For online retailers, repricing should not be manual as it's a very long and tedious procedure with higher margins for errors. It’s not easy to deal with thousands of items. Now visualize going for the manual methods to reprice all these items. It is uncreative, and it also deposes the work quality.
During the pandemic times, digital presence got significant. A substantial amount of retail activities happened via online platforms. So, the e-commerce marketplace saw a flourish that nobody had expected. This shift implied newer opportunities and effective strategies.
Why Doing Manual Repricing of Products is a Bad Idea?
While customers want to choose from a range of products or services, they will choose the one which benefits them. To compete, you need to be hands-on using competitors’ price monitoring. It would help if you utilized some price monitoring tools to stay in touch with competitors and customers. It will help you stay competitive and maintain your business inundated to help you stay gainful using data.
Two ways are there for repricing products - Automated and Manual.
Pricing is a vital factor in making purchase decisions. Baymard Institute’s report state that the average abandonment rate of documented online shopping cart is 69.82% because of additional costs like taxes and shipping. This average depended on 46 various studies for cart abandonment. In the meantime, another study suggested that 94% of online buyers always compare prices before purchasing online. Amazon is an e-commerce company that is a fan favorite!
The speed at which Amazon does repricing of its products is just incredible. Using manual price monitoring, it’s not easy to match the competition level. You will need to shift towards automated solutions. Plus, upgrading to automation from manual will assist in saving time and increase efficiency.
Why Switch to Automated Pricing Intelligence Solutions?
1. No Tiresome Work
Manual price monitoring is awkward, although you're not a massive online retailer. It's also a repetitive activity. Tracking products in the catalog which your competitors are selling is much more complicated. Though, using an auto tool will assist om cutting down the work amount.
2. Bigger Market View
Unlike manual price monitoring, you don't need to limit the total products you wish to track. You can look for competitors' products and their prices.
3. Stay Informed About Price Changes
Updating prices in real-time while coming to manual price monitoring is impossible. It's not a beneficial place, provided the speed through which the market is growing. You blink for a second and will miss significant changes like price drops, new competitors' entries, sales campaigns, etc.
Auto price monitoring is a way of keeping you well-informed about all the changes. This will help you set alerts to find all the changes and respond quickly.
4. Decreases Human Errors
Visualize working for many hours to collect essential data only to get trivial errors! It is frustrating and also affects strategic decision-making. Errors will come no matter how cautious you are. However, total errors will decrease significantly when you utilize any automated solution.
5. Concentrate on Data Analysis
Manual price tracking costs, efforts, and time. Although you can grab this time while you utilize an auto algorithm. This will help you devote time to conducting data analysis. You could concentrate on gathering data during auto search and create price strategies accordingly. This will help you become responsive to market changes and optimize your pricing strategy.
6. Stay Informed Using Price Changes
It’s easy to use manual repricing. However, auto repricing is a safer option if you jump into a bigger pool of sellers selling popular services or products. You will face competitors and would be an e-commerce giant like Amazon. Technically, going through Amazon's inventory and repricing things every 10 to 15 minutes is impossible for a human!
7. More Sellers
Typically, sellers reprice inventories based on pricing set by competitors. Imagine new arrivals in total sellers, and that’s where chaos happens. With auto repricing, tracking sellers becomes easier than all manual repricing procedures.
8. Nobody’s Doing It Any longer
Most sellers are doing something that will make that clear. Automated tools used for repricing are giving better results. And if supported by data, it could be something you need to follow.
9. Manual Costing is Higher Compared to a Tool
You will need too many person-hours to do manual work like price tracking. As it's not something you can do alone, the company needs to hire additional people to complete the job. Paying for a job that a tool can easily do is unwise. Instead, you should do automated repricing to avoid a hole in your pockets!
Wrapping up
Auto repricing solutions are more accurate and feasible with quicker results. You will get quick ROI using auto pricing software as an immediate result. Though manual price tracking could complete your job, it would be more on smaller-scale levels. In addition, it's not valid in a tech-savvy world with limited uses.
As manual repricing is sufficient to get short-term objectives, our auto data scraping tools will benefit in the long time. It's time to be competitive and proactive! Contact Actowiz Solutions now! You'll create a sturdy pricing strategy with automated pricing solutions from Actowiz Solutions.
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