The importance of price in e-commerce – how important it is for customers?
Among the factors that influence purchasing decisions of Poles, price has given way to product quality. However, still almost 80% still indicate it as one of the most important considerations when shopping. This is why online stores need to keep an eye on their competitors’ movements and constantly optimize their pricing policy in order to retain customers and increase sales. Learn about the importance of price for e-commerce and how and with which tools you can optimize your pricing policy.
Price in e-commerce vs. price in stationary store
The influence of price on purchase decision in online store is much higher than in stationary store. This is because retailers in stationary outlets have a much greater range of options to convince customers to buy. These include m.in. The way products are displayed, the quality of service and the ability to persuade, the smell or the music make us buy emotionally. What’s more – comparing prices in stationary stores requires travelling between points, which can also generate costs (e.g. The influence of the price in an online shop is much higher than in a stationary shop. Therefore, the mere fact that a product is on offer is reason enough to make a purchase.
How it looks like in e-commerce?
Meanwhile, during e-shopping we can easily jump between offers of different stores or look for the lowest prices in comparison sites or marketplaces. Google Shopping brings similar offers together in a single view and allows you to navigate to the store’s website.
Therefore, it is more difficult to catch the attention of an e-shopper with something other than price. Of course, you can’t overlook the fact that your online shopping decision is also influenced by:
- attractive presentation of your offer – e.g. Photos and descriptions of products, their exact data, specifications and parameters;
- different payment and delivery options – Each client of an e-store has their own preferences, so more options are more likely to buy;
- high search engine positions – the higher, the higher the likelihood of a visit to the store’s website;
- An easy path to purchase – No difficulties and errors will help to go through the process from adding to cart to payment.
Nevertheless, it is the price that is of key importance. It attracts attention not only on the product page, but also in the search results or in the rankings of comparison engines. Consumers are also becoming more price conscious and aware of how much a product should cost. They can freely compare prices in their area, across the country and even in foreign markets.
E-commerce price monitoring – optimize your pricing policy and gain customers
Pricing optimization will allow you to attract customers who are looking for the cheapest deals or raise prices when there is room for such a maneuver. Automated monitoring of online store prices is made possible by tools that Provide up-to-date data on prices and promotional activities of competitors even several times a day, so you can make pricing decisions that will allow you to achieve high results in the rankings of comparison sites or maximize margin profits.
In addition, they will also inform you about the number of competitive offers or the lowest prices for a given product on the market. Using the data provided by the tools, you will learn which prices you can raise without losing rankings and customers who are looking for the cheapest deals.
You want to earn more from your online store? Try out the tools Dealavo for e-commerce analytics and competitor price monitoring.