A smarter way to do E-commerce business using data intelligence tools
E-commerce is an extremely competitive market and a business owner cannot ignore the fact that it is harder to get leads in this industry now. The e-commerce ecosystem is now a well-established market and it’s hard to convert users to your business because of all the competition. Nowadays, companies are fighting over marketing, product quality, and prices and hence making it harder for other businesses to get visitors to other websites who can end up as customers.
To resolve this problem, companies are looking for data intelligence techniques as with the help of them they can improve their pricing models by using different tools. With an effective pricing model, a company can compete with its rivals better and for this, they need more than just price comparison sites. It’s hectic to compare prices of each and every product on your competitor’s website and map it on your website.
Main factors to succeed in E-commerce Industry:
Pricing is the main factor in the e-commerce industry and the company with the most competitive pricing model will surely surpass the sales other than a company with the pricing model that’s not following competitors. Consumers are always in the search of best products at best price which they can afford. It’s hard to know customers pricing strategy without using data intelligence. For this, pricing tools are used other than websites used for comparing prices of products. These tools fetch the data a company needs and prepare an automated report that plays an important part for the pricing team to add value to their products that consumers will appreciate. The tool offers price tracking and analyze changes using price tracking algorithms and also suggests the best possible prices for the products. After using these tools, your e-commerce company will get some ground in the market and you will soon feel that you were missing out all the time.
Things to do before automation:
Like all the other apps, data intelligent apps also require some information from the users before they start working for you. Here is the information that these tools require before starting up:
- Define competitors
- Define important products
After deciding what’s the best answer to these questions for your business. Make sure that you set up the tool in the right way so that it can give you best outcomes. Sometimes companies know their rivals and what they are selling but it’s hard to identify every website that is selling products similar to yours. In order to solve this problem, a company can use Google Shopping, Alexa and SimilarWeb to test rankings of these websites. Analyze them and see how they are affecting the market and compare their products with yours.
Advantages of automation?
The prominent advantage of automation can be figured from the name automation, it simplifies the workload by automating the tasks that can take too much time if done manually. Here are the advantages a company can have out of automation of price analysis:
- Frequently updates
- Alerts and notifications
- Coverage of industry/market
- Reporting of the whole scenario
- App Integration with ease
- No headache of manual work
The outcomes of automation are mostly positive if done and integrated in the right way. Many companies are using these tracking tools to handle all the operations of the company. It’s hard to do all this tracking and analysis without a large team which can cost more than these automation tools. That’s why these tools are an asset for companies who are struggling in the e-commerce ecosystem and these tools are a must for them. With these cloud feature enabled tools, a company can do much more and increase their revenue with an affordable monthly fee.