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Getting those customers to buy what they left in the cart, making that last push to convert and many more such online selling struggles. We understand that every year many companies spend millions of dollars to encourage buying and making that final purchase.
Traffic that drives to a website is good for its complete online presence. Having said that, for online retail stores, it is very difficult to maintain what they want to sell and make that final push towards sales. And price drop is one such method.
But all the businesses will do that, as competition is for everyone. So, how can you stand out? That’s where PriceIntelGuru plays a vital role. Don’t worry, today’s blog is dedicated to that only.
So, let us dive right in.
What Exactly Are Price Drop Alerts?
Price drop alerts are nothing but price drop notifications, which are basically automated alerts that inform the users via digital mediums. Now, this can be via emails, company applications, eCommerce platforms, WhatsApp messages or direct messages to customers' smartphones. Furthermore, you can provide specific offers of your products or services and even provide the launch offers to your consumers. This helps in making that final push towards the purchase.
For example, if a consumer is browsing a particular product say a t-shirt of medium size and then leaves it in the cart for a week. So, you can provide a price drop alert or price drop notification for that particular product and push the consumer towards making the purchase.
You might be wondering, how to do that. It is simple, with quality data extraction. The online market is ever evolving and so is the data. Everything is important to capture the real essence of e-commerce retailing. So, a price drop alert online is the solution to bring your business to the forefront.
How Price Drop Alerts Work
Basically, price drop alerts can’t be done from a company’s end but from the consumer's or the user’s end. Yes. The user has to enable price drop alert notifications in their communication channels.
Now, in this digital era, the boost of dopamine is all a user seeks. So, when a price drop notification is seen by the user, there is a very good chance of them re-engaging with your website. This builds another chance to keep the user on your platform with the best offers and also gives them a chance to explore more on your products and services.
1. Tracking the Price Trajectory
Price points for your business keep changing since it is a very dynamic market. But keeping track of that pricing trajectory is a very crucial and tedious job to do. Constant monitoring and adjusting the pricing according to the market trends is eminent.
For example, a user is trying to buy a high-end camera with a budget of around $1000. So, the user can set the price drop alert for the same. And whenever the price is dropped to that particular range, the user will have a notification of the same.
2. User-Defined Thresholds
Users have the full authority to decide the thresholds of the price points where they want an alert. This is not just limited to price but also to color, specific brands, or even product types. PriceIntelGuru allows the user base of your brand in many ways. This in turn helps in customizing their alert notifications. After all, providing the best user experience can ensure a long-term customer life cycle.
3. Real-Time Data Tracking
The heart of great sales is reaching the target audience. In the same manner, the heart of a price drop alert lies in tracking the price points in real time. Now, the eCommerce market is always evolving and so are the prices. So, when a particular product’s price is dropped it has to be monitored all the time, to give the alert to the user-defined alert parameters.
4. Old Price Data
Price drop alert systems like PriceIntelGuru offer the feature of providing historical data as well. So, users can easily track the pricing journey over a particular time period. This helps them make an informed decision. And as a retailer, you can also access pricing tools to analyze buying patterns, market fluctuations and many more aspects in order to enable the price drop alert feature for your audience. Additionally, you can use this specific information to promote your brand to give exclusivity to your consumers.
5. Price Predictions
Only a few price drop alert systems go beyond the ordinary. They provide a prediction of the price via smart algorithms and data. The prediction can be an added advantage for the users and the retailers to understand the necessary steps to be taken for the purchase.
Importance of Price Drop Alerts for E-commerce
1. Price Drop Alerts Pushes without Additional Incentives
Hesitant shoppers and price-sensitive shoppers need more incentives. Pricing always impacts the buying behavior. And often brands or businesses have to offer discounts to provide that additional incentive for the final purchase.
With price drop alerts, the discounts can be more personalized and not make a big hole in your marketing budget. Price drop alerts can become the best medium for you to provide that push without providing any other kind of additional incentives. Additionally, the discounts offered by a company are usually for all, and with price drop alerts the best is that you can provide more personalized discounts.
2. Encouraging New Product Trials
The new product trials are always tricky. Even in today’s time and age, people are there who don’t try something new provided online. But if the same is provided with a discount, then they can be converted to buying the same product. This is one of the ways price drop alerts can be used by businesses. The alerts have to be specific about the trial or product launch with some added benefit to encourage more shopping from the buyer.
3. Limited Time Offers
Now, price drop alerts can also be the type of notification where you can provide them the limited time offers. Firstly, it gives the shoppers a feeling of exclusivity and also makes them the best privileged and loyal customers for a longer. Shoppers love something that they can grab faster than their peers. Now, isn’t that wonderful!
Benefits of Price Drop Alerts to Retailers
1. Boost Revenue
Price drop alerts help boost revenue. One survey suggested that abandonment emails or carts have the highest conversion rate than acquiring a new customer. Conversions mean more profits and revenue. And making that final push is always necessary to convert a potential customer.
2. Better Engagement
Consumers will see the price drop alert or notification and will obviously re-engage with your website or content. And that helps the users to understand the product and services in more detail. As we all know that an average user has the least attention span of 10 seconds, you have to re-engage them and get them hooked to your products. This also sometimes encourages cross-selling. For example, a user added shoes in the cart to buy them later. And then, after a price drop alert, got engaged with your page/profile/website. And instead of buying shoes, bought a pair of sunglasses. Now, you did not pitch the consumer for that product but due to the re-engagement, you ultimately were able to make a sale. And this really goes beyond sales and discounts.
Combine Strategy With Innovation Today
Price drop alerts are gaining momentum in the industry. And this is the right time to make the most informed decision regarding marketing strategies that will work in 2024. So, what are you waiting for? Book a demo with PriceIntelGuru to gain the edge over your competition through unique brand positioning and superior pricing. Elevate your success today!