Compared to a niche, information or opinion site, maintaining an e-commerce storefront can require a substantial amount of time invested. What’s worse is that not only are site managers devoting a ton of energy to their sites, but income generated from such sites can completely fall off if products aren’t being sold at the best prices available. Sites like Price Grabber have made sure of this.
So, in an effort to keep competitive, e-commerce site owners undergo a tedious process of opening page after page of competitors’ sale pages to see what the lowest price is for each product. Upon finding a less expensive item at another site like Walmart, Amazon or any number of other online retailers, the e-commerce manager has to go back into his site’s dashboard and edit the price data for the product. Do that for a thousand items and you can see how quickly e-commerce management becomes a life-consuming process.
For this, the industry is desperate for solutions that make automated pricing and monitoring a reality. One such tool referred to as the dynamic pricing engine, Wiser, collects selling price data across different competitor’s websites and lets the user do a ton of stuff with that information.
Automated Price Modification
WisePricer’s ability to integrate with dozens of shopping carts and can automatically keep a site’s prices cheaper than the competition while also taking into account the business’ ideal profit margins. Some of the carts and stores it can integrate with eBay, Amazon, X-Cart, WooCommerce, Shopify and Zen Cart, among many others.
Many websites with custom-built shopping carts can use WisePricer as well as through FTP integration, and Wiser connects each of their clients with a product specialist and a customer success specialist to help with site assimilation and software usability. Where previous price-matching applications like AppEagle have shown us that this type of feature is possible, WisePricer goes the extra mile and offers any website a chance at offering prices that garner buyer attention.
Data from All Angles
While price comparison tools come in many shapes and sizes, they don’t usually do much with the data they collect. Firefox add-ons abound will automatically show you lower prices for whatever product you’re looking at. WordPress dashboard applets can do the same thing, but offer the ability to do a side- by-side with an individual product. AppEagle will compare your prices against featured merchants. Still, the scope offered by these applications and plugins is to a certain extent limited.
However, where WisePricer gives greater insight is by providing tools that make price matching and competitor monitoring easier. Users can create a custom report and analysis about competitor price distribution, competitor margins and product sale trends. Furthermore, users will have access to SpyAgent, which screens competition over any (yes, any) e-commerce site and offers a product-by-product analysis of each one’s price history and more.
The Competitive Advantage
Knowledge has always translated into power for businesses. Having at your fingertips dynamic pricing and monitoring information gives retailers the ability to adjust pricing to remain competitive in changing marketplaces. This rapid response ensures retailers present the best prices for higher conversion at market speed resulting in reduced chances for lost sales.
Split Testing
Through WisePricer, e-commerce managers have a number of tools at their disposal to maximize both profit and revenue. As anyone in the online marketplace knows, the best way to do this is through A/B split testing of product pages and it’s possible through Wiser
Each split product test can have individual rules set for re-pricing that will help determine the best strategies possible for every product a store sells. This, in turn, generates revenue in both the short and long term. It’s an immediate step that can be taken by any online storefront. A/B testing combined with real-time revenue monitoring will lead to possible market domination unavailable from any other product on the market today.
Inventory Management
If these unprecedented (literally, there’s been no precedent like WisePricer before – not an exaggeration) features aren’t triggering your e-commerce sensibilities like anything before, the web-based software still has more in stock for you.
Not only will WisePricer monitor and update price points in real-time, it will provide you with a ton of reports and analysis to see everything that’s seemingly happening everywhere at once; the product will also help you manage your inventory. Even the best price for a single product won’t garner much revenue if people can’t add other relevant items to their shopping carts in one spot. The program will look through your competitors’ offerings and show you products they’re selling that you’re not; giving you the opportunity to fill in any gaps on your site and populate it with even more items that sell well with what an online store is already offering.
Dynamic is a hot emerging trend in the past few months. Where Wiser has created a system that will monitor and modify up to 45 million points of data per day for your site, the closest competition in this regard, Upstream Commerce, “barely” scratches the surface with only 10 million, but it’s interesting to see which services might pop up in the next few years.
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