Retailers are busy. The merchandising department may be short-staffed with 100 things to do. They need data that they can action instantaneously to get an edge. We hear – what are the things that you can tell us that we can act on that will give us an edge.
Here are the 3 things that GrowByData’s pricing data can give edge seeking retailers –
a. We tell you about the products that you sell. If you are the only seller on a top-selling product and you know what price you sold in the past, you can increase/decrease your price, advertise and pick up market share.
b. We tell you about the products that you compete with others but are cheap. You can increase the price and remain the cheapest. You can massively advertise that product and win the sale.
c. We tell you about expensive products. You can drop prices up to your floor, yet not lose money. You can then promote that product.
#a is a quick hit strategy. If you are the only seller on Amazon and marketplaces, and advertising on Google on a hot selling summer sunglass, you can advertise and win the market.
# b and #c are also quick hit strategies to increase your return on ad spend by doubling down on SKUs you have an edge over the competition.
GrowByData works with 100s of retailers and manufacturers to provide price data and suggest optimal price changes.
Get your free price report here.