Setting the right pricing strategy seems like a tough one for every seller and no one would be able to run away from it. All the research and price comparison is done, calculating the cost and setting the margin to ensure the right price is set.
But after some time, what now? Selling in a marketplace is not like you always have the same batch of competitors out there. From time to time or even day by day, new sellers will be coming in with similar product line or product category, or current sellers keep updating with new items.
So do you mean all the pricing work is not done yet? Well, you can totally leave your products selling at the same price, as long as you are comfortable with it. But I'm pretty sure you would want to receive the latest updates of the current competitor pricing from time to time.
We have good news for you here! Luulla has just launched a new feature called leaderboard for drop pricing.
Leaderboard for drop pricing provides sellers with the real-time drop price updates from all the sellers on Luulla marketplace. In other words, you will be updated with who, what, when and how much, altogether in one place. How convenient is that isn't it?
Read on to find out more about this cool feature!
To find this feature, on your side bar, you will see it below the new notification. Click on it and it will direct you to this page.
From here you can see a sneak peak of the top 3 items that haven been dropped price. Click view all.
Reasons why this is essential for Luulla sellers.
1. Straightforward and easy to use
From this leaderboard for price drop, you can see what are the items being dropped price, the seller, initial price and the new price, the percentage of the price drop and when was it dropped. The items are arranged in sequence from the latest drop price. Easy to use, just click on the item or seller and you will be directed to the page for more information.
2. Real-time Update
And it will be updated from time to time, this is where it makes it convenient for the sellers to track and monitor.
3. Easy Comparison and Time Saving
As the drop price keeps updating, it allows sellers to easily compare with personal product pricing rather than searching for the sellers. You can see it all in one place. With just one click, all the drop price will be shown.
What's Next?
What to do when your competitor drop price?
1. See the product similarities
Are your competitors offering the exact product? Or similar in certain features.
2. See the price differences between the new drop price of the seller's product and your own product. Does the price vary much? By how many percent? Does other competitors offering the same price as you or otherwise. Are your sales being affected?
As you observe, if your sales are being affected somehow due to the new price drop of competitors and the price change is not temporary, this might be an indicator to do something.
3. Readjust your pricing
This may be one of the ways to pull your sales back altogether. Calculate your cost and margin and readjust your pricing if the price differences between your product and competitors product is too drastic. If you wish to readjust your price, head on to manage your products and edit the price.
If you your pricing is set too high compared to your competitors on Luulla marketplace. Do not worry as well, we have got you covered with our fix price feature. Get notified, fix it and you are done.
Posted by Shu Wen
Friday 21 Sep 2018
