Have you ever come across products without price tags on e-commerce platforms? Well, it happens a lot and causes a lot of distress. Price tags on online shopping stores hold the capacity to captivate the attention of millions of potential buyers and increase online sales/revenue. When the price of a product is not shown, the consumer might choose other options or platforms, as the buying intention remains consistent.
Moreover, listings without prices may diminish the search rank on the keyword search results of an e-commerce platform. Most online shopping stores offer products in stock, with prices and titles to entice buyers. The collaborative effort of the brand and the e-commerce marketplace enables higher revenue for both of them.
The price of a product is not shown if some other seller has won the buy box, the product is out-of-stock, or the seller is facing disputes in the e-commerce marketplace. It could also happen due to a technical issue or enlisting a wrong option/variant of a product listing. Neither of these scenarios is good for a brand.
What’s more? Products without price tags that rank high on keyword search results are wasting your marketing efforts, as they are stealing the position of your product variants that have price tags. Sure, they are generating brand awareness but are diminishing the impact of potential revenue or sales from an e-commerce platform.
Moreover, products without price tags on keyword searches of an online shopping store are giving an edge to your competition, as they have price tags and become more enticing for a consumer before making a final buying decision. So, what can you do about it?
3 Ways to Avoid Invisibility of Price Tags on E-Commerce Platforms
The global e-commerce retail sales figure is bound to reach $7.4 trillion by 2025. Imagine the loss your business can face by not paying attention to products without price tags on e-commerce platforms. How to resolve this problem? Here are three ways:
Manage Stock Availability
Did you know that 39% of U.S. retailers are very concerned about stockouts during the holiday season? The impact of out-of-stock is directly linked to global supply chain disruptions. In the past few years, our clients have discovered that stockouts also happen during the rest of the year. One of our FMCG customers was facing 65% unavailability of products until it started reviewing and analyzing availability at pin code, SKU, platform, category, and other levels.
Post-analysis, the brand took measures to resolve the problem by informing the respective Key Account Managers and Category Managers of their e-commerce marketplaces. Their actions resulted in the higher engagement of product listings with the target audience and conversions/revenue. The stock unavailability diminished to less than 30% in nearly three months after taking action.
But the availability of products also resulted in the visibility of the price tags. So, whenever consumers looked for specific items under multiple categories or sub-categories of the e-commerce marketplace, they had the option of comparing the brand product price versus the competitors before making a final purchasing decision.
Optimize the Product Pages
Most people will ignore products without price tags on keyword search results. Therefore, you should also ensure that search results of the digital shelf always have variants. How can you manage this? Is it impossible? Well, No! You could probably check the keywords working for your product listings and rank new product variants at the top of the digital shelf results by using them. However, it will take time to rank and will depend on the product page optimization results too.
Use the top-performing keywords in the product listings currently in stock across multiple geo-locations. Our solution, eCom Competitive Analytics, mScanIt, monitors the Share-of-Shelf of your brand vis-a-vis the competition.
You can check the average page position of your listings using a keyword sub-type under the SOS dashboard. By doing so, you can achieve your goal of boosting the digital shelf rank of your e-commerce product listings on brand, competition, and generic keyword search results.
The solution also defines your product page scores. So, you can easily monitor the score of the competitors and checkout the product page content working for them. Doing so would help to build strategies to optimize the product pages further.
Win the Buy Box – Strategically
The buy box is the column that consists of the add-to-cart and buys action buttons. It has become popular among the e-commerce marketplace sellers, as they are assigned based on the marketplace algorithms. However, winning the buy box is also dependent on stock availability. We believe that brands that have associations with the best marketplace sellers have a higher tendency to win the buy box.
Simultaneously, keeping the brand reputation intact through seller-wise analysis and reporting unauthorized third-party sellers can become a stepping stone. Moreover, brands can divert the buyer’s attention to their authorized sellers and increase their market share. Isn’t this mind-boggling? Well, it isn’t. There is a whole market of the counterfeit seller on e-commerce platforms.
According to a report, 74.8% of people around the globe became victims of online shopping scams through e-commerce marketplaces. Brands lost revenue, but their biggest concern is damage to brand reputation. So, stopping unauthorised 3P sellers can help to avoid such repercussions and increase the chance of winning the buy box.
Products without price tags on e-commerce search results can damage brands in multiple ways. On the other hand, ensuring price tag visibility can increase visibility, brand awareness, product discoverability, and conversions/sales. The best method for ensuring this is by avoiding stockouts, diminishing counterfeit seller activities on the online shopping platforms, optimizing the product pages, and strategically winning the buy box. Connect with us to learn how monitoring products through mScanIt can help to achieve these goals.