When it is about the growth of your business, then there are no shortcuts or specific set of rules.
What is important is to have a completely customizable website that offers user friendly features and can add value to your business. Magento is one of the most popular ecommerce platforms that offers unbeatable ecommerce functionalities to small as well as big businesses. The stores that are built on Magento are highly scalable and help to perform well and delivers the best results.
Trusted by more than 250,000 business owners globally, the platform is the leading provider of omni-channel innovation to brands, retailers and manufacturers across the B2B and B2C industries. Magento development can help to increase the profits of the business and empower merchants to successfully integrate the digital shopping experiences.
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Against the traditional stores, today we have many opportunities for shopping online and enjoying an excellent shopping experience. We have various devices through which we can surf the internet and use many ecommerce applications of our favorite stores across the globe.
In traditional shopping, we have to move from one store to the other to check the best price and quality, which is of course a time consuming and costly method.
Our instant access to online stores help us to purchase a product quickly and get it delivered at our doorstep.
Magento development has given birth to the latest concept of online shopping and comparative shopping. The stiff market competition in various ecommerce product niches has placed limitations on the price hikes. To some extent, it has cut off the profit margins of ecommerce sales.
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Pricing is one of the most crucial tasks that the online retailers often face. With online shopping, customers are now able to go to significant lengths to compare the prices and there are various comparison marketplaces that help them to do the job.
If the price is too high, sales will be lost and if it is too low the retailers will miss the potential profits.
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Magento dynamic pricing is the only answer!
It is the alteration of the prices based on the demand, supply and the competitive environment that helps the retailers to set the prices so as to maximize the sales without having to cut too deeply into profits. Smart dynamic pricing strategy helps to employ the best pricing so that the retailers can easily outperform the competitors not investing in a dynamic pricing solution.
Magento experts developed an algorithm that helps to calculate dynamic prices by using the machine intelligence and other machine learning technologies. This allows automatic dynamic pricing and saves a lot of valuable time for the ecommerce store owners by offering more precisions and efficiencies in bonus.
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For an online store having hundreds or thousands of products, the amount of time and effort that goes into maintaining the competitive pricing strategy is more than a full time job. Managing everything manually is not possible. Magento dynamic pricing discovers and tracks the competitors pricing per product and matches with the ones in your store.
“The pricing engine considers the age, location, gender of the shoppers and also looks at the shopping behavior and lifestyle of the customers. It then segregates the shoppers into various categories or groups. Based on the segregation and other factors, the dynamic pricing engine segments the prices and assigns those to each categories or groups accordingly.”
