The retail space has certainly long known that pricing is a key factor in a customer’s decision whether to purchase a given product or service. However, while how much something costs is far from the only element influencing the sales process, pricing strategies continue to evolve as the marketplace becomes more and more crowded with emerging retailers. In particular, discount pricing — itself a tried-and-true method of boosting sales — has become less about simply dropping price points and more about strategically adjusting to fit the ever-changing nature of the market.
Showrooming is the practice where shoppers examine items during store visits, but choose to buy them online because they are cheaper there. Online retailers are in a position to offer better deals as they don’t have to bear the same operational costs as their brick-and-mortar counterparts. Effectively, traditional retailers unwittingly act as showrooms for ecommerce portals.
Indian conglomerate Aditya Birla Group launched ABOF on 16th of October’15 and entered a space that is dominated by category specialists Jabong and Myntra. When you consider the fact that Aditya Birla is the largest fashion player in India through Madura Fashion and Pantaloons, which were acquired by it in 1999 and 2012 respectively, its foray in fashion e-commerce seems natural. Plus, it’s hard not to be tempted by the traction ecommerce has been getting with a string of multi-million dollar mergers & acquisitions and VC funding activities over the past few years. According to various estimates for the year 2020 from sources like Goldman Sachs & PwC, the Indian ecommerce market is slated to be worth $60 to $100 billion.
KNOW THE BENEFITS OF HASHTAGS
It was back in 2007 that the concept of the hashtag was first proposed. Twitter received a suggestion to use the hashtag for tagging group conversations. Initially Twitter rejected the idea, perceiving that the idea was too complicated for the fun-loving and fast-moving social media users. Over the span of a few short years, social media platforms like Twitter and Facebook have evolved and are no longer platforms for simply for peer-to-peer communication and funny cat videos. They are engines for commercial success – for brand growth and development along with marketing and promotional activity.