All

The Top 4 E-Commerce Strategies for Amplifying Promotional Sales Periods

The prices and listings of products online are constantly  changing – whether it be by the minute, the hour, or day,  dynamic pricing and real-time promotional strategies are  now the key to maximizing profits year-round and staying  ahead of the competition in the long-run. 

These daily pricing and product changes are aside from the  fact that throughout the year, there are many promotional  periods that change the prices or listings of products even  further, such as holidays, or individual sales run by specific  retailers. The fact of the matter is there are many different  variables that retailers encounter throughout the year that  dictate the way their products should be priced or marketed,  and its important they are able to make the split-second  decisions that elevate their listings above their competition if  they ever want to be a frontrunner on the online  marketplace. 

However, many are falling short of taking advantage of the  public data available to them to make pricing decisions in  real time, adjust their offerings to match their competitors, or  even extend their sales period as the market is also doing.  Retailers simply don’t have the capability to access the  public data sets that are available in a variety of formats 

across multiple marketplaces and regions. Therefore, they’re  unable to gain these vital insights. 

So, what’s the solution? Simple: Retailers should try  automated e-commerce web data solutions. By doing so,  retailers can improve listings, click-throughs, and sell-throughs  by automatically cross-referencing competitor prices, item  specifics, titles and customer reviews.  

Clearly, using web data solutions to amplify these four points  will give retailers the competitive edge they need. But what  are the main strategies behind doing so? Let’s find out…  

Competitive pricing 

Pricing a product or service can be a timely and tedious  challenge. Once you’ve decided on a price of a product or  service, you don’t want to waste time and money changing  it because of competitors’ prices or other external factors. It’s  important to use suitable data points when creating price  algorithms to ensure competitive and effective pricing.  

This is where public web data solutions come in. By accessing  available web data, you can assess overall competitor  pricing of the same or similar product or service before  making the decision to change or set a price. Those web 

based data points can help you monitor promotions or sales  that competitors may be running. Additionally, you can see 

where there are supply chain shortages and if there is an  opportunity to adjust your prices, too.  

Listing item specifications 

Another thing to consider is the mapping of item specifics,  i.e., fabric, size, color, etc. When you list your product, how  much information should you include? In theory, you could  list everything from material composition, brand name, origin,  color, condition, style… the list goes on. But this is not always  the most effective way, and each product needs to be  individually analyzed to get the item listing just right to ensure  effective sell-through rates (STRs).  

A web data platform can be used to analyze item  descriptions for similar products that are in the same budget  category. For example, a designer product, such as a  handbag, may only need three item specifics, such as brand,  color and fabric, for high STRs. On the other hand, a product  such as a bike would need more specifications, such as  condition, upper material, lower material, model, color, style,  and country of fabrication, especially if the target market has  a smaller budget.  

Retailers may also want to consider the impact of images.  Pictures can affect sales, from the number of images per  listing, whether a model is displaying the product or the  product is pictured alone, angles, zoom and whether the  product is lifestyle- or technical-focused. A data collector 

can cross-reference data points from competitors to ensure  the ideal picture combination for high STRs.  

Product title names 

With the rise of public web data solutions and tools,  businesses are fully aware that their websites are being used  for data analytics. For that reason, to beat the competition,  competitors often won’t list model numbers and other title  specifics in their product names to make it harder for others  to scrape any specific data.  

Fortunately, there is a way around this. Through a public web  data platform, it is possible to analyze your competitor’s top performing items and examine title length, sentence ordering  and item specifics that appear in the product title for the  ‘better winning formula’ that increases click-through rates  (CTRs). So, for example, businesses selling mobile phones may  discover that titles in the 7-10-word range mentioning the  condition (e.g., ‘new’), the make (e.g., ‘iPhone’), and the  colour (e.g., ‘rose gold’), in that order, are grabbing 86% of  buyer attention, clicks, and sales. See, paying attention to  data pays in the end!  

Reading competitor reviews 

Due to their subjective nature, reviews are harder to analyze than standard data such as prices or item listings. However,  reviews are arguably one of the most important factors to  consider – both your own and that of your competitors. This 

type of data offers insights into what works well and what  doesn’t and can help you avoid making the same mistakes.  It can also increase your own market share.  

A web data solution with Natural Language Processing (NLP)  can be used to collect and analyze customer reviews from  competitor websites. For example, customers in Australia  may not take kindly to the fact that shipping times on items  related to dog food take up to a week to arrive. You can  correlate this data insight gathered through customer  reviews with another data set that shows an increase in sales  of organic pet food options among the same group of  consumers. 

Cross-referencing seemingly unrelated buyer sentiment can  enable you to increase market share. For example, you could  stock up on organic dog food, prominently describing the  health benefits in the item description while offering free  overnight shipping, thereby addressing a scope of concerns  and increasing how attractive your offering is to would-be  customers.  

The crux of the matter is… 

Product matching isn’t a straightforward task. When doing it  manually, it can become a waste of time and may not  always be accurate as many data points can be missed from  the initial collection. Therefore, a web data platform is an  essential tool for retailers to utilize daily: It is an automated solution that feeds your systems multiple data sets that can  then be cross-referenced in real time for insights – positioning  businesses for better success in the most competitive time of  the year!

Written by: Erez Naveh VP Products at Bright Data