How To Provide Better Pricing Than Your Competition Without Jeopardizing Your Brand

Regardless of the industry, a business operates in, even if it’s relatively new or small, a careful research will reveal two or more competitors. Their existence immediately changes the playing field. In a concentrated effort to gain that one step ahead, businesses adopt numerous competitive strategies to increase their competitive advantage. That’s all fine and dandy, but how exactly do you cope with your competition? The most usual suspect in the case of intense competition is the price war.

This post will focus on all of the points of that endeavor, like what causes it, how to avoid it and how to set better prices without hurting your brand in the long run. All in favor of your business growing, say aye.

What can you do?

From a strategic point of view, the best way to come out on top of a price war is to never start it in the first place. If that doesn’t make sense at first, allow us to explain.

If or when your competitors opt to cut down prices in order to expand their customer pool, don’t resort to the same measure. Instead, approach the situation with a different, opposite way by differentiating your product to attain customer’s value of it. Here’s why.

Customer segregation

Essentially, every market is divided into three segments or classes of customers:

  • upper class
  • middle class
  • lower class

Each class has different paying capabilities and perceptions. This is very important because battling through pricing with your competition is a race away from the finish line. Competing solely on pricing basis is an effective recipe for being at the very bottom of the competitive ladder. What you are doing is serving the lowest segment of the market by default when you lower your prices as a reaction to your competitor’s discounting move. We’ve talked before about the dangers of underpricing – it’s hard to pull off as there is very little room for profit margins.

The bottom line here is the more you lower your prices, the more appealing your offering becomes to the lower-class target market (the majority of the market) and less appealing to the middle and upper-class. If your ideal target market is the lower-class, that is perfectly fine and good luck to you, but allow us to ask you this – why settle for the overcrowded bottom of the market when there is plenty of room at the top?

Re-target your audience

In the eyes of the customers, the price is often an indication of quality and more often than not, the quality is perceived as lower when the price is lower. In case your costs don’t allow you to lower them in order to maintain satisfactory profitable levels with lower prices, then your best bet is to re-target your audience. This will position your goods to a wider appeal in a specific market segment.

This is when focus on comparative value comes into the picture. Creating perceived value can ease your customers into the higher price than your competition, and quite possibly convince them that your higher-priced offerings are worth it. Your business might choose to embrace a psychological approach in order to fulfill that notion.

Product differentiation

Let’s consider Dan Ariely’s example of the The Economist magazine’s subscription plans. Ariely, a behavioral economics expert and a highly successful author on the subject, notice that the magazine offered three subscription plans:

  • the web subscription – $59.00
  • the print subscription – $125.00
  • both – $125.00

Ariely conducted a study with 100 students. 16 chose the web option and 84 of them chose the combo package. Nobody chose the middle option. At this point, you might have concluded that, as web + print subscription package costs the same, the middle option is useless. Ariely removed it and presented the two remaining options to a different batch of students, 100 again (who doesn’t love round numbers?). The results showed that the least popular option (the web subscription) became the most popular, with 68% students choosing it.

The narrative of the story is that the middle option was far from useless as it helped make a choice. In relation to our situation, customers have a hard time comparing different competitive products, which makes them highly susceptible to other influences. If the options are similarly priced, it becomes much easier to choose on perceived value.

Another way to get an advantage over your competition is to opt for competitive pricing. By taking into consideration what your competitors are charging for their products, you can either raise or lower your own prices in accordance with theirs. Naturally, you need to know when to adjust your pricing and how often to do it. Or, you can choose the dynamic pricing where a price is never firmly set. Instead, it changes constantly to suit the ever-fluctuating market conditions. There are various possibilities for your business to provide better pricing than your competition. However, only an in-depth evaluation of your business goals and your competition can reveal what price best works for your product.

How to know when and what?

It’s easy to say “price your goods smart” but what does that actually mean? Of course everybody wants to have a smart pricing that best reflects the customer’s willingness to pay in current market conditions. Nevertheless, it sounds and looks way harder that it is. There is a whole bunch of competitors vying for the same market share you are. With so many different products on display, it can be tough, almost impossible to stay ahead.

With the fairly recent expansion of big data analytics, you can make more accurate and faster price adjustments through pricing intelligence software. Through gathering and analyzing data about a particular customer or a group of them, a business can predict what price tag the customer deems acceptable to pay and adjust it accordingly. These software tools like Incompetitor and Inoptimizer provide high levels of automation, saving you time and precious resources that can be better used elsewhere. In addition, because the market fluctuates all the time, you have the option to create customized pricing rules which adapt to certain market trends and shifts.

price intelligence software

An example of Intelligence Node’s price intelligence software

Conclusion

If you ever find yourself thinking what are you going to do about the competition, remember that there are always choices. Providing better pricing requires a dedicated effort to finding that ultimate pricing sweet spot. It’s a constant process as markets never stay put in one place, which is why you need to constantly keep an eye on both your prices and competition. That means researching and researching means tons of data. Luckily for you, there are analytical tools that amass that data and turn them into actionable insights which can help you track your competitor’s prices and help you optimize yours so you are always on the right path – growing your business.

The Quick And Easy Guide To Retail Management Systems

“The customer is the king.” This is the motto of every retailer today, and for a good reason.

It’s every retailer’s responsibility to ensure the customer is more than just satisfied with their shopping experience in order to retain and draw new customers. With this attempt, retailers are now extending retail management beyond their products, by taking into account the busy lifestyles of customers and providing services.

What Is Retail Management System?

The process of amplifying sales and customer satisfaction through a better understanding of consumers, products, and services with respect to a specific company is termed as retail management.

The strategy of typical retail management systems is to research the retail process from the manufacture of the product, its distribution among retailers, and finally the customer feedback. It includes several steps to procure the necessary details. Ideal retail management systems should ensure the customer is satisfied with his/her shopping experience and should be able to shop with no difficulty. It gives the customer the convenience to locate the product easily, save time, and be satisfied with the overall shopping experience.

Now that you know “What is Retail management system?”, let’s take a quick look at why you need retail management systems.

  • Retail management helps keep the store organized. So if a customer comes to you looking for a particular product, you can easily guide them to it. You can do this by grouping similar products according to the age group, gender, and frequency at which the item would be bought. Labels also can come in handy to achieve this. Also, ensure there is ample stock of products and that the customer must not be kept waiting for too long.
  • The other important necessity for retail management systems is to keep a track of the products and their sales and prevent shoplifting. This can be done by simply assigning a unique SKU to each product, which makes it easy to identify and track the item. Additional measures like CCTV surveillance can also be helpful.

What To Look For In Retail Management Systems

The essential set of digital applications that help make the retail management process easier and help run your business through smooth operations are called retail management systems. Here are seven of those features that can help you get the most of retail management systems, by enhancing customer experience along with your profit margin.

A typical retail management system would be comprised of a Point Of Sale (POS), Customer Relationship Management (CRM), Sales Order Management, Purchasing and Receiving, Inventory Management, Reporting, and Dashboard applications.

Here are six features to keep in mind when considering retail management systems for your retail outlets:

  • Platforms For Convenience

Ideally, retail management systems must help customers with mobility. In a world dependent highly on smartphones and computers, it is essential that the customer should be able to look up the inventory right from home, at his/her convenience. An e-commerce store also helps promote sales to a large extent. A good retail system should be enabled with plug-ins that help you launch an e-commerce store without any hassle.

  • Optimizing Through Dashboards

A dashboard is a graphical summary of various important information put together in order to have a quick overview of the necessary aspects of a business. With the help of a dashboard, you can analyze the retail management in a simple manner and optimize inventory, staffing, and even trading through real-time operations.

  • Offering Loyalty Programs

Customers are attracted to loyalty programs and rewards on their shopping. Typical retail management systems help administer rewards to customers, while also keeping track of the points earned and redemption of points by each customer.

  • Cross-selling And Upselling

Cross-selling, in plain words, is when you encourage a customer to buy complementary or similar products after looking at his/her purchases. Upselling is when you encourage a customer to buy the same product from a better brand and upscale their convenience along with your sales. Ideal retail management systems can keep a track and group similar products, which helps the sales representatives make the necessary recommendations to customers during transactions. This not only boosts your revenue but also enhances customer satisfaction.

