Retailers manage to earn a lot, especially now with the global pandemic closing most stores and businesses slowly transitioning online. If you are a retailer who operates on the net, there are a lot of opportunities waiting for you. It’s impressive how much e-commerce progressed in the past few years. So much that now everyone is talking about it. The internet is filled with YouTube videos and text-based guides explaining how to become a retailer and start your own business.
Although this is a great thing for that particular branch in general, it comes with one major disadvantage. You guessed it right, it’s the competition. The more attractive this type of business becomes, the more competition you’ll be facing. And, that’s exactly what we’ll talk about in today’s article, beating your competition by using price comparison software.
1. It saves a lot of your time
There’s no doubt that automation saves a lot of time. This is crucial in smaller businesses. If you are the only person working in your startup, then there are a lot more important things you need to focus on. Why optimizing the prices on your own and risk making a mistake while wasting your time, when all this can be done by a sophisticated software?
Think of this as an extra person that you have to pay only once. The perfect employee that has a much lower chance of making a mistake. And, don’t worry if you are not experienced or tech-savvy. You can learn everything in just a few days, and it’s going to save you years. To know more about real-time price comparison software by Intelligence Node click here.
2. Software tends to make less mistakes than a real person
Computers are not perfect. AI’s make mistakes. But they can also receive updates and improve by self-learning. So can a real human, yes, but at a much slower pace. And since this is a job where numbers are very important, it’s a bit robotic and not the best position you can offer to a real person.
Besides that, a price comparison software does a lot more than what the name suggests, which is what makes it such a worthy investment. When collecting data, a real person cannot keep up with the pace, especially if your business keeps scaling and you need to track a lot more products each new month.
3. Without constantly comparing prices you are losing customers
Experts believe that it was never easier for consumers to analyze and compare prices, which is both a blessing and a curse for those in the retailing business. Why is that so? Everyone has a smartphone nowadays and a reliable internet connection, which allows them to quickly compare your products to those your competitors are selling. If they see a better price they will not even return back to your website. They’ll click the “order now” button and just like that you’ve lost another customer.
If this keeps happening for a while, your competitors will take over and you won’t be able to come back from the bottom since the business world is pretty cruel and unforgiving. But, if you have constant and automatic optimization of prices, you are not leaving any room for error. The only question is how below the competitor’s price you’re willing to go, and that’s exactly what we’ll talk about in the following section.
4. Cutting too much without analyzing data will do the opposite of success
It’s a great idea to cut below the price of your competitors, as your customers will obviously choose your product over theirs simply because it’s cheaper. However, there is a point where cutting to gain a customer starts inducing a loss in your profits and it’s simply not optimal. Well, this can be the result of a human error, but rarely the mistake of a price optimization software.
Also, imagine all the different currency optimizations that you need to do for each and every one of your products without having such a helpful tool by your side. And, whenever you need to bump up the prices or drop them, you’ll have to manually readjust this for every product once again. It’s basically impossible to keep up with the tempo, and that’s why we need our computers to do it for us.
5. Repricing takes less time because it’s automated
Repricing takes less time because it is completely automated and it doesn’t rely on a real person to do it. There are no risks of your employee calling in sick or delaying things because of certain events. Put yourself in the shoes of a customer and you’ll understand how they think and what you need to do be successful.
Even if you are loyal to one seller for a long time, if they are not being competitive with their prices, you’ll obviously switch to someone who has better prices.
6. Price comparison software protects your brand’s identity
Last but not least, if you build a name for yourself in the eyes of your customers, for example “not exactly a premium brand, but slightly more expensive and of higher quality than cheap brands”. You should keep your status in that area, and you’ll attract a certain group of customers that will slowly become loyal to your brand unless you do some drastic changes.
Technology improves everything around us, and leading your own business to success is definitely something that can benefit from it. A price comparison software is not a large investment, but it can indeed earn you a lot more if you use it properly.
Thankfully there are a lot of guide and explanations available for you to see, even if you are totally inexperienced with this. And, if you are still considering whether this is the right choice for you, the six reasons listed in the article above will help you realize the importance.