The right pricing and promotions strategy can increase your revenue and margin, driving a growing number of B2B and B2C eCommerce businesses to renew their focus on pricing and promotions.
Leading global research and advisory firm Forrester’s recent report, Now Tech: Pricing And Promotion, Q3 20191, offers readers an overview of 23 different pricing and promotions providers for digital commerce, including Mirakl.
Why you should be thinking about your pricing & promotions strategy
Buyer expectations are changing: whether you operate a B2B or B2C organization, your buyers are seeking greater price transparency and more competitive pricing. And importantly, Forrester states, “Perception of price and performance fairness is closely connected with customer satisfaction.”
When deployed effectively, the right pricing and promotions tool can also increase your business’s revenue and margin by “more effectively enforcing pricing policies and more sensitively matching price to subjective value,” according to Forrester.
Leverage the marketplace model to meet customer expectations on pricing
Both consumer and business buyers have an expectation of fair pricing, as well as a wider selection. It’s easier than ever for shoppers to do a quick comparison and confirm whether they’re getting the right option at the best price. This is true not just for B2C – it’s also becoming more common for B2B, with the growth of Amazon Business and other B2B online platforms that offer easy comparison-shopping online.
When you lack the right tools and strategies, your business isn’t just sacrificing growth. If your offerings don’t meet customer expectations, or you offer a price that’s perceived as unfair, you can sour your relationships with existing customers.
To respond to these customer demands, B2B and B2C organizations are turning to the marketplace model. Buyers gravitate towards marketplaces because they offer more transparency: customers find a wider selection of options and can compare similar offers from multiple sellers. And because vendors are directly competing against each other for the same sale, they’re incentivized to offer better prices to buyers.
The end result is an improved customer experience, which can drive more sales and strengthen your customer loyalty, encouraging repeat purchases.
Using Mirakl’s best-in-class pricing & promotions capabilities
The Mirakl Marketplace Platform offers B2B and B2C pricing and promotions features as part of its full suite of tools for enterprise marketplaces:
Mirakl’s B2C promotions engine for marketplaces
On Mirakl-powered Marketplaces, sellers can create compelling offers for their products and services with tools like:
- Discounts and markdowns: Sellers can leverage discounts and markdowns to offer more competitive prices to buyers
- Advanced promotions: Mirakl’s Promotion Engine allows sellers to set up advanced promotions such as buy-one-get-one free, percentage off items, or even run special promotions on specific brands or across product categories
- Competitive pricing: The system automatically tracks competing offers on the marketplace, and enables vendors to align on the lowest price to present the best price for the customer
Marketplace operators can also can see and validate seller promotions, and use Mirakl’s tools to coordinate marketplace promotions with their own campaign calendar (e.g. for Black Friday or end of season sales).
On Carrefour Spain’s Marketplace, sellers compete to have the best priced offer, using competitive pricing tools and discount pricing.
Mirakl’s B2B pricing and promotions features
B2B organizations have more complex pricing needs for their products & services – and their marketplaces need to take that into account. The right B2B eCommerce solution has to factor in personalized customer experiences, B2B pricing strategies like bulk pricing and quotations, multi-vendor orders, and advanced payment solutions – not to mention value-added service offerings. The Mirakl Marketplace Platform includes:
- Negotiation tools: Vendors can create specific price offerings for a specific buyer
- Volume discounting: Offer price decreases when goods or materials are purchased in greater numbers
- Personalized pricing: Display prices on the Marketplace according to the individual buyer’s profile, enabling detailed customer segmentation
- Quotation management: Buyers can request quotes from sellers, which can then be used as a basis for future transactions
Conrad uses Mirakl’s volume pricing feature to make sure B2B buyers who purchase in bulk get a better deal.
Give your customers the experience that they’re looking for
With the right pricing and promotions strategy, your customers will have a better experience – and you can increase the revenue and margins for your business. With the holiday sale season right around the corner, there’s no better time to revisit how your tools are working for you (and your sellers).
Find out more about Mirakl’s solutions for B2B and B2C marketplaces – connect with a marketplace expert today to hear how Mirakl can help you increase revenue and margin with smart pricing and promotions strategies.
1Now Tech: Pricing And Promotion, Q3 2019 – Forrester’s Overview Of 23 Pricing And Promotion Providers, Forrester Research, Inc., 15 July, 2019, George Lawrie
Written by Kelly Gow
Global Product Marketing Manager