Running a business can be challenging, especially when pricing your products. You must consider that online users are always looking for the best deals. To put yourself in their shoes, imagine browsing a product and seeing the price tag. It's not uncommon for most products to have similar prices, but it's crucial to remember that these prices can change throughout the day.
In this article, I will explore why a competitive pricing analysis is crucial and how to best apply your findings.A competitive pricing analysis may look complicated on the surface. However, in the background, it identifies new opportunities to increase prices without losing the market share. For example, the competition between Coca-Cola and Pepsi is one famous competition-based pricing example. Both companies monitor each other's prices and adjust them accordingly to stay competitive. In that way, they can grow their market share and remain competitive.As I previously stated, e-commerce is a dynamic marketplace where you might experience frequent price changes. These changes require you to track and monitor your competitors.
Upon categorizing your competitors, you can prioritize tracking your direct competitors. A data-driven strategy will help you strategize and define your competitive landscape. An intelligent, competitive pricing analysis involves in-depth research on your competitors, so be prepared to do this.The next step is to collect relevant, up-to-date pricing data. This step is crucial because e-commerce prices fluctuate very rapidly.
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Source: MarketWatch - 🏆 3. / 97 Read more »