The dynamics of world events cause enormous volatility in customers’ purchasing behavior. This is a big challenge for most companies in the consumer goods industry operating in the e-commerce market. Defining trends, predicting fashions, or even planning sales targets is getting more and more difficult.
What to consider to provide the customer with the product they are looking for at a competitive price and show it to them exactly when they make a purchase decision?
Several factors influence product visibility, and also play a role in the customer’s decision:
- product visibility and attractiveness on the digital shelf
- proper product description
- positive feedback and ratings
- availability and quick delivery
- attractive price
Each of the above matters for the sales levels, both ways to increase sales or destroy the influence of others. Therefore, only their synergy ensures optimal use of the sales potential
How to manage it all?
Particularly if you have thousands of SKUs distributed through different channels? Moreover, how can you determine if your efforts are sufficient to distinguish your offer from many competitors?
The answer is:
1. collecting data from sales channels
2. proper data analysis enabling conclusions and decision making,
Of course, you can personally browse the websites of stores, search and compare your own and competitive offers, check product descriptions and read all comments. Why not? Exactly. Maybe because with a large assortment, in several product categories, it is difficult to imagine the reliability of such browsing (every day !?) and drawing accurate conclusions.
A much more effective and, above all, cheaper solution is the use of a tool for product monitoring and offer analysis. Of course, it is best if it covers various aspects and presents conclusions unambiguously and synthetically.
What information can it provide?
The more flexible the reporting solution and method, the more personalized reports can be obtained. Starting from, prices and availability tracking of own and competitors’ products, used by producers, distributors, and online stores, to integrated brand position indicators, which present the synthesis of all modules. Such an integrated management report can include:
- • brand visibility in relation to the competition (e.g. presence in the top positions in category lists and search results, number of reviews and rating, quality of product descriptions)
- price level of the products in the market
- effectiveness of marketing and distribution activities
Each of the modules independently can also be a source of information and tips used directly by the interested department of the company.
- Sales and pricing – information on prices and product availability for dynamic price management, using complex algorithms and rules based on the sales strategy
- Marketing – implementation of advertising campaigns and promotions check, selection of the best places and methods of product promotion, obtaining information from competitors’ advertisements and customer opinions about the most desirable features of the products, using them in descriptions and advertising materials
- Product management – verification and correction of the implementation of product cards, use of information about product features from customer reviews and competitors’ advertisements to be emphasized in the product cards, and technical data,
- General management – verification of the consistency of activities and the effectiveness of individual departments, influence product positioning in accordance with algorithms used by stores, defining trends and strategic assumptions
Brandly360 is a solution that includes the above functionalities by definition. The scalability and flexibility of the tool allow companies to use individual modules that are the most important at a given moment, but also to extend services with new ones, along with their development and expanding their needs
Importantly, software that automates data collection and reporting is only part of the service. Maintaining data quality, modifying and adjusting reporting models as well as consulting related to the selection of methods is an integral part of the team’s work and one of the outstanding strengths of Brandly360.