  • Flexibility Of Payment

A good retail management system gives the customer the convenience of payment through several modes—cash, card, gift vouchers, and digital applications.

  • Promotions

Making use of multi-item promotions allows retailers to set their own prices for customers with the information gathered from their shopping history and current purchases.

Inventory Management Software

An inventory management software is a set of business applications that keep a record of the product sales, material purchases, and a number of other production processes, while also helping optimize and manage these processes. The main aim of this software is to lower the time and efforts spent on basic product tracking and use the same resources in enhancing the efficiency of the system.

Inventory management software helps keep track of their products through barcodes and radio-frequency identification (RFID).

Benefits Of Using An Integrated Management System

An integrated management system, much like an inventory management system, focuses on integrating all of an organization’s systems into a single framework that can be used by the involved members for various functions and at several levels.

Some of the important and basic advantages of using an integrated management system in retail management are:

  • Increased efficiency
  • Cost reduction
  • Maintaining a balance between the various practices
  • Reduction in duplication of efforts
  • Elimination of conflicting responsibilities
  • Maintaining consistency in performance
  • Enhanced communication internally and externally
  • Making business goals the prime focus
  • Making it possible to have awareness and training programs for enhanced efficiency

By inculcating retail management systems into your business processes, you can not only amplify the efficiency and quality of your retail service but also simplify the process and divert your time and efforts into achieving bigger goals for your organization. With the bonus of enhanced customer satisfaction, you can raise the threshold for your profit margin and provide better services to your customers. Ensure you look for a system that takes into consideration all the needs of your retail outlet as well as your customer to provide that top-notch shopping experience.

10 Retail Marketing Blogs You Need to Read

There are blogs popping up left and right, claiming to have the freshest, most juicy information on making money in the marketing world. How are we to know which links are worth our while? How many times have you clicked on something promising, just to have to sift through a bunch of blabber and jokes that aren’t funny in order to get what you need? OR, maybe you’re the type that enjoys a little humor with your info! Continue reading “10 Retail Marketing Blogs You Need to Read”

7 Pricing Mistakes to Be Sure to Avoid

Pricing. It’s the part of running any business that has professionals facing sleepless nights and constantly second-guessing themselves. After all, how can anyone ever truly be certain that its approach to pricing is the most effective means of delivering products and/or services to willing customers? In the ultra-competitive world of eCommerce, this pressure to optimize is even greater, given the ever-evolving online marketplace. What will work best for your specific niche may vary, but let’s go over a few fundamental pricing mistakes that you’re better off avoiding completely.

Pricing Mistakes to Avoid Like the Plague

1. Assuming that lower prices deliver the best results

Common sense dictates that the lowest prices are bound to connect with your target audience, but believe it or not, this isn’t always the case. In fact, lowering the prices of your products too drastically can cheapen the perceived value they carry for consumers. Rather than sacrificing too much of your bottom line in a desperate bid to win sales, aim to price your products based on what they offer to your customers. Find your product’s sweet spot on the price quality matrix to determine how it’s viewed by your customer base.

2. Not featuring a variety of options

Today’s consumers are accustomed to numerous options whenever they make a purchase. So be sure to offer multiple price points for various versions of your products as well as customizable shipping and delivery selections for customers to choose from. This allows them to personalize their checkout process and offers a whole different level of engagement that ultimately makes them feel more instrumental in shaping their purchase.

3. Not practicing customer segmentation

Because every customer brings his or her own needs and desires, it’s best to treat them as such. Break your customer base into different types of individuals through customer segmentation. Once you’ve defined the kinds of people who buy your products, you can tailor your approach to include everything from how you package and present your product to (naturally) the price point you use. This enables you to take full control of the perceived value various groups have of what your company is offering.

