Dynamic Pricing: One of the Biggest Ecommerce Trends in 2021
We all saw how eCommerce experienced explosive growth over the last year and as sales grew, so did the number of businesses moving online. As eCommerce becomes more popular with consumers and brands, competition for sales increases.
Dynamic pricing is one way to help your brand stand out from the crowd. Dynamic pricing is a strategy that uses real-time flexible pricing (instead of fixed pricing) based on supply and demand.
Customers want to feel confident in their buying decisions. Letting them know when you’re offering specials and being transparent in pricing changes helps keep your customers’ loyalty and trust.
“Implementing a dynamic pricing strategy correctly will help you to protect the value of your brand, by knowing the exact moment at which you can increase your profits from the sales of your products or services,” according to Retail Touchpoints. It is important for merchants to consider price when price and brand are the two biggest factors customers consider when making a buying decision.
Showcase pricing with real-time email content
The easiest way to inform your customers about pricing changes is by utilizing Zembula’s real-time email content. With Zembula you can scrape sales or inventory information from your website that updates in real-time. This means that the email content will display the most accurate (to your website) status upon each open, even after it’s sent.
This also offers the customer better visibility of pricing; updates can be used and changed in the notification content block, hero content block, and/or body content portions of the email.
Using dynamic email content leads to a superior customer experience
How frustrating is it to open an email that promises an offer, but when you visit the website, find that the offer is long over?
Emails that update at the moment of open give customers the most accurate expectations of availability and pricing. Customers also feel that they are receiving a personalized experience with the brand.
Brands can curate these emails to a customer’s specific needs, which historically leads to better open and click-through rates. Dynamic content helps brands maintain consistency between their website and emails while providing individualized and transparent selling.
Ensure Your Ecommerce Website is Optimized for Dynamic Pricing
Part of executing a successful dynamic pricing strategy is giving your customers the best possible experience on your website. For instance, updating inventory as close to real-time as possible prevents customer frustrations (This also means that your dynamic email content is accurate).
One way to accomplish this is by working with Virid to build a website that is robust and has responsive ERP (enterprise retail planning) system integrations.
Tag Your Products Accurately
Dynamic pricing strategies are dependent on correct product tagging and product feeds. When your website has products tagged correctly and feeds properly, your merchandise can be connected easily to Google Shopping and social shopping options.
Virid can create the Google Shopping connection with your product data feeds in your ERP to increase the reach of your products in search. With Shopify, merchants can connect product feeds to social shopping outlets, Pinterest and TikTok directly in the Shopify dashboard, without the need for a third-party app.
When customers reach your site, you want to make sure that your sales and products appear correctly and that your site dynamically features merchandise you want to showcase.
Your homepage should feature new products and categories your brand wants to feature. For example, for spring, your brand may feature images and banners about the launch of your brand’s new collection and a section for spring dresses.
With a dynamic site, new flash sales can appear as a banner or hero content on the homepage and match the graphics sent via flash sale emails. A dynamic site updates quickly so that when a sale goes live, the homepage and any sale pages reflect those changes.
Product tags help your website send customers to the correct merchandise. Product tags are categories and attributes attached to merchandise to make them searchable and allow them to appear on the correct website pages. Tags for products can include sale status, color, brand, material, style, or sizing of
With a dynamic pricing strategy, you may have items that are periodically changing in price or are on promotion. Without correct tagging, promotion items may not appear on sale pages or may be lost on the website, leading to lost sales and customer frustrations.
Make Dynamic Pricing Work for You
Using real-time email content and optimizing your website are the first steps to making dynamic pricing work for you. An optimized website and Zembula’s email tools can help you highlight promotions, optimize your product feeds, and make your site searchable.
These aspects provide trust and transparency to your customer base, increasing their loyalty, without having to decrease your bottom line.