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Winter Shoes Seasonal Trends: Online Demand and Price Competition
It tells about how merchant change the price of winter shoes looking at the data of online trend and price competition.
In 2019, Google showed a similar trend with online demand slowing to its lowest in January and February and peaking in November and December. The positive correlation between the average Google search trend and the number of price changes by the seller shows increasing demand and the seller's desire to win market share when demand is highest (around November). The frequency of price changes also slows down as the online demand slows down.
Leveraging Data to Boost Margins
It's somewhat obvious that seasonal products like winter shoes behave in this pattern when they're most in-demand — in this case, in the late fall and early winter. So, bearing this in mind, what should the seller do to maximize sales revenue with better gross margins? Below are a few suggestions based on our data analysis:
• Fill Inventory at the Right Time — The online demand trend shows that it's crucial to fill adequate inventory around October to prepare for the spike in demand.
• Monitor Your Competitors — It's important to monitor your competition's pricing and develop an aggressive ad and pricing strategy to boost click-through rate and conversions. Keep track of competition in each SKU and find opportunities to raise prices.
• Use Dynamic Pricing — It's crucial to have a dynamic pricing strategy for seasonal products like winter shoes. It's also essential to use online demand metrics in your dynamic pricing strategy to maximize revenue and margins.
• Clear Inventory at the End of the Season — As the online demand starts to slow down, start an aggressive remarketing/
From this https://growbydata.com/
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