A Product Pricing Comparison Model and Data Visualization for Online Retailers
Menghwar, Parmanand (2019)
2019
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2019060414687
https://urn.fi/URN:NBN:fi:amk-2019060414687
Tiivistelmä
As the internet continues to progress and online shopping is growing rapidly, more and more people are using internet to buy products and services. In online shopping consumers and retailers are always looking for a competitive price for a certain product. A consumer can search the best prices using online search tools or apps, but it is challenging for a retailer to manage regularly a good price level for a product. Retailers need to consider many factors such as competition, prices of thousands of products, ongoing campaigns and steadily changing market situations.
The purpose of this study is to help retailers to decide a suitable product price by comparing it to an average market price. Normally, retailers decide the product price based on their production and logistics cost. This study explains the design and implementation of a product comparison tool for retailers with regards/reference to their top five competitors. Based on the preliminary feedback from multiple retailers this study can help them to adjust their product prices, get a better conversion rate, increase sales and revenue.
The purpose of this study is to help retailers to decide a suitable product price by comparing it to an average market price. Normally, retailers decide the product price based on their production and logistics cost. This study explains the design and implementation of a product comparison tool for retailers with regards/reference to their top five competitors. Based on the preliminary feedback from multiple retailers this study can help them to adjust their product prices, get a better conversion rate, increase sales and revenue.