How to compete on Black Friday with PriceMole Shopify
Black Friday is a day when many retailers finally begin to turn a profit for the year. Some report their highest profits of the year on Black Friday. How can you compete in the craze of Black Friday Sales?
The E-commerce retail market is very competitive. According to the latest PWC research study, pricing is one of the main factors that affect conversion rates for every E-commerce business, as online shoppers around the world have a significant interest in a good deal. Imagine how the hunt for the best deal can affect your sales on a day like Black Friday...
In order to optimize sales and profits, retailers of all sizes and industries use tools that support their decisions to raise or lower prices and maintain the company's position. In order to draw up your competitive analysis, keep in mind the following points:
- - Figure out which competitors are affecting your sales
- - Find your price positioning in regards to your competitors’ prices
- - Set product prices to match, beat or challenge your competitors
- - How to save the time and improve workflow with competitor price tracking
PriceMole lets you easily setup an automated competitor price tracking solution for your store, so you can be a winner this holiday season:
1. Determine who your true competitors are
Information is everything. In today's highly competitive retail space it is essential to track and monitor your competitors’ prices, deals, strategies in real-time so you can decide on your pricing strategies and market position. Defining the number of competitors important to your business is valuable. You should care only about price-sensitive products, product groups, and categories, which your customers could prefer at a competitor’s store. PriceMole an automated competitor price tracking software monitors, compares and analyzes the price of similar products available at your competitors’ stores. According to our users optimal competitor price monitoring you should focus on two or three competitors according to the listed parameters. Black Friday offers a great opportunity to discover influential retailers in your industry, and how you can use their insights to your advantage.
2. Find your price positioning
Visualization is important. PriceMole displays graphs of price positioning of your products, alongside your competitors over a selected period of time. Black Friday and the week leading up to it, will be a time filled with crazy off the chart price changes. Learn to read the chart, and out sell your competitors, by watching trends and popular sales regions and times. With automated competitor price tracking you can now determine which of your competitors influence your sales and price changes during a certain period of time, and how this affects the future of each product. Select a Product in your PriceMole app and you can enter into the pricing history to clarify the current market situation and your positioning towards competitors.
3. Set products prices to match, beat or challenge your competitors
Once you have evaluated the visible graphic in of your price positioning, you can change the prices in order to achieve the maximum profit, be that matching, beating or challenging your competitors prices. PriceMole, lets you set up an automated competitor price tracking strategies and repricing. PriceMole will look at all of your competitors prices and set your price according to your strategy, and update up to 24x a day. You can add your product cost, so the price never drops below - be worry free. You can also customize your strategies by adding or subtracting $ or % values. For example:
- - Black Friday. You know your competitor has no products left in stock, he sold out. It doesn’t make sense to keep a low price. The customer will choose your price because the product is available now. You win!
- - You run a dropshipping business. On Black Friday, suppliers will change their prices many times a day, and to manually keep track and not be undersold wastes hours of your time. You can automate your price to always sit a few dollars above your supplier, so you are never undersold again- win!
You can know for sure when and which prices need to be changed by letting PriceMole automate competitor price tracking for you. Tracking and repricing can take anywhere from 20 minutes to 8 hours a day if you want to get it right. Don’t waste valuable time repricing, let the moles handle it.
4. Save the time and improve my workflow with automated competitor price tracking
PriceMole turns pricing strategies and analytics into something automatic, saving time and achieving KPI’s. Retail price optimization and product planning are daily tasks for many business owners of all sizes and industries around the world. You can achieve everything listed above and optimise your own workflow towards rapid time saving performance.
Black Friday is just around the corner, and all of it’s crazy sales, coupons, retailers, shoppers and stock are coming with it. Start monitoring the competitive landscape, and evaluating the way customers will feel about the pricing decisions you make this year.