Price matters: Inconsistent pricing across channels is eroding trust in your online brand
Comparing prices, is a given with today’s savvy shoppers. Ahead of convenience and free delivery, price is the number one reason consumers will buy from a brand’s website versus other channels.
Price = #1 reason shoppers buy from a brand’s website
What is the primary reason you buy from a brand’s website? Source: Statista.com
If they find inconsistent pricing across channels, particularly higher prices on your direct channel, it can erode their trust in your brand, lower brand consideration and damage conversions. Not all consumers demand the cheapest, but they want to be assured they are getting value for money.
In a recent report, we analysed and ranked the eCommerce websites of Australia’s top 25 consumer tech brands, including Apple, Bose, Dyson and Miele, using a detailed 5-criteria value matrix. Here’s a summary of our findings on the criteria of price for these websites.
Only 26% of Australian tech brands offer consistent prices across sales channels
KEY FINDINGS:
👎 35% offer equal or comparable prices to traditional retailers
👎 85% have higher prices than pure-play online retailers (eg. Kogan, Appliances Online)
👎 56% have higher prices than traditional retailers (eg. Harvey Norman, JB Hi-Fi)
👎 26% offer consistent prices across ALL sales channels
Start with a regular process to audit prices across your sales channels
Implement a regular process of auditing the pricing of products on your brand website compared to your retail partners, online and off, to determine whether they are comparable. If they are not, make sure to optimise and maintain the price settings that serve your long-term channel strategy.
Brands with winning price tactics:
- CONSISTENT PRICES: Miele offers the same price on their website and online retailers.
- PRICE MATCHING: To ease consumer’s concerns, Sony offers to match retailer prices.
- EXCLUSIVE PRICING: To attract buyers, HP offers deals only available on their brand site.
Get your hands on the best eCommerce strategies from Apple, Dyson, Dell, Sony + Top 25 consumer tech brands
In our report, Ranking Australia’s Best eCommerce D2C Websites, Nugget Digital benchmarked the best of the best to identify what makes them successful online. For all the insights, ideas, stats and strategies from the best of the best, download your FREE copy now.
How Nugget Digital can help?
Based on 20 years of hands-on experience leading eCommerce brands, including Dell, Lenovo and Microsoft, Nugget Digital helps eCommerce and technology marketers make better decisions, gain revenue momentum and capitalise on growth opportunities.
If you have questions or need help with your eCommerce strategy, Nugget Digital can help. Contact us today.