Virtual shelves are filled with bargains, and e-tailers offer lower prices than the official price list to attract customers.
Our Intelligence Node analytics system monitors the pricing of 130,000 brands across 1,100 categories daily. Only 40% of products can be purchased online at their list price, according to our research. Camera accessories, baking ware and staples such as sauces, marinades, dressings and frozen foods are all sold at a list price of just 1/10th. Online pricing has been complicated in the past. Some sites are transparent, and you can see the price, but others require you to add shipping costs, vouchers, or other factors.
Ecommerce sellers often offer huge discounts on the official price or list price to entice customers. Online retailers know that consumers are looking for bargains and will return if they find one. They will tell their family and friends.
Numerous lawsuits claiming that retailers deceive their customers by offering markdowns on official prices have been filed to the courts. A group of California district attorneys filed a false advertising lawsuit against Overstock.com in 2014. They accused the online retailer of putting up misleading prices to undervalue the savings consumers were making.
Standard pricing is now
These pricing strategies are being investigated by the Federal Trade Commission (FTC), which could lead to a crackdown on official prices advertised.
E-retailers face a challenge in pricing. One thing is certain: customers will not buy from an e-retailer if the price is too high. If the price is too low, ecommerce retailers run the risk of cutting margins and creating a consumer base that expects unsustainable pricing.
Online shoppers are always looking for bargains. This is why online retailers need to be able to offer constant, real-time pricing adjustments that focus on market factors. This is price optimization.
Pricing response time is crucial in an online world that operates 24 hours a day. Online retailers can optimize their pricing 24/7 to stay ahead of the competition and sell more.
Online retailers must be able analyze their online pricing landscape. This includes tracking returning and new customers to optimize for demand, prices, product trends, pricing, and regional differences that could influence online shopping habits.
Pricing solutions should provide better insight into pricing levels and customer behavior to drive revenue. Dynamic pricing should be flexible enough to adapt to market changes and consumer trends, as well as to target products and competition.
An online retailer can use price optimization to gain an advantage over the competition. Official standard pricing will soon be obsolete.
Get Mobile-Ready for the Holiday Season
You can’t go anywhere and not see people using their phones. This means that if you don’t have your phone with you, you’re missing out on the opportunity to make sales. These tips will help you make sure that all your mobile needs are met this holiday season.
Mobile Email Optimization
According to the National Retail Federation Omnichannel Retail Indice Report, “People are more likely to check email and read blogs on their smartphones.” Gartner’s survey found that 74% of smartphone users check their email on their smartphones. This means that even if you have deep discounts or brand new products, customers won’t be able to read your emails.
Make sure that your emails come from an identifiable sender. If the sender is not identifiable, customers will not open the email. Your email address should not be something like “[email protected]”, or “[email protected]”. Retailers should also name their accounts after their store names so that the account appears in customers’ inboxes as their store name. The subject line on the iPhone is more prominent than that of the “from” line.
Once your email address has been verified, ensure that the emails you send have a responsive design. This will ensure that text and images are easily read, as well as minimize the chance of them being obscured or overlapped. If the email’s image is too large for your device, it is likely that it isn’t mobile-optimized. Many email programs and tools have a dashboard that allows you to automatically create responsive emails.
Accurate Inventory Matters
During holidays, inventory moves quickly. Your website should reflect the most current inventory. Consumers are more likely to visit websites before visiting physical stores. Online sales should ensure that customers can place orders only if the item is in stock. It is not what a customer wants to order and then receive a phone call or email telling them that the item is out of stock.
Even if you can’t sell products online, it’s still vital to have accurate inventory. Retail Systems Research’s report Mobile in Retail, The New Normal states that 41% of customers in 2016 used their mobile devices to shop before going into stores. This is an increase from the 99% in 2015. Webrooming refers to the practice of looking up products online before purchasing them in-store. Customers who view products online but don’t have the stock they need in-store can lose sales and trust. Also, it is important to post new products and releases online immediately.
You need a landing page for each type of online marketing effort, whether you’re sending promotional emails or boosting Facebook ads. When a product is being advertised, shoppers should be taken directly to the product’s page, and not your homepage. Advertisements that advertise a coupon or offer should direct them to the page with more information. Advertisements that take customers to your homepage can make their purchasing process more complicated and increase the likelihood they will abandon your site.
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According to the National Retail Federation Omnichannel Retail Index Report, “In-store Wi-Fi has become a necessity rather than a luxury.” Smartphones should be part of the overall shopping experience in stores. To make informed purchasing decisions, customers need to have access to product reviews and ratings as well as comparisons. Google reports that 42% of consumers in-store research online before making a purchase. 46% of these customers are also visiting the retailer’s website or app.” Customers need to be able to navigate your site, read reviews about your business, and use online coupons and promotions. Offering free Wi-Fi can increase both the time spent in your store and the amount they spend.
Independent retailers have an advantage in mobile marketing and the implementation of new strategies. Small retailers are able to jump in and provide their customers with information and offers right away, unlike larger retailers that have to undergo pilot testing and take longer implementations.
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