4. Overcomplicating your offer

In keeping with the integral role that presentation plays in shaping your pricing, you should remember to keep things as simple as possible. This oftentimes includes such minute details as not including unnecessary decimal points and other punctuation in how your prices are displayed to how many syllables they take to pronounce aloud. The smoother and easier it is for customers to comprehend your price points, the faster they’ll be able to move through the purchase decision phase and on to checkout.

5. Postponing the embrace of automation

One of the most prominent trends in retail right now is the integration of automated systems to help optimize pricing. Using a variety of key data points, this more fluid approach to setting your price points removes the guesswork of how high or low your prices should be. Moreover, it makes it far easier to determine the best way to target certain segments of your customer base.

6. Not testing new approaches

Without trying new approaches to pricing, your business is certain to wither and die over time. That’s why consistent testing needs to be a part of how you do business, if it isn’t already. New pricing strategies are being developed and discovered all the time, but your business won’t be able to benefit from them unless you’re willing to give new pricing techniques a legitimate shot. Try some A/B tests to see how new types of pricing compare to your tried-and-true methods. Then you can simply implement those tactics that demonstrate worthwhile performance.

7. Not focusing on the customer experience

As stated above, perceived value should be the paramount determining factor in how you price your products, more so even than what your competitors are doing or what you feel may offer the best deal to your customers. This is because perceived value puts you squarely in the position of your target audience, keeping the customer experience front and center. Rather than too strictly adhering to your company’s own costs, follow your customers’ perspective, and you’re bound to be better off.

For more invaluable insights into how you should approach your company’s pricing, check out our Comprehensive Guide to Competitive Online Retail Pricing Strategies.

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9 Retail Sales Strategies You Can’t Be Without

In any business, strategy is often the difference between a soaring success and a futile effort to connect with the customers you crave. However, with its continuing evolution and increasing competition in recent years, the eCommerce space might be even more reliant on the strength of retail sales strategies in order to capture business.

After all, the way you price, present and market your online products defines the way in which consumers perceive the value you offer and guides their decision to make a purchase or wait for one of your competitors to scoop up the opportunity.

The Pricing Is Right

The most obvious obstacle standing in the way of more sales is often the pricing. Customers are rightfully discerning of how they spend their hard-earned money, and it’s up to you to decide how best to convince them that your product is worth a try. Here are a few must-have pricing strategies you should be using to entice customers.

  • Loss-leader pricing: Selling your product below market value may initially seem like a no-win scenario. Yet, conventional wisdom isn’t always useful when it comes to the sales game. This approach, known as loss-leader pricing, opens up the potential for future marketing to customers and presents the chance to boost the average revenue per user, encouraging customers to add more items to their carts. (Find out how you can automate this process.)
  • Bundle pricing: One of the most widely used pricing formats, this one simply relies on grouping related items together to jointly persuade customers to make a purchase. By combining multiple products into a simple bundle, you’re able to streamline the decision to buy and create the perception of increased collective value.
  • Personalized pricing: Because of all the data out there, you may very well be able todetermine optimal prices for each specific user. Using a number of different factors, this system creates a real-time understanding of a customer’s purchase history, product searches and customer loyalty. Personalized pricing is often best employed with regular customers or in concert with newly available products.

Offers They Can’t Refuse

Though the pricing associated with a specific product could ultimately make or break a potential purchase, don’t forget to finetune the offers themselves. How you present a product to consumers can be just as instrumental in closing a purchase as pricing. So let’s review some tips you can incorporate into your product offers as soon as possible.

  • Free shipping: Companies like Amazon have set the tone within the industry, and now customers all but expect free shipping to be on the table. Perhaps it’s a blanket offer, or it might be one that only applies when users hit a certain minimum purchase price. Regardless, shipping options like this one are among the biggest incentives to buy from one site over another. It’s not an area that your business can afford to ignore.
  • Featured products: When you present too many options to consumers, the result can overwhelm them to the point that a purchase decision actually becomes more difficult to achieve. By focusing in on just a single product on your homepage, you’ll have more space to highlight its benefits and be able to more successfully guide consumers through to checkout.
  • Urgent offer: There’s a reason that so many retailers rely on impulse purchases to boost their bottom line. No matter what your product is, urgency sells. The very fact that a limited-time offer might slip past consumers is enough to drive sales up, especially if you have done your homework from a marketing and pricing standpoint. Act now to make this technique part of your regular strategy.

