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Prioritising pricing
“Ecommerce is more than a sales channel. It’s a shopping tool that influences 90% of sales in-store.“ – Insider IntelligenceIn a world where inflation is running rampant, both brands and consumers are keeping a close eye on pricing. Consumers have the ability to compare prices across ecommerce sites with ease, making it simpler to find the best deals and make informed purchasing decisions. As Insider Intelligence notes, this has a tremendous impact on sales, not just online, but in brick-and-mortar stores as well. That's why it's crucial to have a pricing strategy that takes into account both your own products and those of your competitors. With Upshelf, you can easily monitor pricing and availability on your channel partners' retail sites, giving you the data and insights needed to make informed choices and analyze sales data with precision.
For both grocery brands, where pricing is often outside of your control, and for those selling high-end goods, where pricing agreements are strictly enforced, understanding price fluctuations is essential. By staying on top of Minimum Advertised Price (MAP) compliance and receiving custom daily alerts when your channel partners are selling below your MAP, you can protect your brand value and make informed decisions about your pricing strategy.
But it's not just about monitoring your owned products. Keeping an eye on your competitors' pricing strategies can give you valuable insights into their approach, including when they drop prices, offer special promotions, or raise prices. Upshelf provides daily, granular data on both your owned products and your competitors', along with customizable email alerts to keep you informed even when you're too busy to log in.
By gaining an understanding of your competitors' pricing strategies and staying aware of trends in your industry, you can gain the upper hand in the ever-evolving digital marketplace. Don't wait – get in touch with Upshelf today to start taking control of your pricing strategy and driving sales.
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Upshelf provides visibility and key insights for brands to improve their ecommerce performance.
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