JD.com and Alibaba create indexes to identify Chinese shoppers’ spending trends, which help retailers gain insight.
A new product gives merchants a better grasp on pricing and merchandising.
WinBuyer, which sells comparative pricing applications to online retailers, plans to release a product next week at the Internet Retailer Conference & Exhibition 2011 that enables web merchants to have a better handle on pricing and merchandising data.
A retailer that uses the new product will receive reports that enable the merchant to monitor and analyze multiple competitors’ pricing and merchandising data, along with data from visitors to the retailer’s e-commerce site that details what price points attracted those visitors. Such capabilities were not available in other WinBuyer applications.
“What WinBuyer 2.0 does is provide online retailers with real-time market and consumer insights which enable making pricing and merchandising decisions that generate an up to 20% increase in conversions,” says WinBuyer founder and CEO Miki Balin. “After speaking with hundreds of online retailers over the last five years, I kept hearing over and over again how online retailers wanted better solutions to harness the power of the Internet and their visitor data in order to improve their product pricing and merchandising.”
Build.com, No. 80 in the Internet Retailer Top 500 Guide, started using WinBuyer 2.0 in early 2011, says Brandon Proctor, the retailer’s vice president of marketing. “The new market insight information and ROI dashboard included in WinBuyer 2.0 makes it easier to make pricing and merchandising decisions in real-time, further improving our performance,” he says.
WinBuyer already sells technology that, when deployed by retailers on e-commerce sites, allows shoppers to view and compare product prices from other online stores.