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Historically, discounting has been a lifeblood for many retailers. And the bane of their existence at the same time.
Now, the 800-pound gorilla of online retail appears to be experimenting with ditching discounts. Sort of.
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.
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.
With more and more websites seeing the majority of their visits from mobile devices and Google paying more attention to mobile friendliness, it's no surprise that the small-screen experience is top of the agenda for companies.
Ecommerce has been making its mark the past couple of years, but is still only a fraction of the overall retail industry.
Online retailers and ecommerce professionals have been eagerly speculating that online retail will soon overtake brick and mortar stores in terms of popularity and sales.
Despite optimistic holiday numbers, research has indicated that these speculations are simply not true.
We live in a constantly changing market, why should your prices be static?
That title’s kind of a big statement, but it’s true. Customers face an array of prices for identical items from store to store. But why?
Well, some stores are trying to beat competitors’ prices, and others are raising prices based on an increase in demand.
Dynamic pricing is a pricing strategy in which prices change in response to real-time supply and demand.
While this isn’t a brand new pricing strategy, (American Airlines first introduced it in the early 80’s) it is currently taking ecommerce by storm.
Dynamic pricing allows retailers to remain competitive with 24/7 price monitoring and changes, boosting profits by 25% on average.
Online price discrimination has attracted immense popularity and heat in the last few months when the Wall Street Journal revealed some websites that used variable prices based on users’ location and other statistics.
This came as breaking news for those who used to think of the ecommerce market as a reliable and fair shopping arcade.
So, let’s see how this thing works, and how you can save yourself from this manipulation.
From social media sentiment analysis to digital ad buying, faster is increasingly seen as better, or at least necessary.
So it's no surprise that the ability to generate lots of data and analyze it rapidly is changing the way products and services are sold.
Some believe that ebooks, and accompanying ebook readers like the Kindle, are the future of print publishing. But for now, it appears that publishers are more likely to see them as a potential industry-killer.
Case in point: two large publishers, Simon & Schuster and Hachette Book Group, announced the other day that they'd delay releasing ebook versions of some new books for four months after the hardcovers hit the shelves. The reason? It's one way to fight back against the lowly prices seen in the ebook market, where most bestsellers now cost less than $10.