Statistics show that selling at 5-10 percent less than the average market price will maximize your sales volume. However, most often, supplier requirements and purchase price levels do not allow for such a discount. Most online sellers are forced to sell at the average market price.
Development of the selling price taking into account the RRP and other factors
Source: shutterstock.com
To navigate the market well, online stores use area code philippines mobile special programs based on artificial intelligence. They have many useful functions. They track prices in the required market segment throughout the country, for each product name.
The average market price of the product is monitored automatically, and its fluctuations are recorded. The program not only analyzes the industry, but also provides recommendations within the user's pricing policy. Sales managers who use automation work much more efficiently, faster, and significantly increase sales.
How to achieve multiple growth in traffic and sales from your website?
Alexey Boyarkin
Dmitry Svistunov
Head of SEO and Development
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I have always been concerned about the issue of moving to a fundamentally new level. So that the indicators would grow not by 2 or 3 times, but by several orders of magnitude. From a thousand visits to ten thousand or from ten thousand to a hundred thousand, if we are talking about a website, for example.
And I know that such leaps are always the result of painstaking work in five areas:
Technical condition of the site.
SEO.
Collection of site semantics.
Creating useful content.
Working on conversion.
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To get this growth, download our step-by-step template for increasing sales from the site:
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How to successfully sell at the average market price?
This strategy works for high-quality branded goods. Sales are facilitated by active advertising, a competently working customer service department and well-established convenient delivery.
An important element of successful sales is an adequate markup on goods in the retail network. It does not depend on the seller's wishes, but is formed under the influence of the following factors:
competition in the city, region and country;
quantity and price of similar products on the market;
the manufacturer's requirement to comply with the RRP level;
brand demand;
the level of production costs of the store;
sales expenses (advertising expenses);
amount of taxes;
quality and performance properties of the product;
product warranty, expiration date;
seasonality;
sales volume;
profit.
When setting a markup on a product, focus on the situation in the competitive environment. The amount of added value is also affected by the specific market segment you operate in. Here are traditional trade markups by country for the main categories of goods:
How to Sell Successfully at Average Market Price
Source: shutterstock.com
Food products – 10-35%.
Household goods - 50-100%.
Clothes, shoes - 40-110%.
Children's toys - 50-300%.
Stationery - 40-70%.
Perfumery and cosmetic products - 30-100%.
Jewelry and accessories - 100-300%.
Auto and motorcycle parts – 30-70%.
Knowing these indicators, we determine the retail price of the product using a simple formula: purchase price plus a percentage of it.
Let's calculate the retail price using a specific example. The purchase price of a children's toy is $23. You want to put a markup of 125%. We use the formula: