The ancient art of the perfect price
The perfect price doesn't exist. I wrote it immediately so as not to be misunderstood. Yet ancient sages know the law of supply and demand, and sometimes one can reach the ideal value that allows the online shop to maximize profits. With Competitoor this wisdom is always at your disposal. Changing prices is an important activity in the hyper-competitive market of online sales and the store manager of Monclick (a famous electronics portal), has exploited the period of the Christmas holidays to touch up the price of the Samsung 32’’ LED TV. Competitoor has monitored the activities of three of the many shops that offered the same TV at the time. From this data we can obtain interesting considerations.
The monitored data is public and available online, so I do not offend anyone If I show how the Alexa Traffic Rank and other famous indicators marked Monclick as the most visited website (and much more) among the three e-commerce websites.
These visits were also quite deserved since the website’s store manager dynamically manages the prices by exploiting the holidays-compulsive-shopping effect. On December 15th, in fact, the price of TVs on Monclick (Graphic, Black) rise and return to its original value only after January 14th. You can bet that was not the only price to be changed.
Let's imagine a doube traffic as usual in that period, visitors coming from search engines, online advertising or other channels and that they can not know what is the original price. Google seems to agree with me:
Some users will compare the offer with others (1 out of 3 users does this regularly), and although in electronics the price is the first factor, the brand Monclick has focused on other things such as the great number (over 21,000) of positive reviews from its customers (97%). One is never too safe online. This increase in visits unaware of the momentary change of price has realistically influenced, if not the purchase conversion, certainly the number of products sold. Excellent news for Monclick which has therefore exploited the period and returned in line with its competitors at the right time, when the number of visits went back to normal.
Competitoor provides, among other revealing information, graphs and indicators that allow you to learn from the best and help you establish, if not the perfect price for your products, certainly a constant improvement of the pricing policies of your e-commerce.