The most competitive day for e-commerce owners is just behind the corner. Do you have your prices settled? 

If you are an e-commerce owner, you should probably know how vital it is to prepare your shop in time for the Black Friday period.

To quote a few numbers, Adobe Analytics reported that in 2019 consumers spent $7.4 billion online, an increase of $1.2 billion over Black Friday 2018, making it the biggest Black Friday ever for digital sales. The average order value — at $168 — was up nearly 6% year-over-year and set a new Black Friday record. In 2019 a record $9.4 billion was spent online by the end of Cyber Monday, an increase of 19.7% from 2018. It was the biggest online shopping day of all time in the U.S., easily surpassing the previous year’s $7.9 billion.

Source: Edison Trends 

In Europe, as stated by Statista.com, Black Friday spending was forecast to be higher in the United Kingdom (UK) than any other European nation in 2019. With a growth of about 3.4% on the year prior, the UK expected to spend a combined 8.56 billion British pounds during Black Friday weekend and Cyber Monday.

Source: Statista  

These data represent just an example of the impact of the Black Friday phenomenon on the online retail market. Considering all this to win your competition during this hot period, you should apply a winning strategy based on pricing.

We all know that now users are looking for their products online, and the determining factor for their purchases is the price. For this reason, as a shop manager, you should always be up to date on the current market prices of your products. However, given the fast changes in the online retail market, it is almost impossible to keep track of all price variations. That is why, it is becoming inevitable for online shops to have price analysis software that can do the big job. For large eCommerce stores with thousands of products, manually applying new price offers every month becomes a nightmare. But on the other hand, configurated automatically can almost be enjoyable.

Furthermore, remaining on the Black Friday topic, another aspect to highlight is the need for eCommerce to set up recurrent rules during holidays, events, and specific periods. As shown previously, it is vital to analyze your competitor's offers in time, especially during these events, as precisely Black Friday and Cyber Monday, in which user's purchases are price-driven, to then apply winning deals.

So, we have already pointed the importance of moving in advance by studying your competitor's offers, but how can you prepare your price strategy to beat them during such occasions?

As often happens, behind a great store, there is powerful software that can develop most of the automated work to achieve the goals set by the entrepreneur.

In fact, software like PriceTweakers can give you invaluable help by saving hours of work to your e-commerce manager.  

With the Monitoring feature, you can take control over your pricing strategy.

Given that accurate data about your competitors is crucial in executing your pricing strategy. PriceTweakers take care of the data and give you insights with a real-time analytics script and reports. With our dynamic pricing tooling, we save you time and provide you control of your pricing strategy. And all in just a few clicks!

Through the Dynamic Pricing (DRS), your shop can exponentially increase profit margins and achieve steady growth.

By making an API connection with your CMS systems, the prices of all products, categories, or brands are implemented automatically using extensive price rules. Within DRS, you have access to more than 30 different price rules and the associated functionalities, making it possible for every webshop to make the right price strategy and implement it automatically in your CMS.

You also have access to real-time analytics reports that give you immediate insight into whether you have deployed the right strategy or whether you need to make adjustments, so you do not have to wait days to see the direct results. That will save the company a lot of precious time invested in other important tasks.

As we all know, data analysis is a fundamental tool to position your shop on a winning level.

PriceTweakers has an extensive range of reports created to help the members of your organization to be aware of your competitors' pricing strategy.

The Product Price Reports allow you to see the prices of selected competitors at a glance, and the Competition Summary lets you examine the difference between your competitors but also concerning your shop. If you want to look at which prices your competitors have increased or reduced, PriceTweakers has another report that will give you that information.

During seasonal events, it is imperative to have a tool that allows you to monitor the price that the end-users will pay. In truth, for you as a manufacturer, distributor, or supplier, the biggest challenge is to monitor the prices your end customers pay on the internet because it is essential that your products are not priced too cheap or offered too expensive. Of course, you have agreed with your dealer channels to offer your products at a going price for the retail channels (MSRP) and a minimum advertising price (MAP) for the retailers that also have online stores or other internet selling channels like Amazon or eBay. But, how do you keep track of this?

PriceTweakers can help you by putting data from your products into a user-friendly interface so that you can accurately track what is happening with your products. If one of your clients works under the required MSRP or MAP, you will immediately see this in the dashboard or see it in one of the special MAP reports. You can also see all the information about your products in detailed reports and use the filters to retrieve all the info.

In conclusion, we have mentioned several times the necessity to maintain an effective pricing strategy throughout the year. Particularly on the occasion of events in which the supply of products on the market increases exponentially.

Black Friday could be the perfect opportunity to get your shop ready for a winning pricing strategy applied, thanks to PriceTweakers. For this reason, we are pleased to offer you a trial that will allow you to test all the features of the best price analysis tool available on the market at no costs! HERE

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