Customers nowadays expect not only personalised experiences, fast and reliable service, but also the best pricing for the products they’re interested in buying. Knowing your customer and what drives their purchasing habits is important.
Everten Online, Kitchenware Online Retailer, spoke to CMO about how they exceed customer’s expectations.
“Being an online store, you lose that face-to-face with customers, and we really try to go the extra mile by helping our customers and giving our customers good advice when they call. We have very knowledgeable customer service team,” he says.
However, knowing what competitors are doing is crucial, especially when it comes to pricing and promotions. You can’t afford to let your current or potential customers check out your competitor’s website because they have a promotion on that you didn’t know about – this data needs to be delivered in real-time to allow fast informed decisions to be made.
Everten sees the importance of effectively monitoring their competitor prices in order to understand the market and become more competitive. According to their Marketing Director David Kahn, who has been using SpotLite as their price tracking solution, they now have a clear view of their competitive landscape and are able to win more sales:
“It gives us an understanding of our competitor’s strategies and tactics. We are starting to notice patterns in their behaviour – when they are choosing to go on sale and when they are changing their pricing, and what time of the week they are doing it.”
You need to stay on top of how the products are being priced in the market and understand in more detail your competitors promotional calendars to ensure that you can always stay competitive and, most importantly, maximise your margin.
SpotLite provides multiple benefits, according to Everten:
“SpotLite has also helped the improve margins in categories where it was pricing significantly under the market, and has returned a large chunk of time to the team”.
Productivity & Efficiency
“Having SpotLite really helps us in terms of monitoring what our competitors are selling at, and saves the hack work in monitoring the weekly newsletters and promotions,” Kahn says. “It has helped us with the productivity and efficiency in being able to change our prices. It saves us the time in researching for ourselves and having to be on top of when promotions come out. It reduces manual errors as well, and gives us a holistic view of the market.”
Real-time Actionable Pricing Data
“It is a lot more convenient, with the notifications being there in real time, and saving us a loss of sales from customers shopping elsewhere because we haven’t changed our pricing quickly enough. “
Competitor price monitoring is critical and retailers who aren’t doing it will fall behind, especially in the age of Amazon. Read the full interview with Everten.
You can try SpotLite free for 15 days to see for yourself the power of real-time price tracking. Sign up now!