Top 3 Make or Break Strategies for Branded Retailer Growth
It’s officially spring! Flowers are beginning to bloom and the warm sun is becoming a welcomed sight. Just like the temperature, the eCommerce landscape is really heating up. While this means brands and retailers have their work cut out for them, imagine the work bestowed upon branded retailers.
Branded retailers have to start considering new strategies in order to grow their business. They have the same concerns as brands and retailers alike, especially if they sell through a network of third party retailers as well. But don’t fret, Wiser has put together the top 3 strategies for branded retailers to spearhead growth in their brand new infographic below.
Before you start strategizing ways to get ahead of your competitors, you have to know where you stand in the grand scheme of things. Understanding how your price is positioned in relation to your competitors is crucial optimize your competitive position.
To do this, automate the price monitoring process to capture competitor data in real-time. This is important because over half of shoppers are loyal to a brand because of their price. So build some loyalty and keep shoppers coming back with competitive, yet profitable prices that can put you ahead of your competitors.
The eCommerce industry is full of elements that are out of your control, but your price definitely shouldn’t be one of them. Garner some of Amazon’s wisdom and get on the behemoth’s level of repricing. That doesn’t mean changing your price every 15 minutes on every item, it means being smarter about each change.
Test pricing strategies and analyze the revenue, profit, and conversion results periodically. Doing this can help you find the best price possible that respects your brand value and boosts your conversion rates to an all time high. As a branded retailer, you know that upholding your brand value is one of the most important aspects to your selling presence.
The best way to sustain your brand value is with a minimum advertised price (MAP) policy. It protects your product from price cuts that would otherwise damage your brand value. And since 61% of retailers violate MAP on at least some products, you know automated monitoring is going to be the best way to keep an eye on your products in the dynamic, unpredictable eCommerce space.
To learn more about these time-saving, revenue-boosting tips, check out Wiser’s latest infographic below!