An Indian conglomerate with pricing analysis cracked the code to excel on the online marketplaces for its natural and healthy agro-products. What are you waiting for?
‘Price’ is probably the most important factor that influences the shopper’s decision. Setting the right price on different online marketplaces and geographies is the key to becoming the top pick of shoppers. Data-driven pricing and promotion strategies enable brands to identify new opportunities and maintain top-notch performance on online shopping platforms.
It makes monitoring competition prices and discounts across online marketplaces, and geographies extremely crucial. Let’s explore how an efficient pricing tracker and pricing analysis can help your brand propel on e-commerce and quick commerce platforms.
Stay alert on product pricing with the pricing tracker
Setting the right price on e-commerce platforms is quite a challenge and the role of sellers on e-commerce platforms becomes critical to stay ahead in the discount war.
Here is the case of the popular brand n for Beauty and healthcare products, which also ventured into agro-products in 2010, but now wants to expand their presence on e-commerce and quick commerce platforms and face some steep challenges in Pricing across platforms to stay ahead of the competition and build their brand presence.
The brand has an extensive presence in physical marketplaces across tier-1 and tier-2 cities making it space in competitive digital marketplaces. The special focus is on healthy cooking oil versus competition across digital commerce platforms.
Challenges in Price monitoring on e-commerce and quick commerce platforms
Include:
- Need time-sensitive data and actionable insights on pricing and discount trends to stay ahead of the competition.
- The city-level monitoring across platforms weekly and hourly to capture fluctuations in prices and discounts.
- Detecting and flagging pricing and discount violations by sellers, along with accurately ensuring compliance with pricing policies.
- Identifying new geographies to target e-commerce and q-commerce landscapes, and competitor presence at a granular level.
- Maintaining performance and reliability is crucial to sustaining competitiveness in the long term.
They started competitive pricing analysis along with optimizing discoverability and availability with quick commerce solution. The results were quite evident in a short time as they started monitoring the performance of their products across platforms and geographies. They identified gaps in pricing versus competition, kept track of trends, and identified MAP or Pricing Violations by sellers at pin-code level.
- Monitoring Pricing and Discount trends vs competition across platforms
- Keep track of pricing & discount violations by sellers
- Monitoring products across platforms at the City Level, weekly and hourly.
- Identify new geographies to target on the E-commerce and Q-commerce landscape
Fig. 01: A screen grab from mScanIt – Digital Commerce Intelligence – Pricing Tracker/Pricing Analysis |
Category: Oils | Sub-category: Mustard Oil | Variant: KGMO (Kachi Ghani Mustard Oil) Mild | City: Delhi
The impact of Price Tracking on e-commerce marketplaces
One of the major impacts of in-depth product pricing monitoring is that it enables the brand to optimize the product performance of different product categories, sub-categories, and product variants at various levels. Data-driven decision-making with actionable insights on pricing and discount empowers brands to shape strategies considering competition’s moves on different platforms, and geographies. It also enables them to monitor sellers’ performance and keep track of pricing and discount violations. The competitive intelligence on multiple KPIs helps brands identify gaps in strategy at platform level and at the tier-wise city level and explore new opportunities.
Final Thought on the Need for Pricing Analysis and Pricing Tracker
The Pricing Analysis across platforms ensures that the brand stays consistent in pricing versus competition. The strategies on quick commerce and e-commerce platforms may vary based on the demand for products on certain platforms and pin codes. If the brand is selling products via/ sellers or resellers monitoring what price they are selling your product helps maintain your brand integrity and reputation.
A comprehensive digital shelf monitoring solution empowers brands with intelligence that can drive their business growth. It could boost their monitoring capabilities and optimize performance with the multi-facet approach which includes perfect page analysis, product page content optimization, availability monitoring, delivery TAT optimization (for e-commerce), and a lot more with customizable solutions that cater needs of your brand.
So, stay ahead of the curve with a competitive edge to score big on the digital commerce landscape.
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