It is not unusual to feel overwhelmed with the multitude of activities when selling in marketplaces across segments. Competition is tough and the enormous amount of data is all-consuming. The competition is especially worrisome when it comes to pricing. Consumers are very price-conscious and to get their undivided attention you need to offer attractive prices that customers cannot resist. So plan for a structured pricing strategy to manage sales across marketplaces.
Generally, pricing a product is a skilful job because you have to hit upon the exact price that will sell. Today automation helps you in this because you can easily track the differences in prices and adjust yours accordingly across marketplaces. This will help to get more hits and greater sales than before. In fact, the right pricing safeguards your sales.
It is interesting to note that “Sellers can strategically set prices on different marketplaces based on demand, time of day or competitors’ prices. Accessories retailer Phoenix Leather Goods sets floor prices or the lowest price for which an item can be sold, for all products. This helps in maintaining gross margin per product on every marketplace, says Brad Rusin, director of e-commerce. Phoenix uses an algorithmic repricing feature from a technology firm to set those prices for all products.”
Successfully managing prices across marketplaces is important because customers are sensitive to changes in price. It is only a perfect price that will popularize sales of your product and for this, you need to follow some common strategies.
Competition is quite intense today and the best way to boost your sales is by being proactive, using automation tools to check other’s pricing and thus manage the pricing in different marketplaces you sell on effectively.
Do remember the following when managing prices in different marketplaces:
Be consistent in your pricing across marketplaces. They have their strict policies of sales and ethics, it is important to abide by them so that the marketplace image is preserved. After all, they want to impress upon the shoppers that they offer the best.
Make tweaks to your pricing based on supply and demand, the outflow and the required inflow of stocks. This will make a significant difference in your revenue in the long run. With automation, this is no difficult task. A leading AI-powered ecommerce enabler, Eunimart, helps you to automate all your business processes saving you time and 30% costs on manpower and helps to optimize Pricing, Product Information Management across all your channels of sales and reconciles all payments on a single platform for consolidated control.
Not to forget the Best Practices you can follow:
The art of managing prices in different marketplaces is thus sheer hard work, agility, alertness to changing market price scenario and the use of technology as algorithms to help you. This effort leads to better business with growth in sales and an expanding customer base combined with brand exposure as well as popularity. So Price it right with Eunimart and watch your sales grow!
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