “category taxonomies” for product content act as catalyst in routing to product page, the “consistency, accuracy,completeness and high quality images” thus act as an agent in conversions.
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