2020 sure had a lasting effect on all of us, especially when it comes to online shopping. The pandemic has accelerated the shift towards a more digital world and triggered changes in online shopping behaviors that are likely to have lasting effects.
A survey by UNCTAD shows that online shopping has increased by 6-10% across most product categories. Furthermore, a recent US-based study shows that by 2023, 91% of US citizens will shop online.
This is the prime time for any retailer to establish their trade on online platforms and marketplaces. But, just being present online alone doesn’t help you get more sales conversions. You must be smart enough to outsmart your competitors and become the prime player in your respective field.
But, one question may linger over your head. How do I outsmart my competition?
By perfecting the 4 Ps of course – Product content, Placement, Price, and Promotions.
Let me break it down for you.
Perfecting Product Content:
Product content is one of the essential aspects when it comes to selling online. A product’s content can make or break your entire business. Hence perfecting it is an unsaid rule.
Product content is your chance to show your authenticity, to show why customers should choose your brand and why your product is a perfect fit for them.
Six out of every ten customers prefer a brand purely because of the quality product content they have. The content that we provide needs to be rich and also at the same time understood by all.
Also, in this digital world, where the competition is so high, your product must be easily identifiable. Content plays a vital role in that. Optimizing the content can help you rank better among other brands.
While many manual methods can help enrich the product content, automation is the need of the hour. Digisense360, a digital shelf analytics platform, enables you to enrich content by comparing it with the market and optimizing it, thereby helping you rank better.
Placement in the ecommerce world refers to different marketplaces. A customer in the United States may prefer purchasing via Amazon, whereas another customer in England may prefer purchasing via Walmart.com. It is up to us to make our products available across all the platforms where our customers are present.
Product placement creates an image of the company’s products in the mind of consumers. Many retailers find it difficult to place their products consistently across multiple marketplaces. Amazon may require certain product information that may not be relevant to Walmart.com. Retailers must be aware of what is required where.
That is where an automation software helps in perfecting the placement for retailers. Integration plays a key role. Everyone is competing for a place online, and we must be smart enough to integrate and place our products in all different marketplaces to get the best possible chances for sales conversion.
This is the toughest to perfect among all the 4Ps. Pricing your product may look like a straightforward process, but it couldn’t be more complicated.
We live in a highly competitive world, and customers are spoilt for choices. If you price your products too high, your customers are more than happy to move on to something else.
On the other hand, if you price your products too low, your authenticity becomes questionable along with your profit, which takes a huge hit. Achieving that perfect price can do wonders for you and your business.
Digisense360 helps you in that regard by providing automated pricing intelligence that enables you to price your products perfectly. You can achieve better customer satisfaction, which ultimately leads to more sales.
Pricing your products to precision also requires competitor tracking. We should monitor at what prices our competitors are selling their products so that we don’t miss out. Automation and AI surely help in monitoring competition and perfecting our product’s prices.
A satisfied customer provides more sales than any customer that we acquire. Satisfying our customers is one thing but promoting the same is another.
Retailers need to monitor their reviews and ratings online to get the best possible chance to make more profits. Perfecting your product promotions can help you in this. Images and other digital assets are crucial for a product to be sold online.
Retailers must make enough efforts to promote their products so that customers buy from them. This improves the authenticity of the product and also provides an edge over competitors. Along with Digital assets, reviews and rating platforms also play a vital role in promoting a product.
Digisense360 delivers a medium to monitor all your reviews and ratings online to perfect your product promotions.
Automated software platforms like Digisense360 can go a long way in helping you perfect your ecommerce journey. With the world rapidly moving towards a completely digital world, perfecting your software first can do many good things for your ecommerce business.
With AI and automation becoming a norm these days, it is up to us to make the best use of technology out there and give ourselves the best possible chance to stay on top of the market.
Remember, Nobody is perfect, let’s start changing that.