How Brands Use Historical Data to Increase their Sales
- Features
Smart Analytics
Price Intelligence
In the world of eCommerce, there is so much going on that it’s hard to keep track of everything. You should be aware of what your competition offers while catering to increasingly demanding customers.
Often guided by pricing as their primary decision-making criteria, your customers can perform comparisons between your online store and others in an instant.
Therefore, being aware of your competition’s products and when to adjust your pricing is a vital process for an e-commerce business.
In that regard, you have two options:
– monitor competitors’ prices manually
– monitor through an automated Price Intelligence solution
If your business is one of the (still) many that opt for manual tracking of its competition, then this post is for you, as well as those that still have doubts about the exploits of modern technology in eCommerce. We’ll show you ways how tgndata’s own solution can benefit your business in a plethora of ways.
Well, not really, we’re exaggerating a bit but it’s a mighty fine solution that is a real lifesaver when it comes to saving time. Here is how.
The importance of time in eCommerce cannot be underlined enough. This is especially evident when you have to keep an eye on a few competitors and their offerings. Imagine you need to track different competitors’ prices on 100 of your products. Imagine doing that manually. Do you know how many work hours is that? We know – way too much. There are not enough cells in Excel to cover that. Well, there are but you get the point. That method of work is not sustainable nor deemed fit for an aspiring eCommerce store.
On the other hand, tgndata systems dynamically reschedule the update times of SKUs considering different variables such as seasonality, price alterations amount per product, etc., by analyzing your competition movements and predicting price changes. With high levels of automation, you are able to track any product on the web divided into any retail categories, thanks to our proprietary data clustering and normalization approach. In essence, what you are doing is letting us monitor the market for you and give you the most accurate data almost every 90’.
Many trends are arising when looking at the e-com sphere in its current state. However, it also becomes clear how some companies need to adapt to these new trends and struggle to do so. Currently, it is a race of competencies and know-how vs. living in the pandemic time, where all consumers were buying with a massive purchasing power. Now only agile and change-adaptable companies strive and succeed.
One of the significant aspects you as an E-commerce need to have in mind is that the consumers, to a greater extent than ever before, are incredibly price sensitive. For you, it is now a matter of figuring out the best possible price, which makes the consumer purchase your products, and still allows you to earn money. A simple factor calculation is passé and will most likely send on to the valley of death.
Instead, the year 2023 will require you to understand the following about all of your products:
Performance
Conversions rate
Sales amount
Deadweight
Product site visitors
Stock level
How is the amount of products in stock on each product
How is the stock level at your competitors, and at which time
Product information
What is your gross margin
What is your actual cost when selling your product
Market information
How does the competition look like per product
What is the average price of your product in the market
What is your current price position in the market compared to your competition
This requires an impactful insight into all of your products at any time. Knowing this information and combining them will allow you to have a robust intake on the market, position your price on the products and work with the know-how on optimizing your sales. Stop the race to the bottom and start getting higher conversions on your products with a reasonable profit margin.
It’s one of life’s unwritten rules – the more you work, the more your chances of making a mistake grow.
The principle is applicable to almost every work process ever, especially when it involves large quantities of pricing data.
We love Excel, we really do, but that type of workflow is bound to create an error here and there that can make a significant – negative – impact on your decisions.
Checking for errors takes time, particularly when you look at the big picture. Practically as a rule of thumb, monitor anything manually and you effectively increase the risk of making mistakes. So, why would you choose to do so in the first place?
Not that automated solutions are error-free, but compared to manual labor, they’re light-years away. Furthermore, tgndata guarantees you almost or near 100% accuracy levels. Not bad, eh?
tgndata can assist in the price optimization process using price intelligence technology by stripping down the competition to the denominators you choose.
A comprehensive data analysis collects and reveals the competitor’s price points so you can strategize how to improve your pricing strategy.
We like to say – what’s the point in offering discounts when all your competitors have run out of stock?
Through our cloud analytics platform, you can select the category(ies), the competitor(s), and the brand(s) you would like to focus on. In another tab, you can see the actual price, as well as both the minimal and maximal price of the product during the last month. On top of that, it shows the status of each product as Underpriced, Overpriced and Same Price meaning you can optimize your prices to act on that. Moreover, tgndata’s cloud analytics platform was not created out of the blue. TGN is cooperating with multinational retailers, brands, and enterprises around the globe. The cloud analytics dashboard was developed in the first place with Commercial managers, Pricing managers and E-commerce experts so it is a Price intelligence analytics platform based on the market’s needs.
Checking manually all your competitors is a bad decision on so many levels.
First and foremost, it can cost you a lot of time and money. While it is true that the majority of the competition tracking process depends on the size of your catalog, a smart pricing analyst knows it cannot keep up with the growing number of competitors, as well as all of the changes in the e-commerce ecosystem by using manual methods of tracking.
Staying competitive in the market means benefiting from an automated competitor price monitoring provider like TGN. It provides a far larger, virtually limitless scope of operations with real-time information and top-notch levels of accuracy. Even more, it allows your workforce to concentrate on other important aspects of your business while you sit back, relax and rightfully reap what you’ve sown.
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