The appeal of online shopping has hurt the growth of physical retail stores in the U.S., as several enterprises have been forced to close or may be closed in the future.
It’s partly unsurprising that most Americans want to shop for products at their own time and comfort, especially when you can do it at home. Aside from convenience, the other driving factor for the popularity of online shopping involves better deals in the form of discounts and other incentives.
As technology redefines the landscape for the retail sector, businesses should find ways to step up their strategies to make sure they won’t get left behind by competition.
An online price monitoring tool like PriceManager can be useful for companies to determine what range of prices for certain items appeals to their target market. It will also give them an idea how their competition values their products, which in turn will be significant in how your business would try to offer better value for your merchandise.
Since consumer price sensitivity has persisted as the most prominent challenge facing retailers, online businesses should be familiar with competitive pricing to make sure your business stays ahead and retains, or even expands, its client base.
Regarding pricing challenges, a survey revealed that retailers consider their competitors’ more aggressive pricing tactics to be another challenge for them. Unfortunately for many businesses, most consumers only find a product worth buying if it carries a low price tag.
Despite consumers’ obsession with bargain offers, your business can sway buyers’ perception on low price as long as your product resonates with consumers’ needs.
The popularity of online shopping in the U.S. has allowed many businesses to innovate how they reach and expand their target markets. Is your business thriving from a booming online shopping activity?