Posted on 18 March by Andrea Magossi in Dynamic pricing
1- How are users looking for an item online?
We had never spent so much time at home. We had never given too much attention to those little details of the living room interiors. After all, that sofa, we only rested back to work, and that lamp in the corner we turned it on for a maximum of an hour a day. Now that our studio is our living room and we have to look at it continuously every day, we realize it is ugly and quite old. Therefore, we decide we want to change it. Thus, during a lazy winter day, chilling on the couch, we take out the phone, determined to find a new and modern stunning lamp that could adorn our space.
First, we open the Google page. Second, we type; nice lamp on the browser. Finally, we saw the first line of results; intrigued by one of the items that came up and undecided about what we are looking for precisely, we go on and click on the Google Shopping section. Once opening the Google Shopping section, thousands of results are on our screen. Lamps of every type and shape. We choose then to filter the results, and on the left sidebar, we select the price range with the free shipping and top-rated options. Reducing the search, we find what could be the perfect lamp in charge of replacing the antique piece we have in the living room.
Now, let’s be honest, that one could be me, or you; Literally, that could be all of us!
You must be aware that roughly 40-60 billion searches are happening on Google in the US each month. Following a Think with Google research, 40% of US citizens with online access declared they spent more time shopping online than in-store. 35% of product searches start on Google, which a considerable portion ends up in the Google Shopping section.
Source: Think with Google
Indeed, it is worth pointing out that, to date, Google Shopping represents the second product search section on the web after Amazon.
Every day millions of people are looking for new products on the Google section dedicated to Shopping; Ergo, if you are a webshop owner, you do not want to miss your presence there.
2- What is Google Shopping?
Previously acknowledged as Product Listing Ads, Google Shopping is the service provided by Google dedicated to the retail market. Products are displayed whenever a user is searching for an item on the Google Search Engine. The items will be displayed as the first line of results in Google Search or as a full-page result in the dedicated Shopping section; Within it, the user can search, filtering and compare products. Moreover, the left sidebar allows shoppers to select the items' price range together with the favorite seller.
Google Shopping is being used mainly by eCommerce for advertising products, but it can also increase your shop awareness and make it easier for potential clients to reach you online.
On the consumer side, it is an excellent tool for comparing market prices of products for particular categories in specific countries.
Me, searching for a new lamp! 😑
3- What is Price Monitoring?
As mentioned above, Google Shopping is one of the leading product price comparison platforms in the retail market. The prices within it can vary from day to day depending on the market variables that companies follow to apply their pricing strategy to their advantage. In this sense, pricing monitoring, especially in the retail market, has become an essential component in recent years. With the online sales market in a sharp explosion and with the dizzying increase of sellers, online offer variations are more and more frequent. In that sense, the analysis of the ultimate price, the price marginality, the historical price, and the competitor's price are indispensable factors for a well-delivered price strategy plan.
A Price Monitoring view from PriceTweakers between the most important online marketplaces.
4- Why should you monitor prices on Google Shopping?
Google Shopping, being one of the principal product comparison platforms, keeping track of the price changes on this page can give you an extreme competitive advantage.
By monitoring the Google Shopping products prices, you can gain information on products available from other sellers, together with their current sales offer and long-term promotion tactics. Also, consider that any seller can list one offer on Google Shopping, from big market players to small boutiques. So, you can get data about the market price trends in the sector.
The advantages of using a Price Monitoring Software. Using price monitoring software makes your life as an online seller a lot easier!
Within a Price Monitoring tool like PriceTweakers, you can:
- Have access to extensive reporting capabilities from Google Shopping.
- Make price comparisons based on your competitors’ prices on Google Shopping.
- Know which products are not in stock.
- View the latest price changes in G. Shopping at a glance.
- Create price reports based on competitive analysis.
- Get instant notifications on price variations on G. Shopping.
All these and much more...
Any director of a large webshop will admit that when you have a busy schedule, price monitoring is good to help. But, that alone doesn't take away the tremendous work that needs to be done manually on price changes. That's why we at PriceTweakers, with our customers' necessities in mind, have been focusing on the need to create a feature within our system that could give website owners a secret weapon.
I am talking about our advanced Dynamic Pricing system.
Video Carousel PT Dynamic Pricing Screen:
Goodbye to the dozens of hours lost in manually changing product prices. No more having to apply the equal offers for holiday seasons manually every year. It is the end of manual optimizations on the race to the bottom of prices by spying on competitors.
Today, with Price Tweakers' Dynamic Pricing feature, you can define your shop's yearly pricing strategy in advance within just one morning!
Define the tactic to apply to a specific product category, and determine discount margins on a particular brand. Create offers for a special season or holiday. Establish a constant profit margin on sales. Place a margin on the discount in the selling price of your products, compared to competitors.
An automated and advanced system in the hands of the eCommerce specialist. What you have to do is apply the infinite possible pricing strategies to your advantage. From today, you will have no more excuses to outline a winning pricing strategy!
Sources:
https://dealavo.com/en/price-monitoring-on-google-shopping-why-is-it-worth-it/
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