Discover the secret Google Shopping pricing strategy!

Gepost op 18 March door Andrea Magossi in Dynamic pricing


1- How users are 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, on that sofa, we only rested back to work, and that lamp in the corner we turned on for maximum an hour a day. But now, that our studio is our living room and we are forced to look at it continuously every day, we realize it is absolutely ugly and quite old. Therefore, we decide we want to change it. Thus, during a lazy winter day, while 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 shown 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 together with the free shipping and top-rated options. In this way, 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! 

In fact, 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 citizen with online access declared they spent more time shopping online than in-store. 35% of product searches start on Google of which a large portion ends up in the Google Shopping section. 

Source: Think with Google 

 

It is indeed worth pointing out that, to date, Google Shopping represents the second product search section on the web after Amazon. 

Everyday millions of people are looking for new products on the Google section dedicated to ShoppingErgo, if you are a web-shop 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 it is being used mainly by e-commerce 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 offers 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. 

Price Monitoring view from PriceTweakers between the most important online marketplaces. 

 

4- Why should you monitor prices on Google Shopping? 

Being Google Shopping one of the main products comparison platforms, keep track of the prices changes within it 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, what has to be considered is that any kind of seller can list one offer on Google Shopping, from big market players to small boutiques, so you can get overall data about the market prices trends in the sector. 

The advantages of using a Price Monitoring Software. 

Using a price monitoring software just makes your life as an online seller a lot easier! 

Within a Price Monitoring tool like PriceTweakers you can: 

All these and much more... 

It must be admitted that for a director of a large web-shop, with a busy agenda, price monitoring is a good help, but alone doesn't take away the vast work that then it 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 to web-store owners a secret weapon. 

I am talking about our advanced Dynamic Pricing system.  

Video Carousel PT Dynamic Pricing Screen: 

https://www.canva.com/design/DAEVxpBLYTc/YotxjxB8q02JquC9Z3mf_w/watch?utm_content=DAEVxpBLYTc&utm_campaign=designshare&utm_medium=link&utm_source=publishsharelink 

 Goodbye to the dozens of hours lost in manually changing product prices. No more having to apply the same 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 yearly pricing strategy in advance within just one morning! 

Define the tactic to apply on a specific product category. Set discount margins on a particular Brand. Create offers for a particular season/holiday. Establish a constant profit margin on sales. Place a margin on the discount in the selling price of your offers compared to competitors. 

An advanced and fully automated system in the hands of the e-commerce specialist. What you have to do is just 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://www.googleshoppingspecialist.com/dynamic-pricing#:~:text=Dynamic%20pricing%20tools%20continuously%20adjust,margin%20and%20achieving%20more%20sales. 

https://dealavo.com/en/price-monitoring-on-google-shopping-why-is-it-worth-it/ 


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