Revisit the Marketing

Long before customers can ever even be presented with your products (no matter the pricing), you must first establish a sense of trust and confidence with them. Customer relationships have to start somewhere, and luckily, several key strategies can help you boost awareness and spread word about your business and the products you provide.

  • Customer connections: Although social media should be a key part of your marketing efforts, it’s even more essential that all of your communications with customers centers on engaging them in a conversation. Today’s consumers are too savvy for cold sales pitches to remain effective. Get to know your customers, and hone in on the benefits your products can offer them.
  • The omnichannel approach: Mobile technology has necessitated the importance of a more multifaceted way to tackle your marketing. Tapping into the current omnichannel philosophy, you can unite your desktop website, mobile-optimized site, mobile application and other venues customers use to engage with your business. The possibilities for boosting sales and cross-promoting are limitless.
  • Content marketing: We can’t say enough about the advantages of implementing content marketing into your business. The internet is so often used as a free source of information that creating blogs, whitepapers, ebooks, videos and endless other forms of content is undoubtedly one of the best ways to hook consumers and keep them with you for the long haul.

For more details about how you can tailor your retail sales approach to optimize the success and reach of your business, check out our eBook, “A Comprehensive Guide to Competitive Online Retail Pricing Strategies.”

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iPhone 7 Launch: Between the Lines

As the dust settles, we scrutinize the live streaming of Apple’s much-awaited launch event at the Bill Graham Civic Auditorium in San Francisco frame by frame to bring you the salient aspects of the new iPhone 7’s launch strategy. Here’s what most people may have missed or overlooked amidst all the reviews, live comments, and the brouhaha:

Something bigger in store for the future.

Needless to say, most of us were expecting a more dramatic update to the iPhone considering it has been three years since the last redesign, but Apple seems to have a more long-sighted plan. Next year marks the tenth anniversary of the original iPhone. In hindsight, it is more apparent now that Apple would be saving its big new launch for 2017, and according to rumors, it’s indeed going to be big. So instead of fulfilling on a redesign overdue, they launched flashy updates like Airpods and a double-lensed camera which have received fairly polarized reactions.

People always resist change, this isn’t terribly surprising. But here’s the thing: Strategically, now is the perfect time to make this huge change and wait another year before launching a redesigned iPhone.

The pricing strategy is weirdly genius.

So the iPhone 7 begins at $649 and the iPhone 7 Plus at $769. Apple claims they haven’t changed the price from iPhone 6 and 6s. What’s new is the elimination of the 16GB phone- both iPhones are offered in three configurations (32GB, 128GB,256 GB)  with an update on previous iPhones, now starting only from 32GB. So the older phones aren’t getting cheaper. A misleading price assortment if you’re looking for the ‘best value’ iPhone.

Walk into an Apple store from next Friday with $649 in your pocket, and you could walk out with either a 128GB iPhone 6s, a 32GB iPhone 6s Plus or a 32GB iPhone 7- the best and obvious choice being iPhone7.

Also, the highlight of the launch is the new Jet Black finish. So you still have to pay $100 more to get the ‘It’ phone. So what may look confusing and senseless will actually be driving people to at least get the latest entry level option and desire more. Retailers, please take notes.

iPhone 7 and iPhone 7 Plus have clear demarcations in offerings. With half of the promising new camera updates only in the Plus, which won’t be offered right away, Apple may have set a smart anticipatory differential between the two.

Apple embraces Retail’s new favorite model: Subscription Commerce.

While this is not a new initiative by Apple( it started with 6S), it is even more successfully  complementing this launch’s objectives. As discussed above Apple will surely want 6S users to upgrade, late adopters to grab the 7S edition and the unconvinced lot to look forward to the bigger launch in 2017. The Apple Upgrade Program gets customer loyalty and maintains a continuous interest. With $27 and $32 monthly installment plans, it will get people opting for the subscription-based upgrade more than ever before. For higher-capacity phones, and especially for a phone that costs $969(iPhone 7 plus 256GB), a contract buy might be your most sensible option after all.

