The journey to the Buy Box on the Amazon marketplace can feel like an excursion for hidden treasure in the Amazon jungle.
It’s like you’re wandering around, holding a map with no clear trail and a compass that doesn’t really work.
The key to price optimization doesn’t lie in retailers’ speed of price changes, it lies in the accuracy and calculation.
Over the past couple of years, speed has been the name of the game in the retail industry.
Amazon has become synonymous with great deals.
Retailers using the marketplace have spoken out about drastic undercutting from Amazon as a retailer, especially because they reprice with such high frequency (changing the price of the bible 100 times in five years).
But what’s Amazon’s actual strategy when it comes to pricing?
The process of acquiring a consumer and turning them into a customer consists of three main parts: grabbing their attention, selling your product and experience to them, and getting them to return to your store.
Each of these parts have different requirements for success, but retaining the customer might be the most complex.
Ecommerce giants like Amazon are becoming stronger, and ecommerce as a whole is experiencing growth at an unprecedented level.
However, there’s one statistic that is slightly disconcerting for many retailers.
William Faulkner once wrote, “Always dream and shoot higher than you know you can do. Do not bother just to be better than your contemporaries or predecessors. Try to be better than yourself.”
Growing content with yourself or your business is incredibly dangerous.
Imagine for a minute that the year is 1849.
A new resource has been discovered in the rolling hills of California, and some say it can make you rich.
Do you pack your bags and head west? Or do you pass on the opportunity and focus on your livelihood at home?
Pricing hacks are small tactics that can make big impacts on your ecommerce sales.
If you’re a retailer, the idea of trying something new might warrant a bit of caution moving forward.
Every retailer’s conversion rates could use a little push. The only question is how they can attain and surpass their desired conversion rates.
Many retailers resort to temporary ideas like discounts or free shipping to draw customers into their store, but the reality is that while these are useful to increase sales, they aren’t sustainable strategies.
Retailers often go to great lengths to ensure the consumer’s path to purchase on their site is laid with gold bricks and pleasant surprises.
Unfortunately, many allocate too many resources to the path and a meager amount to the destination.
If you’re new to the ecommerce industry, I’ll let you in on a “little” secret. There’s an 800 pound gorilla in the room that is nearly impossible to take down.
Its name is Amazon, and it’s the largest online retailer in the western hemisphere.
The ecommerce landscape is a competitive one. To guarantee success online, retailers can get help from various resources that will improve their presence.
This help usually comes from third party add-ons that specialize in different aspects of an ecommerce business.