Recently, we shared what ChannelAdvisor CEO David Spitz believes will be five of the biggest influences on e-commerce in 2020.
In that post, you’ll find links to several resources to help you get ahead of each trend.
However, there’s a lot more you can do with our e-commerce platform. In the past year alone, we’ve seen brands and retailers use the ChannelAdvisor force to:
- Boost return on ad spend by up to 25%
- Streamline data feeds for 500,000 products
- Increase revenue by 260%…
And celebrate countless other success stories of bigger cart sizes, more marketplaces and faster growth.
In each of these instances, success started with one simple feature or function that the company slowly learned to leverage until desired results were achieved. By focusing on these same tactics, we believe it’s possible for any brand or retailer to achieve similar outcomes.
As we look toward another year of changes in the ever-evolving e-commerce industry, there are three areas, in particular, to prioritize for 2020.
E-Commerce Strategy #1: Dynamic Repricing Tools
Now more than ever, having a structured pricing strategy in place is critical. With rising pressure from international competition, not to mention the sheer volume of marketplaces available to price-comparing consumers, the right price can give you a distinct advantage.
However, if you’re still relying on manual methods or spreadsheets, it’s time to discover the revenue-altering magic of dynamic pricing. Having product prices automatically adjusted based on sales velocity, the competitive climate and other factors can have a huge impact on buying decisions.
While many e-commerce platforms specialize in one or two types of intelligent repricing, ChannelAdvisor offers numerous options for repricing.
For example, with algorithmic repricing, you can leverage machine learning and real-time analytics to have prices adjusted up and down to keep products in line with the competition on marketplaces such as Amazon, eBay and Walmart. Once you’ve determined your maximum and minimum prices at the SKU level, our algorithmic repricer can automatically revise pricing to help you win more of the buy box and best offer positions.
Meanwhile, velocity repricing can allow you to automatically adjust product prices based on your goals — whether you want to extract more margin on fast-selling products or lower prices when sales are slow. So if you have extra inventory after the busy holiday season, the Velocity Repricer can be used to lower the price of those items and get inventory moving again. Then, when a product picks up steam, the price is automatically raised to improve profit margins.
In addition, the Amazon Pricing Console consolidates all the ASIN-level data, calculators and repricing tools into one central location. And with Elevate for Amazon, brands and retailers that aren’t yet ready to invest in the full ChannelAdvisor platform can harness the power of our most popular repricing technology.
E-Commerce Strategy #2: Centralized Digital Marketing
The most successful e-commerce sellers understand that it’s not enough to simply list products on giants such as Amazon and Google. With so many sellers competing for space on these and other prominent channels, advertising plays a big role in ensuring products are seen by the right consumers at the right times.
But as a company expands its footprint, managing campaigns across multiple platforms becomes increasingly difficult.
For this reason, many sellers are opting to consolidate their efforts. Thousands of brands and retailers rely on ChannelAdvisor to streamline digital marketing across Amazon, Walmart, eBay, Google and dozens of other marketplaces — as well as important social media channels such as Facebook and Instagram.
Each year, hundreds of successful brands and retailers rely on ChannelAdvisor’s industry-leading mix of e-commerce expertise and technology to fine-tune bidding, analyze performance and identify opportunities for growth. We’ve seen businesses increase advertising revenue as much as 2,500% after turning to ChannelAdvisor.
E-Commerce Strategy #3: Where to Buy Technology
As more and more brands adopt direct-to-consumer (D2C) business models, consumers are actively seeking out buying options from the manufacturers of their favorite products.
To capitalize on this trend, “where to buy” technology is essential.
For example, with ChannelAdvisor Where to Buy, proprietary brands can:
- Keep consumers on the path to purchase. By providing a seamless connection from brand websites to authorized retailers, ChannelAdvisor Where to Buy ensures shoppers will land seamlessly on product pages right at the moment they’re ready to make a purchase.
- Gain valuable insight into consumer behaviors. Where to Buy 360 Analytics provides a comprehensive view of product performance, allowing brands to easily assess retailer popularity, pricing trends, cart-level details, geographic demand and more.
And because our technology keeps consumers in touch with preferred resellers, the benefits are strong for retailers and brands alike.
The above solutions are a few of the numerous fixes successful sellers are using to dominate the e-commerce landscape. Whether you’re in the midst of strong growth or are looking for new ways to build the business, these three areas will be among the most important in 2020.
Would you like to learn more about our dynamic repricing, advertising and where to buy solutions? Get in touch! Request a one-on-one demo, and one of our e-commerce experts can schedule a time to walk you through these and other powerful tools.