Can this be inspiring and inspired from one of 2015-2016’s biggest trends in retail strategies? We believe so.

Of course we’ll talk about Fashion and Retail.

Apple Inc. is more fashion savvy than one might think. Remember rose gold? That was a major jewelry trend that started in 2013, embraced by Apple making its widespread in 2014, preceding Pantone’s Color of the Year announcement of rose quartz being one the two predominant colors last year.

Could it be a coincidence with the ultra glossy Jet Black? We think not.

Black was buzzing as an unorthodox summer color trend in 2015 and with the introduction and hype around Vantablack, the blackest black material discovered last year, it would make an obvious choice for reintroduction in iPhone’s offerings.

One of spring season’s hottest selling item is the slinky satin black slip dress. From Alexander Wang to Zara, the style in a dull gloss, not unlike the blasted ‘Black’ finish in iPhone 7 and 7S, has been a clear winner everywhere. Fall 2016 fashion runways were dominated by the ‘Vinyl’ look- high-gloss patent leather and PVC, particularly in black.

From MAC’s 2016 Liptensity shade Stallion black to the high gloss beauty looks on the runways, the prevalence of Jet Black did not evade the Beauty sector. Apple seems to know what’s up.

The verdict.

While it may not really be Apple’s ‘best iPhone ever created’, they have managed to make all the right noise and we don’t see the popularity dipping as yet. They are playing the long game and it may just pan out right for their sales.

There are a few major expectations unmatched-like shatter-proof glass and waterproof body (it’s only water resistant now) and of course a new design, Apple may need to get some extra legwork done. And it’s not very comforting knowing Apple still provides products that charge almost $1.00 per gigabyte in 2016. But then again, if we paid less (read: reasonable) for memory we might not have as much pride in ownership.

Riding the Back-To-School Wave to Retail Success

Anyone who’s been in the retail business knows how important capitalizing on the shopping wave during the back-to-school, or BTS, season is. Depending upon which expert you ask, this potential boom in sales is the 2nd, or 3rd, biggest one during a calendar year.

As summer camps draw to an end, parents start a frenzy of last-minute shopping for school, which, combined with back-to-college shopping, translates to a whopping $68 billion spent. This means that merchandising and marketing strategies, and the ever-important multi-channel shopping experience at retails chain, all need to be tweaked.

Let’s take a closer look and delve deeper into seasonal retailer and e-tailer techniques for riding the back-to-school wave, and what exactly BTS and BTC mean for retailers.

Understanding the Significance of Back-to-School Shopping

The BTS season is a little different from the boost in sales during ‘normal’ holiday seasons. In a nutshell, it’s longer than these other ‘boosted sales’ periods.

Parents may begin their research on products, prices, and promotional offers — usually online — as early as July. They compare the collected data and make their decisions by the month of August, making the purchase around the same period. Last-minute frazzled trips are usually done and dusted by September. This means that retailers have a longer window of potential sales compared to other big sales days, such as (say) Black Friday.

Products that receive a boost during the BTS shopping window include office supplies, apparel, electronics, and books. This long list of products, and the relatively longer sales window, make strategies a little more complicated during the BTS season.

Brick-And-Mortar Stores Rejoice!

As more and more e-tailers take over territory originally occupied by brick-and-mortar retail outlets, you could be forgiven for assuming that retail stores won’t be doing much business. To the contrary, though, it’s these stores that will see more traffic than their online counterparts. While parents will head to their laptops to buy devices and wearables for their kids, all other purchases will get them walking into brick-and-mortar stores.

School supplies such as notebooks, textbooks, and writing materials drive parents to stores, with kids in tow. Stores are the primary choice for parents buying writing materials and books (87%). These are followed — in terms of brick-and-mortar store demand — by shoes (80%), jewelry and accessories (64%), and clothes (64%).

Even as store-based retailers gear up for wars with e-tailers during the upcoming holiday season, they are set to receive a boost in sales from BTS parents.

