How Do Online Stores Benefit With Price Setter?
For ages, Merchants always had to monitor the prices of their competition in order to adjust their own prices accordingly to remain competitive. Advertisers with high prices on a comparison list of results have little to no chance of selling the product. The prices shown on the comparison result list are not dynamic as they are linked to a web page where the same price is displayed. The alternative is to advertise a low price on a comparison shopping result page but they will also have to advertise a low price on their webpage even if a shopper landed in their webpage directly not necessarily trying to compare to other websites. With Price Setter merchants can set customized pricing parameters to let their store beat a competitor’s price when engaged by a buyer into a price competition. Merchants can retain customers before they leave their site by challenging them to compare other prices to their listed price, giving them the opportunity to adjust their price as necessary. Merchants can do away with unnecessary low price advertising. Maximizing their profits by not having to advertise their bottom line price and not entering into race-to-the-bottom price wars with competitors.
How e-Commerce Used To Be
Price results were displayed on comparison shopping websites and apps reflecting a big gap between highest and lowest price for an item. Customers that shopped based on price alone often went for the lowest priced seller. Sellers who normally sold at higher prices often were forced to adjust to their competitors prices on their own website to maintain a competitive balance.
How e-Commerce Is Today
Many sellers are using third party re-pricing software aimed to keep up with the competition and offer competitive prices. The software automatically adjusts the prices on specified items in comparison to the prices of the seller’s competition. This can create race-to-the-bottom cases and also defeats the intent of true competition – everyone ends up selling at the same price. Why lower prices across the board just because your competition did the same? The logical alternative is to lower prices on a per-transaction basis and only when true demand from the consumer is present.
“Make An Offer”
Just recently a few e-commerce platforms, including Amazon, have re-introduced the old “Make An Offer” feature which lets buyers make an offer on a product and wait for a response from a merchant. This drags out the buying process and forces the buyer and the seller into uncomfortable negotiating that could possibly end up in no transaction at all. It also defeats the purpose of merchants advertising a price on their website if they’re just going to let the consumer decide what they should sell it for.
What Makes Price Setter Different?
Price Setter lets merchants continue to list their products on their website at regular price and still be able to compete with merchants that heavily discount their products.
This lets merchants continue to make profits off of non-bargain shoppers, who aren’t concerned with price alone but also care about service, perceived value, convenience and other factors, while being able to compete with other stores who target price conscious buyers. Price Setter allows shoppers to compare prices side by side with those stores and not just allow shoppers to make a random “offer”; a true supply and demand application.
Integrate With Your Website
The Price Setter Plugin is an innovative way to engage comparison shoppers. We’ve created a simple to use shopping widget that can be plugged into your e-commerce website. The widget provides you with an unattended method of adjusting your prices automatically and in real-time whenever a shopper finds a better deal on a competitor website. Don’t let that sale get away! Engage with your customers and offer them the best deal before they leave your virtual doors. You will have an array of button customization options including color, size, border & padding. You’ll also be able to keep track of how many times shoppers are engaging your Price Setter button. We automatically deliver metrics directly to your merchant control panel.
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Current Trends
There are two main channels for shoppers to conduct searches for a product or service: E-Commerce and M-commerce. These two channels are divided into five categories: Search Engines (Google, Bing, Yahoo, others), Comparison Shopping Websites (Shopzila, Nextag, Price Runner, others) Comparison Shopping Phone Applications (Red Laser, Shopsavvy, others) Market Places (Ebay, Amazon, others) and individual store websites and their corresponding Phone apps.
There are two kinds of shoppers, those that like to do comparison shopping and hunt for the best bargain, and those that do not do comparison shopping but buy directly from an online store website after being directed from search engine search results or an advertisement link. Places (Ebay, Amazon, others) and individual store websites and their corresponding Phone apps.
Price Setter is customized to help shoppers find the best prices on any and all of the above mentioned categories, it also addresses the key challenges of both consumers and retailers at the local market level, on line and on mobile devices. Soon the merchants more likely to first join Price Setter will be those merchants who normally advertise higher prices than their competitors on their own websites and appear at the bottom of a comparison shopping result list, by doing so they will be able to beat a competitor’s price next time they are compared side by side.
On the other hand, once those online merchants, who normally advertise low prices on their own website and appear at the top of comparison shopping phone apps, learn that advertising a low price across the board all of the time is not the smart way to sell they will start to increase their prices on their own websites and become members of Price Setter to be able to adjust their prices lower only if and when they are being compared to a competitor with a lower price than them.
* The percentages below are approximations and may not reflect the most current conditions.
Search Engines
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Comparison Shopping Websites
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Comparison Shopping Phone Apps
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Market Places (Web & Mobile)
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Individual Stores, Websites & Apps
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