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5 Ways to Ensure Your Product Offering is Competitive

shutterstock_200066360The connected consumer is the center of focus in the new age of commerce. S/he has the upper hand in any interaction with a business. The consumer of the digital age has continuous access to practically everything, and it’s all just a click or tap away. Businesses are not just selling products anymore. They are creating memorable experiences. And the competition is fierce. When consumers can access product information through multiple touch points, how do you ensure that your product offering is the most relevant, up to date, and makes you a profit? Here are five of the most important considerations.

1)      Time is of the essence. For e.g., Amazon changes prices dozens of times a day. How does one compete and stay ahead in such a scenario? You cannot spend days and weeks collecting pricing information for all the products in your catalog. You need access to real-time pricing information for all of your and your competitors’ assortment so you can make quick decisions. What if you were alerted every time a competitor changed prices on a product?

2)       Are all the stores carrying your products complying with your MAP requirements? Not only does this affect your profit, it is unethical, and basically happening behind your back. Wouldn’t it be ideal if you could monitor MAP violations and enforce action immediately?

3)        Inventory management: the supply chain is going through a paradigm shift. This is the age of “buy online, pickup in store”. There is something about the option that makes consumers feel more in control of their purchase sometimes rather than waiting for it to show up through the mail. If your competitor is doing it, you are probably losing consumers to them. You need to have continuously updated information about your inventory. If commercial usage of drones gets FAA approval, the inventory game will go through a major upheaval within the next few years.

4)        What promotions are your competitors running? Real-time information on this helps you understand your sales cycle better and also price your products more competitively.

5)        How are you combating webrooming and showrooming? Businesses can use these phenomena to their advantage by providing consistent information about products across all their channels.

In the age of pervasive commerce, you cannot really be taking shots in the dark anymore. You need comprehensive information in real time so you can take well-informed decisions on a daily basis. At Indix, we strive to make all of the above available to you at the snap of your fingers. Our product intelligence application helps your track yours and your competitors’ product assortment, mix, promotions, and availability. Comprehensive data on offers and catalog also helps you enrich product information and boost SEO.

The next wave of commerce is here. We’re in it to help you win it!

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