Online shopping has exploded in the modern age, with a market of four trillion shoppers predicted by 2020. With that, more sellers are trying to stake their claim on the market. So how do new brands get a leg up on the competition?
Monitor competitors’ prices
Pricing is a big part of the game. Having competitive price points can help you stand out and make it that much easier for an online buyer to hit the checkout.
Knowing your category and the extensive range of pricing in your lane can help you cater to the market better. There are tools you can make use of that are specifically designed for both retailers and manufacturers so you can manage your pricing and track the market.
You can monitor the prices of your competitors. With this kind of manager, you can have a better grasp of how your products are working for you. By collecting data on thousands of products in your catalog and your selected competitions, you can integrate a better business strategy into your plans.
Doing this can help you determine when to drop prices and which products to do that with. Hitting sales at opportune times can change your selling game.
While having an online store or a presence on an established marketplace is good, it’s better to integrate social media. This action goes beyond posting about your goods. By linking your storefront to social platforms, such as Facebook and Instagram, you can increase engagement and sales.
Some social networking sites allow you to manage your store within your page or allow you to link prices in your photos and posts. Interconnectivity makes it more convenient and streamlined for consumers. On your end, this leads to quicker sales and a higher likelihood of more transactions.
Most people who shop online are also the same people who spend their time on social media. Using it helps you track your demographic better and see what kind of digital marketing best attracts their attention. Linking social media to your business makes the turnover from call-to-action to purchase much smoother.
A majority of users end up impulse buying online through their mobile phones. It is because scrolling on the go is much more comfortable. So, if your platform and your targeted marketing are geared towards the mobile crowd, you have a higher chance of capturing buyers quickly.
First, consider your business’s marketing. Digital marketing is a surefire way to get attention from a market filled with people who are scrolling through. Giving them a reason to stop and click on your goods is one step towards getting them to buy. Research has revealed that a lot of these users buy the item within an hour of spotting them on their mobile.
While making ads more mobile-friendly is a great tactic, this must be followed up with having a platform that is as user-friendly on these devices. If it’s hard to get around your website or check out your products on the phone, it’s easier for users to turn their attention to other things. Take the time to make mobile shopping a smoother process, even down to your customer support.
These are just some of the ways brands can penetrate the online market. With these tools and tactics, you have a step up in the market competition.