Changing competitive environment and shifting market conditions make price the core driver of purchase decisions for clients globally. Not surprisingly, smart price monitoring allows us to adjust the suggested price on products every time new market conditions emerge. As a result, staying on top of the game with effective price policy can both enhance brand perception and effectively root out wide price disproportions existing on the same product.
Here you will learn about:
- type of data available through the report functionality;
- why optimization is so important;
- how price motioning can drive sales with our distribution partners;
- how to support price campaigns by smart price monitoring;
- practical applications of smart report data.
Why bother with price distribution report?
Well-conducted reports themselves being data gold-mines for producers and distributors, the price distribution reports carry the most significant information on price policies for specific products that our retail partners pursue. A reliable report delivers all data necessary to generate price distribution patterns for specific products, provides the average price and average price over a timeline on selected merchandise, the number of units sold over a specific sales period being easily measurable.
What makes this data so important? With a good analysis in place, product’s market performance can be easily checked in real time. This is especially vital for producers as it allows them to track the price range on products with different distribution partners. As some of the retailers might be underselling or inflating the prices on our goods, a practice that might prove detrimental to the brand itself, the right data in hand can help nip such unhealthy strategies in the bud. The fast overview feature available in the report makes analyzing our partners’ price strategy, optimizing prices and developing pricing plans swift, effortless and affordable.
Let’s imagine our product is on offer by five different partners. Thanks to data provided by the where to buy solution, we can monitor and develop relations with every single retailer on a highly individualized basis by, for example, creating extensive personalized price campaigns for selected partners, or rewarding distributors with time-limited price promotions, as well as verify the effectiveness of such campaigns for all parties involved.
The role of price reports in boosting sales
The where to buy plugin can prove extremely useful if you’re looking to increase sales on products deemed less attractive in terms of price. Also, basing on the data gleaned from the widget, you can easily launch a price drop campaign with your partners on any slow-moving merchandise. On top of that, we can adjust the price on any end-of-line stock or items available from only one distributor so that it meets current market demand. As the where to buy analysis is derived from our general pricing strategy, we can be sure that such price drop promotions will not do harm to our other distributors. On the contrary, with the help of the widget data we can devise award plans and discount schemes in any category to promote and reward selected partners.
The where to buy-assisted drafting of price promotion plans should be seen as a decisive step towards omnichannel retailing. If clients browsing for products land on the producer’s website, the where to buy plugin can quickly inform them about the exact POSs that carry the desired item, be it on- or offline. Every touchpoint will offer a uniformly smooth shopping experience, which is the go-to solution for any brand. If, on the other hand, we wish to promote one specific store, the widget offers the option to position for any time period only the shops strategic from our point of view. (Link).
What is significant, the widget gives us full control over what price range is displayed on our website, that it filtering sellers by price or by product availability features. Also, if a partner should count against our brand by underselling our products, we can easily identify and isolate such transgressions and reprove them by striking the distributor off the promoted shops list. On the technical side, all report data can be exported to a downloadable file in an easy-to-present format and can be used in preparing assisting sales campaigns.
Analyzing channels of distribution and managing customer traffic
The sales breakdown report provides a clear overview of your online distribution pipeline and sales in the e-commerce channel. Producers selling exclusively via external distributors can use the report to learn about active traffic volumes between their own website and the distributors’ platforms, also monitoring the actual sales and conversion rates on their items. With all data at hand, analyzing the position of individual stores on the market is practically trouble-free.
What key advantages do the where to buy reports bring to your business? Basically,
- analysis of minimal, average and maximum prices and price trends on a product, or a group of products;
- analysis of price fluctuations over time. Here we can check whether specific products exhibit seasonality. We can also observe reaction strategies of individual shops to price competition;
- checking if and how price drops affect product sales;
- analyzing which product groups are more price sensitive than others;
- analyzing customers’ price sensitivity, and which shops reflect it the most.
Why are the where to buy reports so crucial?
We must remember that producer’s website is considered by many clients to be the most reliable source of information about a product. Vast majority of customers start their online search for goods right there, only later navigating to resellers. The where to buy solution shortens client’s path to purchase, transferring them straight to an authorized seller already from the producer’s site. It is a win-win outcome also because clients feel safer, knowing they have chosen a verified and trusted distributor.
Another issue that our plugin helps to analyze is clients’ price sensitivity. For many customers price is secondary to quality if what they purchase are premium goods. However, price comes back into play when clients’ interest rests with cheaper products. Drafting price campaigns should be based on data obtained from such, often not immediately readable, distinctions.
Our plugin can also assist you in analyzing and preventing price wars. How? It may happen that one or a number of sellers spoil the competitive market by launching strategically drastic undercutting of prices. The where to buy reports will keep you up to date on the retailers who promote good practice and observe price setting standards, and those sellers who employ unhealthy price competition strategies. The where to buy tool makes it possible to check if our distribution partners follow price drop campaigns, whether they proliferate on the margin, or do indeed offer promotional discounts. The reports also show us if our competitors re-adjust their strategies to the discounts implemented by our partners across the board.
Last, but not least, they way we launch promotional campaigns is entirely at our discretion. We can set out to organize discount plans with one selected distributor, one ranking the highest with our customers, or start off rotation campaigns with a number of handpicked retailers. Campaigns of the sort cannot be underestimated as they increase credibility of our partners in the eyes of the clients.
The final word in case
As we can see, with the where-to-buy solution and the comprehensive reports generated by the plugin, the entire online sales channel can be thoroughly analyzed and its performance compared with the offline pipeline. In-depth knowledge about the online sales market becomes truly important especially today, with the e-commerce channel and opportunities it carries growing at exponential rate.