Everyday low pricing (EDLP) can be a great strategy for long-term use. Customers get the opportunity to buy a product at an agreeable price anytime they want, which builds loyalty and makes them choose the same item over and over again instead of searching for competitors’ offers. The vendor, in turn, can cross-sell and increase revenue.
In order to implement the EDLP pricing approach correctly, a retailer should be able to handle demand, negotiate convenient conditions with warehouses and transportation companies, and set prices so as not to trigger price wars. Also, it is crucial to keep an eye on the market and adapt to ever-changing conditions.
The latter is possible with price intelligence software
by Priceva, a complete solution that allows you to crawl competitors’ websites to compare quotes, get notifications about prices, and receive data in the form of easy-to-read tables. With Priceva, you can automate your market research and shift your efforts towards business development.