Steadily growing competition in e-commerce retail makes it a challenge for pricing and category managers for online stores to upgrade their marketing activity to increase the conversion rate on the website.
To stay ahead of the game, retailers are looking for new ways of conversion rate optimization that can be used on their e-commerce website to increase margins.
Retail analytics says that 8 out of 10 customers compare retail prices before making a purchase, therefore the conversion rate is highly affected by e-commerce pricing as one of the most important factors of conversion rate optimization for e-commerce retail.
The best retail cases show: the growth of conversion rate, are always based on competitor price monitoring.
The best retail software has to include accurate, reliable, and competitive insights. Therefore, it allows pricing managers to instantly and efficiently react to market fluctuations.
That is why pricing and category managers of online stores typically try to find the optimal pricing optimization software to manage this processes.
Competera Solutions helps online retail to build competitors price monitoring providing all required data on competitor prices in order to optimize e-commerce pricing to increase conversion rate.
Standard marketing package (e-mail, CPC, CPA, SMM, etc. ) is widely used in online retail. However, the question is: does it help to achieve e-commerce business goals?
Among all possible marketing channels, email campaigns have become one of the most powerful ways to push impulsive purchases among e-shops’ customers. Only free shipping and promotions can beat email’s efficiency. Competera did research on how to increase email campaigns conversion by using competitors' prices.
Pricing and category managers of online stores have to remember that price is still the most influential factor in customers shopping decisions.
So to boost the conversion rate of email campaigns every marketing expert should attract attention to the current information about the item status on the market, e.g. use the competitors' prices as a reference point.
Competera recommends three easy and efficient steps to increase the conversion rate using data about price.
Get more information about the conversion optimization solution here.
because of benefits suggestions which are price monitoring on SKU level, timely data delivery (if one needs data at 9 am - Competera delivers it at 9 am), notifications on competitors price changings and price history analytics.Learn more