But, businesses should first identify competitors’ prices, market demand and perceived value of their products.
Instead of selling products at the lowest possible prices, businesses should find out the prices that can reduce consumer purchasing friction and increase profit margins. Leveraging pricing software can help accurately accumulate competitor data, conduct market analysis and then strategically price their products.
To manage inventory and ensure proper demand-supply flow, ecommerce businesses can leverage a perpetual inventory management software. It can help brands track real-time movement of inventory and gather important insights like the cost of goods sold and cost of inventory purchases.
Perpetual inventory management can further help businesses mitigate damages and inventory theft. With the majority of consumers switching to ecommerce brands due to the pandemic, online brands should also leverage the asynchronous mode of communication like emails to improve customer support.
[10 minute read]