Retail! What's This? Retailer! Who is This? What are They Interested in?
Retail! What's This?
Everyone knows the word "Retail", but if you are not from the commercial sphere, then you will think that this does not concern you. You are mistaken, each person in one way or another comes into contact with retail because it is retail, or in formal language - the sale of a product to the end consumer.
Retailer! Who is this?
Retailers are retail companies. Stores, whether online or a mall near your home, from which you buy goods for yourself, are retailers. Any shops for cosmetics, toys, clothes, even a car dealership and a bank where you are served.
What are they interested in?
For quality work, those in charge of this industry resort to special retail technologies, for example:
- use all the marketing tricks;
- cut staff and attract customers to self-service;
- strive to automate the accounting of goods turnover;
- develop pricing strategies.
Because when buying something, saving money is still one of the most important reasons people are guided by. Therefore, the CLIENT needs to buy the product at the lowest price, and the RETAILER needs to attract the client by spending the minimum amount of the budget.
The automatic price monitoring service 7-PRICE will help in solving this issue.
Why do retailers need monitoring?
Usually, such a question can be heard from people outside the retail sector or from the owners of narrowly focused stores who are independently able to track the prices of their goods, or from retailers who have encountered difficulties in their work after monitoring.
Retailers need to always maintain the correct pricing policy. This means striking a balance between driving sales and maintaining profitability.
And then tracking prices using the 7-PRICE service helps out.
Price monitoring is an integrated approach to the daily work of a retailer, which requires routine work.
Using monitoring, the seller always remains aware of the current price of the product and, if necessary, can adjust it or set profitable promotions that will attract more customers.
Monitoring, no doubt, helps to increase the company's profits (knowledge is power, assess the situation, make the right decision and create an attractive and profitable market offer), but sometimes the benefit of monitoring is in retaining loyal customers, and not in increasing income, especially with high competition ...
Now the trend is automatic price monitoring, as opposed to manual, for obvious reasons:
- saving on budget, since you do not need a staff to process a massive amount of data.
- exclusion of errors due to human factors, in addition to the above paragraph.
- high speed and frequency of data update.
- availability 24/7.
- efficiency 99.9%.
YOU WILL GET ALL THESE ADVANTAGES WITH THE 7-PRICE SERVICE!?
If you do not monitor, what will happen?
Accordingly, if the retailer does not monitor the prices of competitors, then the sales results are unlikely to impress the owners of the company. Prices will not correspond to the current dynamics of the market, an outdated price is always a loss of profit: either there is no sale, since the price is too high, or losses from a low price. Therefore, monitoring should always be present in the life of a retailer.
What to do after monitoring?
First, let's figure out what problems retailers may face after monitoring prices on the Internet:
- Lack of a scheme for dumping competitors. There are no agreed ways to influence competitive marketplaces.
- There are no planned solutions to retain customers when competing stores are underpricing. For example, free shipping, a gift, a bonus card, etc.
- After painstaking work to control the recommended price among competitors, retailers stop monitoring in the hope of the good faith of partners, and violations of the RRP appear like mushrooms after rain.
After analyzing competitors' prices, IMPORTANT:
- think over a pricing strategy, how to retain customers without lowering the price;
- take the necessary steps to optimize your prices, while always taking into account the factor of the presence of profitability;
- prescribe a plan for solving possible situations in the world of retail;
- determine in advance what you are willing to sacrifice to avoid losing a client;
- create a backup list of promotions and bonuses or other incentives that your managers can launch without the approval of management;
- describe the cases/range of risks when you can apply the reserve list of promotions and bonuses.
And of course, keep the continuous process of monitoring the market situation to keep your finger on the pulse, because price wars never stop.
The 7-PRICE company is always ready to help in this matter!