It’s easy to see why: parents need to shop with their kids to accommodate their preferences, and most feel this is best done at a store, rather than online.

Tailoring Your Strategies Accordingly

Since we’ve already discussed the massive potential of this season, let’s take a look at marketing — and merchandising — strategies designed to help you achieve optimal returns.

First, you’ll need to understand that customers are primarily concerned with who offers the best deals. As a retailer, your first priority would be to think along those lines, and come up with a strategy that helps you put your brand right there. Even Apple — not a brand known for offering sales — caves in during the BTS season, offering discounted ‘student’ and ‘education’ prices.

Clothing giants such as Urban Outfitters and H&M target children from middle-school through college age with carefully planned ads. Take a closer look at textile e-tailer websites, and you’ll probably see smiling school and college kids, with huge blurbs advertising discounts up to 70%.

Take a look at your competitors, and make sure you stay ahead of the game. Build marketing strategies around the BTS shoppers, and you’ll see your sales numbers rise.

E-Commerce-Specific Strategies, Techniques, and Ideas

With so many consumers spending so much of their time online, the retail industry today — while still relying on in-store interactions — has grown to depend on big data and online transactions.

If you haven’t done so already, it’s time to embrace social media platforms like Facebook, Instagram, Pinterest, and Twitter. In fact, that last tweet-broadcasting platform now has a ‘buy’ button, letting you sell products right off your Twitter timeline. If you aren’t aware of what the ‘Twitter’ timeline is, your brand’s social media game is in need of some serious updates this BTS season.

Seeing as 41% of college-goers base their buying decisions on smartphone-based research, M-commerce is another concept that needs to be embraced in order to ride the BTC wave.

Wherever your potential customers spend their smartphone browsing time is where your brand needs to be front and center. For instance, the humor app ‘9GAG’ had 164 million visitors in December 2015 alone. Considering that most of these users are college students on their phones, this is a great place to advertise.

You can use retail analytics software providers such as Intelligence Node to help you build strategies based on big data and competitor trends.

Embracing concepts like new social media platforms and big data, and understanding the significance of a strategy tailored to buyer trends in the BTS season, you’ll be able to capitalize on the buying trends of parents scurrying to stores with school-going kids close on their heels.

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Improve Your eCommerce Marketing Strategy with Competitor Intel

Competition is a universal fact of business. Regardless of what your industry is, chances are that you always have one eye on others in your field. When it comes to marketing your eCommerce business, this vigilance may be even more justified, seeing as this particular niche has grown exponentially in the past few years. The explosion of mobile technology has only complicated matters, and as such, you would be wise to gather all the eCommerce competitor intel you can muster — within ethical means, of course — if you hope to keep your business on the front lines.

Continue reading “Improve Your eCommerce Marketing Strategy with Competitor Intel”

Pricing Psychology Tricks: How and Why They Work

Pricing psychology is more essential than ever to position your business for success in the marketplace. In fact, its use dates back at least to the late 19th century, as newspapers battled for readership supremacy. Nowadays, consumers are inundated with sales offers at every turn, and while today’s technology makes it easier than ever to reach prospective customers, it also means that your message is more likely to get lost in the shuffle. Yet, the key to distinguishing your product or service from your competitors lies in how well you grasp the conscious and subconscious thought processes that governs the decision-making of your target customer base. Continue reading “Pricing Psychology Tricks: How and Why They Work”

3 Ways a Pricing Optimization Platform Enables Accurate Pricing Strategy

Price is generally driven by three external factors: the market, demand, and supply. A deep understanding of how these factors impact pricing is critical to developing a pricing strategy that will move units at scale and with a desirable profit margin. Generally, organizations staff teams of analysts to study the market, identify trends, estimate demand, and gauge supply levels. This model, however, comes with substantial costs and risks, especially as it pertains to accuracy and timeliness of strategic pricing initiatives. If you want to avoid the costs of staffing a team to ensure a successful pricing strategy, yet still want to optimize your pricing, consider implementing a price optimization platform instead.

Continue reading “3 Ways a Pricing Optimization Platform Enables Accurate Pricing Strategy”