As any online retailer knows (and Amazon has proven beyond a shadow of a doubt), online shoppers are savvy in purchasing products from different websites and price is a considerable factor in the purchasing decision process.
Besides price there are several factors such as availability (how fast can I get it?) and the suitability of the product (features and benefits including quality), as many products are not widely available on Amazon as more brands limit the selection of premium products available on marketplaces.
Assuming that the products are branded – and therefore known and trusted and easy to compare – the main purchasing factor is then what is the price and how fast can I get it? Answering that question correctly for a retailer is often the difference between getting the sale or not, as well as making a profit or not.
As the volume of data involved in managing hundreds or thousands of products is immense, price comparison software is the way for retailers to manage efficiently to compare product prices in today’s online marketplace.
Diginius Insight helps retailers solve this problem by monitoring current and recording historic online prices – but goes further than other price tracking tools with its Intelligent Pricing Software.
Not only does Intelligent Pricing monitor competitive prices, but often is able to detect inventory availability, and allows the retailer to manage pricing rules based on business metrics including automating the prices of products on the website – and display ads based on this data.
For example, a retailer of shoes may want to monitor prices of 5 competitors and match the lowest price if the competitor is in stock, up to a 20% minimum margin – and advertise these products aggressively on Google Shopping.
The Intelligent Pricing module in Diginius Insight allows retailers of virtually any size from start-ups to established retailers selling globally – to automate and control prices online based on business rules – giving a significant advantage over competitors. This allows visibility and growth online with a rapid return on investment with reduced operating costs and increase in sales and margin growth.
Written by Nate Burke