There are regular markets, there are dynamic markets, there are extremely dynamic markets, and then there’s the audio & video equipment market. Numerous price changes in a single day across various product categories are the name of the game in this case.
Changes this frequent can give you a headache just thinking about them. Imagine having to actually respond to them and adjust accordingly, and in the worst case, do all of that manually. It’s not a pleasant thought. Luckily, Price2Spy has a client in such a dynamic industry and we’re confident to say that we’ve solved all of their pricing issues.
If you’re working in an industry that is as dynamic and competitive as audio & video equipment (or even more) then keep reading this case study to find out how Price2Spy can help you.
First, a quick disclaimer. We’re not saying that audio & video equipment is the only such dynamic industry. There are many others, of course. From whichever industry you’re coming, if its market is dynamic, the findings of this case study will also apply to you. Keep reading!
Our Australian client is a retailer of music and audio & video equipment with 25 full-time employees. Their Price2Spy account has 5 category managers. In relation to the total number of their employees, this is a high number, and it signifies that they’re placing an extremely high importance on their pricing strategy.
In total, they have 1800 products on their WooCommerce store, out of which 800 are being monitored by Price2Spy. To be more precise, Price2Spy is monitoring the prices of those same products on their competitors’ websites. In our Australian client’s case, there are 45 competitors’ websites. On average, each product out of those 800 being monitored, can be found on 5 different competitor websites. This means that not every competitor has in stock every product from our client’s assortment.
What’s special in this case is that this client uses different criteria & pricing rules for different product categories. For example, in one category our client wants to always be 1% cheaper than competitors, and in another category, they want to be 5% cheaper. In this case, one of the deciding factors when setting up these rules was what the competition was doing.
In your case, competitors’ activity may or may not be relevant (but chances are, it most likely will). Anyhow, it’s important to understand that Price2Spy is highly customizable and that we can adapt to your needs, no matter what they are.
The most important indicator of both how dynamic this industry is and how adaptable Price2Spy is the frequency of price changes on a daily basis. This client performs 8 price changes a day! And they’re all automated. Automation means that Price2Spy performs repricing directly and without our client needing to spend time reviewing and approving or disapproving these changes. In such a large and dynamic market, this means saving significant time & other resources.
In this specific case, this means that (on average) every 3 hours 3 to 5 products are eligible for Clever Drop and 1 or 2 products are eligible for Clever Raise. What our client does is that they occasionally log in to their Price2Spy account to check the Price Matrix report and verify that their competitors’ pricing strategy has changed.
Take a look at some additional details about the client we’ve talked about and see if you have similar needs.
If you are running an eCommerce store, you should consider using a price monitoring tool such as Price2Spy. No matter the market conditions, our solution is highly customizable and adaptable.
To ensure you make the right decision, we have decided to offer a Free 30-Day Trial for all new users.
If you have any questions, send us an email at email@example.com – we’d be glad to help!
|Number of products||800|