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One of the most important considerations to make having a brand is its equity. The equity refers to the commercial value of a brand, as well as its overall perception in the marketplace among both customers and competitors. Protection of the brand’s image is crucial since even a minor change in a vendor’s price can lead to a brand damage. A discount can create an image of second-rate products, which later could have a negative effect on the brand’s equity. That’s why it is essential to protect your brand’s equity to maintain and save a brand’s face.
of all online shoppers have named price as the most important factor affecting customers' decision.
Building customer lifetime value is the #1 priority for today’s brands and retailers.
Adopting to a quickly evolving digital commerce business might seem complicated. For brands it is crucial to know the pricing challenges they might face:
Since there is increased transparency in the market, prices are everywhere. That is why it can be difficult to keep track of the vendor prices; tracking the market changes manually in the current market situation becomes almost impossible.
To have an effective pricing strategy, it is important to understand the price sensitivity of a particular product. Price sensitivity is the degree to which demand changes when the cost of a product or service changes. Price sensitivity is commonly measured using the price elasticity of demand, which states that some consumers won't pay more if a lower-priced option is available.
SYMSON can navigate your brand’s pricing via collecting daily market prices from all vendors in the market. Based on this, you won't miss a beat in the Price Leadership and you can position your brand when it comes to pricing your most competitive products.