Fotoprofi – Germany
How Price2Spy helped Fotoprofi to reach further profit growth
Everyone has the potential to be a creator – they just need the right equipment. But, following your creative vision can be expensive, especially if you’re a beginner. German photo retailer Fotoprofi is very aware of this, providing photography products and selling (or renting) used products such as cameras and lenses. Therefore, their customers can find the best way to afford to see the world through their lenses.
Fotoprofi is a company with a long tradition, having 8 stores in southern Germany, and being trusted by hobbyists and professionals. And while they help their customers to get the best possible view of the world that surrounds them, Price2Spy helps them to see and understand the market.
Key challenges
Serving customers with the best local service and availability at reasonable prices can be a very challenging task. If you add to that the fact that Covid restrictions kept the stores closed, the period of transition to online stores, adjusting the prices, and fighting the competition, you can get an idea of how difficult these couple of past years have been.
Fotoprofi also noticed that photography is becoming a niche or even a luxury hobby, meaning that they needed to understand new ways of “attracting” their customers to spend more. In other words, they were looking for a way to increase the customer’s average spending.
The company understood that it would need more in-depth market insights and that it would be smart to ask for help from professionals. They checked local price monitoring tools, which could give them a lot of price data, but there was no entry-level use case, which, at this point in their company growth, was needed.
While continuing with their investigation, they stumbled upon Price2Spy and decided to give it a try.
Price2Spy’s given solutions
During the initial meetings, our Price2Spy team understood what are the Fotoprofi pain points, and would they would like to achieve:
- Extend the product portfolio at reasonable prices
- Keep costs low, react on time
- Keep the margin as high as possible
We at Price2spy couldn’t agree more with the saying “Time is money”. If the company is not aware of price changes immediately, its potential profit is just gone. That’s why we always advise our clients to use Alert emails for a timely reaction. With Alert emails we inform them about the price change as soon as it occurs, so they can make necessary actions. With Alert emails, Fotoprofi got the chance to react on time and have a better understanding of when to decrease or increase the prices in order to stay competitive.
Another important feature that turned out to be very useful for Fotoprofi is the Automated Matrix. Price2Spy offers a variety of reports that can be further customized to the client’s needs. However, out of all the reports that we offer, Price Matrix is definitely the most popular one. In this report, clients get a full overview of what’s going on in the market. They can see all the monitored websites and products, and how they stand in comparison to them. Price Matrix can be automated so that the clients get it at a certain time, and we also keep constantly improving it.
It’s also important to note one more feature – Capturing image URLs. Price2Spy is able to capture many things on a website, and capturing image URLs is one of them. Our client has expressed the need to capture this information as well. Why? Well, very often prices are displayed as images, thus, they would go unnoticed by many price monitoring tools. However, Price2Spy has the option for enabling some user-specific features, such as capturing image URLs, so the client will be informed about the price change even if it’s displayed as an image.
All this resulted in their growth in the last 12 months being better than the market average, and Price2Spy was one of the pieces that contributed to that success.
The client also pointed out that potential issues are fixed almost right away, and that our customer support is always at their disposal.
“Price2Spy – easy to use / this tool helps us to get our benchmark products under control and is part of our company growth.”- Alexandra Gärtner, Head of Procurement
Do you also struggle with competition monitoring and staying on top of the market? Don’t waste any more time and start your 30 days free trial period with Price2Spy.