As a retailer you are at a crossroad to choose either bigger market share by keeping the price low or increasing the profit margin by keeping the price high. There are many advancements in the way retailers use technology to conduct price comparison. From being a complete in-store commercial activity, retailers have been witnessing a tremendous growth in reaching their customers.
The customer centric approach has changed the operations of many retailers. In recent times the growth in the online market has established a new line of business. It is important that retailers be it online or in-store must constantly upgrade and automate their tasks to optimise.
The business goals are usually to survive in the market and ensure to increase net profit in the long run. With the existence of online retailers, the customers indeed have a convenient way to choose the best of what they want. However, there are also many options. While online consumers are becoming more aware of the market and can remove the geographical barriers, it is time for retailers to automate their operations based on data and analytics.
Automate as you grow
When you start a small online business, the priority is to acquire new customers and increase sales by selling high quality products. As the company starts growing there is a need to scale up and automate business processes. The focus shifts from just making revenue to cutting down costs. An established business needs more than just selling points. As companies grow, there is a requirement to indicate brand positioning and increase their operating profits. Automation becomes inevitable for all companies scaling up to catering for a bigger market.
As far as automation is concerned in e-commerce, the first place to involve technology was production and manufacturing. Later there was a development in packaging and delivering. While the technology is going to exponentially grow in the coming years, both retailers and e-commerce companies have the responsibility to make the first move in every step.
In recent years, the competition among retailers has been the pricing and inventory changes. There have been cases where the companies have reached the top by setting the right price to the company.
Pricing your way to success
Consumers understand that prices keep changing. Consumer goods and electronics selling in multi-brand retail stores with online delivery options are especially prone to price fluctuations. These can be due to various factors depending on the marketing strategy of the retailer. Some of the retailers focusing on increased market share would more likely charge a lower price against their competitors. Retailers with stronger inventory management, or, have a larger supply control of the product can charge higher prices.
All these changes in the prices very much influences the buyer’s decision while purchasing online. It is crucial for retailers to automate pricing as it is an integral part of determining the profit levels. From a micro perspective, it evaluates the profitability of the company and from a macro perspective, it supports the long run business strategy for decision makers.
As customers use various free tools to compare prices online, retailers have a sophisticated option to integrate a price comparison software for their company. It is a solution to have a complete market knowledge and ensure the prices are fixed according to their competitors. Most retailers manually compare and check their competitors’ price and stock to fix their own price.
It is time to automate these tasks to ensure accuracy and save time. A price comparison software exactly does this job. It helps the team to compare the prices of the products with their competitors that gives an edge to the retailer’s pricing team.
This is not just a simple time saving automation tool but it enables the team to make more strategic decisions in the long run. For example, if your retail business is selling sports shoes you can find out what prices your competitors are selling at and automatically receive information about what prices to be fixed for your products.
Why pricechecker is best price comparison software?
For retailers, it is not just the information about competitors prices that is relevant but also the stock and promotion details. A simple price comparison can give a unidimensional data about the market prices, however, for decision-makers it is important to take strategic calls for the long run.
With pricechecker, the retailer can compare the prices and also the stock levels of the competitors. With the exclusive promotional tracking feature, dynamic repricing comes at ease. As a leading, price comparison software in the UK, pricechecker ensures the users can set profit margin levels to keep a threshold for pricing.
Furthermore, the core technology is precision analytics and offers accuracy so that the business decision makers can get all the vital information in a single dashboard.
This pricing automation is possible only through a price comparison software that moves beyond just indicating price level changes.
Automate your pricing decision today with pricechecker. To learn more about the features [email protected]
