Today, the majority of people are very well aware of e-commerce and online business. However, some of them are still unaware that this primary transaction of goods and funds i.e. buying and selling of products online can be done in four ways. These are:
- Business to business (B2B)
- Business to consumer (B2C)
- Consumer to consumer (C2C)
- Consumer to business (C2B)
Over the past two decades, e-commerce and its strategies have rapidly evolved. E-businesses such as Amazon and eBay have been ruling the e-commerce market. Online businesses find it difficult to overcome or compete with such big e-commerce giants but with the use of effective strategies, price monitoring software, and analysis of their digital shelves and competitors, new businesses can stay in the competition too.
Mastering the E-commerce Market
Opportunely, by following some smart strategies you can compete with famed giants of online businesses. Below are some steps that, if followed smartly, can assist you in mastering the e-commerce market.
- Try uniquely offering something different. Focus on products in which not more vendors are investing but still people want it to be online. You can also offer the same things presenting them via unique taglines. For instance, there are hundreds of online stores that sell women’s apparel of all sizes but adding a tagline such as cloth for taller women, twin with your little princess, etc. can work.
- Focus on presenting exclusive deals, gift vouchers, holiday sales, etc. This could attract more of your target audience to your online business. Also including options like special bonuses or membership discounts can entice people to buy from your online store.
- Invest not only in products but also in their packaging, faster and more secure delivery options. You can also use delivery software for tracking deliveries, scheduling shipments, routing drivers, etc.
- Use social media as a marketing tool for your e-commerce business and its products.
- Don’t try to compete with the giants of the e-commerce market as soon as you start. Try focusing and winning your local customers first.
- No matter what strategy you use for pricing, do not compromise on the quality of your products.
- Always make sure to keep track of the prices of your products while comparing them with your competitors selling the same product as yours. There are various price monitoring software in the market that assist you in comparing the prices of your products with other brands, retailers, and e-stores within seconds. All renowned e-commerce businesses seek numerous favors by embedding price monitoring software in their e-stores to master the pricing strategy.
What is a Price Monitoring Software?
Price monitoring software assists e-commerce businesses in acquiring accurate and updated information about prices, availability, promos, visual representation of products, all types of technical data, and customer feedback from websites or e-stores of their competitors.
This price monitoring software enables vendors and retailers to implement effective pricing strategies and price optimization techniques after examining the data obtained via the tracking software. This is why such software has become an essential component of e-commerce businesses that are eager to grow. The earlier a business starts utilizing price monitoring software, the closer it gets to mastering the e-commerce market.
Features of Price Monitoring Software
- Helps you ensure that the key products of your e-stores are very well visible on price comparison websites as well as other marketplaces when searched for low-price products by your target audiences. Buyers would never want to pay extra cents when the same good quality is available at a lower price. It is quite impossible to keep track of rapidly changing prices, sometimes multiple times a day, without price tracking software.
- This software also alerts you about the out-of-stock items, or increase/decrease of prices at your competitors’ websites, so that you can make the most demanded products available on the top of your e-stores to gain maximum profit margin.
- Provides a historical analysis of your and competitors’ products, price movements, online catalogs, stock movements, etc. which then enables you to decide the right product launching time, refilling time, and introducing promotions and best price rates on your e-commerce websites.
Other than price monitoring, other product parameters such as availability and description of products, customer feedback, best seller items, overall brand appearance, etc. should also be judged for mastering the e-commerce market. Such a process that collects, analyzes, and interprets the visibility and performance of the brand’s products on the digital shelf is known as digital shelf analytics.
Impact of Digital Shelf Analytic on the E-commerce Market
Along with implementing effective pricing strategies, it is important to embed AI-driven digital shelf analytic software with your e-businesses to keep on reviewing, comparing, and optimizing product performance and visibility to customers. This is performed by adopting different techniques and analyzing tools to achieve a better understanding of buyers’ behavior, full analysis of your products as well as your competitors, and effectiveness of online sales.
Many e-commerce stores are still not convinced about how beneficial digital shelf analytics could be for their businesses, but those who have already embedded them have experienced immense growth and profits because it analyses following product metrics deeply.
Benefits of Digital Shelf Analytic
Now, let us discuss some major benefits of Digital shelf analytics and how we can master the e-commerce market by implementing its solutions.
- It evaluates your digital performance by determining your position in comparison with your competitors, and the performance of your digital assets.
- It also assists you in knowing the winner of search engines among all competitors, variation of your product pages from site to site, the requirement of patching up on your distribution networks, and most importantly dealing with the traffic sent to each seller. It also examines the number of searches, cart abandonment rate, and number of sellers per marketplace.
- It not only measures content compliance data but also alerts about competitors’ products that are either stocked out or have low ratings so that you can make it available on your sites gaining a competitive edge.
- It helps in making your products more discoverable and strengthening your online presence by evaluating both types of data that are either your trending products or underperforming ones.
- Digital shelf analytics also allows you to track traffic on each product and provides conversion rates that retailers and marketplaces don’t update you about.
- It also monitors content compliances from each seller so that you can fix even smaller holes before they turn into bigger problems questioning your brand’s integrity.
A majority of the population now prefers online shopping. Also, retailers and vendors prefer selling their products on digital shelves rather than on physical stores. But, this requires extra planning, implementing effective strategies, and embedding generative software such as price monitoring and solutions like digital shelf analytics to convert your consumers into customers, increase sales, maximize your e-stores’ profit, giving a tough head to all your competitors, and ultimately lead to mastering the e-commerce market.