The 4 Biggest Pricing Mistakes Online Retailers Make and How to Avoid Them

pricing-mistake

*Originally published on the Quad Analytix Blog While retailers are increasingly investing in solutions to solve their pricing challenges, even the most experienced online retailers can fall victim to common mistakes. Here are 4 of the most surprisingly common mistakes that retailers make and how to avoid them: Working with inaccurate or incomplete data Cause Retailers are repricing more frequently than ever, with Amazon repricing as often as every 10 minutes. If you’re collecting data at a low frequency, you could be…

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Top 5 Ways Online Retailers Can Use Competitive Intelligence to Drive Value

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Mining for data is a great way to get ahead of the competition. The task of mining can be a lot of work, but the effort is worthwhile. But what do you do with the information once it’s in your hands? You don’t want to be like a dog chasing its own tail, so determine a specific end goal to make the most of your data mining endeavors. Unlocking a goldmine of data can do wonders for your business, but…

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How Price Testing Enables Retailers to Make Smarter Decisions

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The ability to price effectively is becoming a core competency needed in the retail industry in order to maintain a sustainable competitive advantage. It’s the reality in such a saturated market with increasingly sophisticated competitors. Pricing strategy is a unique part of online retail because the same strategy won’t necessarily work across the board. Why? First, there isn’t one magical pricing strategy that works for all retailers. Second, one pricing strategy doesn’t always work across all of a retailer’s SKUs.…

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eCommerce Pricing Optimization: In-house vs. Third Party Solutions

3rd-party

According to The E-Tailing Group, 94% of consumers are willing to invest time into comparison price shopping to make sure they’re getting the best deal possible. The importance of price on purchasing decisions makes it critical for retailers wanting to compete to be able to respond to the market in real-time. Whether you’re a brand exploring ways to optimize price on your direct-to-consumer site, a brand or retailer with brick-and-mortar presence, a mail-order business trying to expand your footprint in…

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How Retailers Can Optimize Prices in 2016

price-optimization-2016

You can look at pricing strategy in online retail from two different perspectives: the tortoise and the hare. You want to quickly change your prices and follow market trends to make sure you aren’t falling behind, but at the same time you want to hold the wisdom and certainty of the tortoise. Finding a middle ground between the two perspectives is hard, because you want to move fast, but you also want to take your time to analyze results of…

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