Nowadays, e-commerce has become an integral part of any business. In fact, it is believed to claim 17% of the industry by the end of 2022. The rapid growth of e-commerce, however, has also given rise to several challenges in the digital market.
In order to gain a competitive edge in this crowded segment, leaders must enhance their pricing capabilities to remain competitive.
of consumers spend their time hunting for the best online deals.
of consumers say it is important to compare prices of different sellers.
of consumers consider pricing the very first criteria for their buying decisions.
of businesses consider the competition and the market when setting their prices.
Adapting to a rapidly evolving digital commerce business might seem complicated. When entering the e-commerce market, it is crucial to know the challenges you might face. Here are the most common pricing challenges businesses can encounter:
The Internet gives equal opportunity to everybody! As a result, the e-commerce segment became extremely competitive, with possibly hundreds of other businesses offering the same products or services to the same target audience. Web shops want to avoid a race to the bottom - the self-defeating exercise of trying to beat the price of every competitor, on every item.
When building a successful e-commerce strategy, being consistent becomes one of the most essential elements. Customers usually make use of multiple platforms to search for items before making a final decision. This requires businesses to provide seamless purchasing encounters through every product or service they offer.
Another important challenge e-commerce businesses might face is lacking a personalised approach. It is undeniable that personalisation nowadays is a key factor for successful customer experience. Amidst the buzz of the digital world, businesses miss out on developing a one-to-one relationship with the customers. 84% of customers report that being treated like a person, rather than just a number that contributes to a company, is crucial when it comes to the customer experience.
Offering the optimal price to your customer is very important for the e-commerce business.
Here are some reasons for using dynamic pricing software in the online market:
