How much the price affects online sales
Feb 24 Pricing
In a growing and increasingly competitive market such as the online one, choosing the right price is essential for success. Recent studies (www.granify.com) showed how a low price is considered the primary key of choice in market sectors.
In the pharmaceutical industry, as well as in the electronics industry, the price affects the users heavily; not so for other sectors where reviews from satisfied customers (in fashion), payment methods (in the luxury and jewellery), and logistics (food and drink) are considered the most important aspects. According to NetComm, in 2014, 9 out of 10 people checked the price online before buying and, among those who buy regularly online, the percentage is 94%.
The increasing ease with which you can compare online prices is directly proportional to the rising costs that the store manager must support in the hold-monitored competitors. An online store with 1,000 catalogue products needs on average of 8 to 20 hours a week to check its competitors’ activities, optimize prices, and change offers, discounts and promotions.
Using Competitoor, the store manager in a few minutes can check his target market with particular attention to those competitors considered most important. Competitoor is an e-commerce intelligence software which is responsible for checking in a surgical way every price change. Competitoor alerts the store manager by sending a daily summary report, thus giving him time to devote to other activities.