Use “algorithmic repricers” to adjust product rates to challenge competitors’ pricing

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 11, 2019, 9:57 AM UTC

Streamline growth by relying on ecommerce platforms that can integrate with multiple online marketplaces.

Quick launches, established programs and the ability to instantly reach built-in audiences make online marketplaces beneficial for ecommerce businesses. However, to be profitable, they must identify which online marketplace is best for them.

To achieve online marketplace success, the author recommends ecommerce brands to optimise their product content and images, create compelling descriptions and find the best categories. They should be prepared to invest in digital marketing to draw attention to their products. Since these marketplaces charge seller transaction fees and commissions, businesses should calculate their profits carefully.

Automating the process to adjust product prices can help brands adopt competitive pricing. To avoid fulfillment costs from eating into profits, brands should have consistent access to competitive pricing and delivery options.

Read the original article

[10 minute read]