– Maximize profit: The first step is to estimate the maximum price that potential consumers are willing to pay for the good or service in question and the corresponding expected quantity. Often retailers offer some products below cost, but these are sold alongside others on which the retailer has a higher profit margin. In such case it is fundamental to establish a minimum price, a threshold value within which not to go down to succeed to cover at least the costs, not to erode completely the own marginality. – Maximize sales: with the help of pricing intelligence software it is possible to define the optimal minimum price, that can intercept the maximum number of buyers at each stage of the sale, to be more competitive than the competition and gain ground in terms of volumes and market shares. Generally speaking, the first decision to make regarding your pricing strategy is to define your main business goals, such as: To maintain their competitive position, sellers have been helped by the development of competitive price monitoring systems, which allow retailers to identify their competitors and follow their pricing behaviour. In terms of pricing strategies and in the light of the many factors to be taken into consideration to make the offer of one’s products attractive to consumers, dynamic pricing is the most suitable solution to effectively respond to rapid changes in demand, to adapt one’s offer to the market and to adapt one’s price to sales trends. Given the importance of this time of year for retailers, it is essential to be able to maximize sales potential starting with an analysis of the right priceat which to sell their products on the various channels. With a less long-standing tradition, but now known by everyone is Cyber Monday, the Monday following the Black Friday, whose offers are however concentrated on technological and electronic products. This year, the “Black Friday” will therefore begin at midnight on November 24, but as we all realized, in most cases it has already started. The first Black Friday dates back to 1924, when a store near New York decided that the Friday after Thanksgiving would apply considerable discounts on its products and since then, with increasing popularity, every fourth Friday of November the windows of physical and online stores are covered with offers. It is also believed that the black is related to the lines of black cars that filled the streets of downtown near the stores for purchases. The name refers to the sales of stores that, after Thanksgiving, went from having accounts in the red (negative) to black (positive). The tradition of Black Friday was born overseas, in the USA. In fact, online sales are expected to grow by only 8 percentage points (2021 compared to 2020 was +23%). Black Friday 2022 will inevitably be influenced by inflation and a return to the physical shop compared to last year.
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