As our main focus at the Repricing Co is dynamic pricing and tracking, we do tend to bang on about the importance of developing a dynamic pricing strategy. Our no.1 tip for staying ahead of your competition is to monitor your competitor’s prices and make sure that you are always on top in Google Products. If you can undercut your competitors, consumers are much more likely to find your products online in search results.
However, we understand that that’s not all there is to e-commerce competition, and furthermore, not all businesses can afford to take this approach…
Here’s our top tips for staying ahead of competition:
- Step up your marketing and differentiate yourself from the competition. This doesn’t have to be expensive – this can be as simple as window posters and leaflet drops, all the way to advertising campaigns in mainstream media. If you can’t rival your competitor’s prices, step it up and make sure it’s clear what makes you different, whether it’s your ethical business conduct or your first class customer service.
- Don’t let your competitive fight for new customers distract you. Take care of your existing customers and listen to their feedback – value their feedback! Remember, 1 in 4 potential buyers rely on customer reviews before they buy a product, and furthermore, it takes 12 positive customer reviews to make up for 1 negative review! By keeping your existing customers happy, you already have a great advantage for attracting new ones.
- Don’t be a one trick pony. Make sure that you and your staff are continuously learning and improving with the times. Times change and consumers change with it, so you will need to make sure you have all the necessary skills to keep up with the latest changes and customer needs.
- One important thing to remember when you’re trying to stay ahead of the competition, is not to obsess! Obsessing over your competition can be bad practice and divert your attention from your own success – the things that make your business unique. Studying your competitors can be a great way not only to stand out, but to learn what works and what doesn’t. Just go easy!
If you are a small start-up business on a budget or a larger business looking to save money, there are thankfully a huge range of free e-commerce tools available on the web. The list seems almost endless, however here are just a small selection of our personal favourite tools to help you develop a successful e-commerce business:
Top 5 Must-Have Free Ecommerce Tools
- OpenCart: You can’t have an online shop without an e-commerce platform! There are a surprisingly large number of free e-commerce platforms out there, however, in our opinion, OpenCart comes out on top. Not only does OpenCart’s format look nice and sleek, but you can also sell an unlimited amount of products in unlimited categories. There are numerous payment options, currencies, languages and shipping methods available too. It’s completely user-friendly and SEO friendly, helping you break your way into Google Products.
- Wave Apps: Helping manage your accounts, invoicing and payroll, Wave Apps has turned out to be a completely cost-effective and user-friendly service for small businesses. You will get 100% unlimited free invoicing; convenient, simple connection to your bank account or PayPal accounts; and professional reporting for either you, your accountant or your investors.
- Freshdesk: Of course, one of the key rules to a successful ecommerce business is good customer relations. In fact, 55% of consumers have revealed that they would be willing to pay more for a product just for a better customer service experience. Freshdesk helps you organise customer queries quickly and efficiently with a simple ticket system – it’s a perfect solution for small businesses that don’t have the budget for costly customer service over the phone.
- Google analytics: Analytics is a major ecommerce tool used in conjunction with most online businesses of today. Not only will it help you understand your users and their habits, it will also be fundamental in identifying exactly where your conversion process may be struggling and how to keep users engaged.
- Bronto: Keep your customers up to date with email marketing, a crucial part of a successful ecommerce business. Bronto is not only user-friendly, but it ‘s mailing list function is also a great way to keep consumers updated with customisable newsletters – it has actually been reported that 66% of consumers have previously made a purchase online as a direct result of a marketing email. On top of this, 74% of consumers have stated a preference for marketing communications via email over social platforms like Facebook or Twitter.
For a more comprehensive list of essential e-commerce tools, make sure to check out Ecommerce Fuel, a highly recommended read for small businesses and startups.
At the Repricing Co, we’re passionate about supporting small businesses. We offer a free account to users so that businesses of all budgets have the ability to track their competition. So, even if you don’t have the budget to beat your competition with dynamic pricing, at least you can have the opportunity to stay updated and strategize accordingly.