Have you ever wondered which day of the week is best for buying jewelry online? The general perception is that jewelry does not have a significant price competition in the market. However, the numbers tell a different story. Our Google Shopping retail price data analysis reveals that prices do fluctuate in this category, and that means it’s worth a retailer’s time to monitor and track competitor prices matched at product variant levels. This enables you to implement a solid pricing strategy that consistently optimizes competitive prices to boost sales.
Our Price Monitoring, Tracking & Repricing Process
To begin, we tracked and monitored the daily price offers of thousands of items sold by leading jewelry retailers. GrowByData Product Intelligence solutions matched product price competition between retailers to the variant level. Our analytics revealed that Monday was the most competitive weekday, with the highest product reprices recorded at 22%. By contrast, Saturdays and Sundays were the least competitive days of the week, with about 10% price changes recorded for each weekend day.
Price Intelligence Reveals the Best Weekday to Buy Jewelry Online
At first glance, Monday seems like the most competitive day based on the number of new offers recorded. However, digging deeper gets into the specifics of whether retailers are raising or lowering their prices on Mondays, as well as whether competitors offered discounts or lowered prices on other days of the week. These details inform a more nuanced and targeted Price Intelligence strategy.
Let’s Find Out!
A Day in the Life of Retail Price Data
Price Intelligence reveals that the price change activity occurring on Mondays was more often an online retail price being lowered than raised. Of the total number of reprices recorded on Mondays, 12.2% were lowered, as compared to 9.8% that were raised. In contrast, prices were raised more often than lowered on Wednesdays, Thursdays and Sundays. It is also interesting to note that retailers lowered prices 52% of the time, as compared to raising them only 48% of the time.
Price Intelligence for Jewelry: A Case of the Mondays
Our data reveal that, for consumers, Monday is the best time to buy a piece of jewelry while Wednesday is the least favorable. For retailers, that means prices are most volatile on Mondays due to your competitors’ tendency to offer their best prices on that day. This type of Price Intelligence should inform your repricing strategy.