The Importance of Quarantine Price Monitoring
Recent world events still keep everyone in suspense, and the growing panic that is spreading from everywhere, even more worries. Experts say that the financial crisis is an integral and regular part of the economy. It can occur both locally and globally with different periodicities. This is a kind of powerful shake-up, a storm that eliminates the weakest companies, leaving only the strongest in service. It is completely logical that in such conditions business owners experience considerable stress and worry about the future of their companies. So how do brand companies, suppliers and websites behave now?
Only without panic: we accept the “crisis” conditions of the game
So according to recent events there has been a decrease in economic activity, but at the same time, e-Commerce is dynamically developing. Everything is very simple: almost all offline shops are closed in quarantine, many rushed to create new or develop existing websites. It is electronic commerce that is now the most promising direction for development in the global economy. Therefore, it is logical to conclude that to be knowledgeable in this area and to monitor the rapidly changing online market for any company is a must! Monitoring is the key to solving this problem.
3 tips for brand companies:
1. Introduce or strengthen online monitoring of prices for your products.
- Watch for partners-retailers who in the struggle for buyers can lower prices for products violating the terms of the RRC.
- Track and block promos from websites that have not been agreed with the manufacturer.
- Respond quickly to dumping events to prevent other retailers from crashing.
2. Analyze not only key partners, but also the prices of the entire Internet market.
At the moment, brand companies need to keep abreast of the entire Internet space. Increasingly, new websites or marketplaces appear with offers that are advantageous to customers, but that destroy the system of conditions for cooperation between vendors and retailers. This indicates the need to globally track all sellers of their products and manage product prices. Otherwise, the lack of system monitoring will result in price “chaos” for your products on the market. This can significantly damage the company's reputation and even more significantly jeopardize mutually beneficial relations with its main partners.
3. Track analogues of products from competing companies.
Keep track of what competitors are offering on the internet market, explore their assortment and pricing policy. Based on these data you can create your own strategy, which will always be one step ahead of the competition and increase the likelihood that the consumer will choose the product of your brand.
3 tips for websites:
1. Track competitor prices.
Now it is more important than ever! Follow their actions and pricing manipulations. Develop your unique offers taking into account the analysis of competition in the market.
2. Study the range of competitors.
Based on the data obtained you can develop your own strategy for expanding the product line and thus “break away” from other retailers. At the same time, it is important to regularly examine consumer demand. Find out what interests them now and what new things you could offer them. To choose yours among a number of websites with the same prices form “package offers”. For example, for a mobile phone you can offer a cover or a glass sticking at a discount of 50% as a gift and a bag at a bargain price for a laptop etc.
3. Monitoring - this is understandable. But above all, your store!
Of course, the basis of a successful website is always the site itself. If you strive to develop on the internet market and get the “hearts” of more and more new customers, adhere to the following criteria for your site:
- Convenient intuitive interface. Any user should easily understand how to move around the site and at the level of intuition understand where to find the necessary information. Therefore, cluttering with extra buttons, transitions and pop-ups will not lead to anything good - the visitor will simply leave for another site.
- Fast loading site. 2 to 3 seconds is the standard time for most successful websites. Therefore, it is desirable that the site loading speed does not exceed this boundary. It happens that a visitor leaves before waiting for the page to open.
- Prompt processing of orders. The client does not like to wait long - a fact. If you want him to be satisfied with the service and come back again, accelerate the processing of orders. To organize sales management use CRM-systems. This is a mandatory component of any website so you will not disregard any customers and will be able to quickly respond to orders.
- Adaptability for the mobile version. According to statistics, half of users now use mobile devices to visit sites. It is convenient, mobile, accessible anywhere. Therefore, every website now must have a mobile version. Without it you lose a significant part of visitors, therefore potential buyers.
- Availability of payment and delivery options. Let the customer choose how he can pay and receive the product. Providing a choice increases customer loyalty.
Consistency and automation - the key to success!
In order to manage to change and develop along with the online market adapting to the conditions that it offers us a systematization of business is necessary. In the case of monitoring the solution is process automation. To do this we offer to take advantage of the capabilities of of the multifunctional service 7-PRICE, which is designed as for companies-brands and retailers alike. Do not waste precious time on manual monitoring, the program will do all the routine work for you. Be sure that the money spent on paying for the services will pay off with interest, since it is you who will control the entire market and manage your pricing policy, and not the other way around.
Solution for vendors
- automatic monitoring of product prices;
- price analysis of the whole market (search for sellers across the entire Internet space);
- analysis of product representation;
- promos monitoring;
- RRC compliance control;
- anti-dumping services (e-mail distribution, calls to violators);
- more than 15 analytical reports;
- always up-to-date data - monitoring every 2-3 hours 24/7.
Solution for retailers
- competitor price monitoring;
- instant assessment of your business market share;
- comparative analysis of the assortment;
- the whole history of changes in competitors' prices;
- more than 15 analytical reports;
- the most relevant data is monitoring every 2-3 hours 24/7.
In conclusion we want to note that any crisis will ever end, and this is a serious test for everyone. And now you need to be patient, not to panic and follow the new rules of the game. Act!