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How Competitoor helped a global hardgoods retailer define the brand value and exceed customer expectations
This hardgoods retailer looked for a solution to monitor the market and understand how various wholesalers position and price similar products worldwide.
The advent of e-commerce has revolutionized the way consumers shop. Thanks to the wide range of online services available, consumers have many options for purchasing products, and price remains a key factor in their decision.
Online shopping trends according to a Klarna Research confirm that the online market is growing fast and that some of the reasons why shoppers prefer digital channels to traditional stores, are related to pricing.
Competitoor helps a global luxury fashion brand, define the brand value and improve customer loyalty
As multi-brand retailers compete for customers in the fashion market, they sometimes resort to discounting, which can undermine a brand’s value. This luxury fashion company realized a need to monitor the market to understand how various e-tailers position and price the brand worldwide.
In the past 2 years Covid-19 has given a big hand in record e-commerce sales for the big fashion and luxury brands, since consumers were forced to carry out most of their purchases online. Fashion is now the biggest B2C market segment for e-commerce and even if retail has regained market share, online sales are in continuous growth.
The dynamic pricing strategy finds its roots in the powerful idea of changing prices according to competition. Dynamic pricing is not a newborn kind of strategy, airline companies used to use it in the 80′ for fixing ticket prices. Thanks to technology, today is, however, possible to take advantage of different automatic tools that have the goal of automating different tasks.
How many hours a day do you spend monitoring your online competitors? How much does this operation cost you in terms of both money and time? You’d better start thinking about that.
Being a Brand today is not easy. The Internet is a double-edged sword because if it allows you to reach a great number of potential customers, it also becomes very difficult for a Brand to monitor that its pricing rules are respected.
The discount period is approaching and monitoring competition or retailers can be hard. Prices are dropping fast and discounts are popping up every day. For a Brand this can be very dangerous because it seems like you are losing supervision on your distribution network.
It’s not a secret that in order to have a successful online business you need to know how your competitors are playing. You can do it either manually or by using an automatic tool. Doing it manually may require a lot in terms of time and money invested
The ecommerce is growing so fast that in Italy 18.8 million of italians had purchased on the Internet during 2016. It usually happens that 12% of the people on the Internet google only to get information about a specific product and the 88% actually want to purchase something.
Monitoring the competition is a process that cannot be overstepped nowadays. Whoever has an online business, or has its items sold online by retailers, might want to know who those retailers are and at how much they are selling the product. Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will help you to set prices competitively, and respond to competitions’ marketing strategy with your own initiatives.
Price is among the most important factors that people take in consideration when purchasing online.
The increasing amount of ecommerce on the Internet lifts up the pressure when it comes to decide which one could be the best price according to competitors. Day by day we are struggling with new competitors that are taking part of that list of competitors we want to keep an eye on.
The relationship between the brand and the retailer has changed a lot in these years. Thanks to the Internet, online shopping has had a massive increase and countless are online retailers.
The price is the most important factor when buying online.
Last week we listed the first 5 factors that make it possible to increase sales by keeping the price in line with the competition. Today we will explore the other 5 important points to pay attention to if you want to successfully sell online.
By using Competitoor, the store manager has the guarantee that the prices of his online shop remain competitive over time. Whether he is monitoring a subset of products with the Starter plan or entire competitors’ domains with the Pro plan, if a competitor changes a price the shop manager will be promptly notified.