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Popular pricing strategies that e commerce companies swear by

Choosing the right pricing strategy is one of the most crucial decisions that you have to make. Get it wrong, and it could cost big for your business. Online and offline retailers alike recognize pricing strategy as one of the key value levers, and, accordingly, companies have worked to refine their pricing strategy, tactics, and tools over the past several decades in hopes of optimizing their approach. Today, with the rising use of the internet and smartphones, customers can compare prices with just a click of a button. So, the pricing strategy that companies in the e commerce industry choose must be one that not only gives them a good ROI but also gives a sense of ‘value for money’ to the customers. There are endless ways for companies in the ecommerce industry to configure Get More Infoand set their pricing strategy. Here is our pick of the top five ways to get online pricing strategy right:

Loss leader pricing

This is a crucial pricing strategy for companies in the ecommerce industry to convert their customers into loyal customers and ensure repeat sales. This strategy is generally practiced by retail giants such as Amazon and Walmart. The main idea behind this pricing strategy is to price certain products at a price that is significantly lower than that of the competitors in the e commerce industry. This is similar to the predatory pricing strategy that is mostly followed by offline retailers. This technique not only drives traffic into the store but also help in converting window shoppers into paying customers.

Basket-based pricing

Basket-based pricing is a common pricing strategy that is used by players in the e commerce industry to entice customers to make a purchase. In this technique, certain price points or products are used to incentivize customers to purchase products. For instance, it is often seen that online retailers offer free delivery if your total basket value exceeds a particular limit. This sometimes makes customers purchase more than they would have initially intended so that they can avail of the benefits.

Quick-delivery pricing

Amazon is a prominent example of an e commerce industry player who has been leveraging this pricing strategy effectively. The company leverages its state of the art logistics network to not only serve its customers at the shortest possible time but also to use it as a profit-making pricing strategy. They give customers options such as same day delivery, next day or 2-day shipping, in return for an additional premium from the customers. This is a great way for the company to keep its prices lower than the competitors but at the same time drive profitability for the business.cta ir

Real-time price optimization

With the advent of advanced technology, it is now possible for companies in the e commerce space to gain real-time insights on determining whether the rate at which the products are priced is the ideal way of ensuring profitability or not. It is not advisable to always price the products lower than that of the competitors. Instead, players in the e commerce industry can use retail analytics to identify and adjust the prices based on factors such as demand and out-of-stock situations.  Out-of-stock situations are opportune moments for setting prices at a higher rate as customers looking for these products on competing sites will surely navigate to you.


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The Chemical Formula for Innovation: Technology Trends in the Chemical Industry

The world is witnessing a rise in the popularity of innovative and powerful materials, ushered in by the technology trends in the chemicals industry. But to be central players in this story, today’s incumbent players in the chemicals industry will need some vital prerequisites, which include restructuring of their product portfolios, rewriting business models to generate higher returns on their investment in innovation and successful exploitation of digital technologies.

 After the 1980s, though, the pipeline of new products has largely dried up. However, in the next 30 years, companies in the chemical industry will focus on growth through global expansion. In fact, chemical producers were one of the first industrial companies that extensively leveraged digital technology trends by using digital controllers and sensors to optimize production and control plant operations. However, in recent times, the chemicals sector has slowed its pace of digital innovation while other sectors, such as retail, banking, and telecommunications, have taken the lead, embracing digital innovation in customer engagement and operations. But the good news is that now some chemical executives are innovating again to find new value through digital technology trenRequest Free Proposalds.  Here are top four technology trends that are fostering innovation and change in the chemical industry:

Supercomputing

Supercomputing eliminates the separation of transactions and analytics. This technology enables processes that can run in minutes, bringing real-time business that changes how people work and how business is optimized. Changes to businesses can now be made in one-tenth of the time, providing chemical firms with superior business agility. Transactions can be run on any device through the use of applications for business users, data can be mined at any level of granularity, and simulations and predictive analytics can be used to develop the perfect decision. The total cost of ownership can be decreased, enabling simplification and reducing failure. Companies in the chemical industry can now shift their IT spending to innovation and value creation.

Hyper-connectivity

Technology trends such as hyper-connectivity will make an impact on four main elements: people, business, communities, and sensors. Players in the chemical industry are experiencing new market opportunities with more people being connected to the internet and a rise in the connection between business and suppliers through digitization. New communities are being leveraged to enhance customer engagement, drive personalized experiences, and align efforts across the value chain to maximize value potential.

Cloud computing

The chemicals industry’s migration to cloud computing may take time for companies but beginning the journey early can deliver some substantial financial benefits. Executives are still grappling with its risks, possibilities, and the cost of writing off current IT investments. However, for several companies, the transition to a hybrid cloud environment is already underway. Those that move early to embrace this future will position themselves to be tomorrow’s high-performance businesses.

Cybersecurity

With the risk of corporate spying and digital theft, there is a stronger need for chemical companies to set and execute digital strategies. Companies in the chemical industry must now stay compliant with data privacy and regulations, and value chain interactions must be secured. Access to digital information should be restricted to authorized users and there should be central authentication, regardless of device. Partnering with trusted suppliers is key; establishing trust is important as more non-core processes are outsourced. Companies should build relationships with few partners who meet highest security standards to ensure a simpler architecture.


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4 Medical Technology Trends All Set to Make It Big in 2018

Given the fact that healthcare companies are going all out in establishing digital healthcare, technology and healthcare are no longer dependent on one another. With each passing year, the technology trends in the healthcare sector only get bigger and better. In fact, healthcare companies are taking advantage of technologies originally developed in other industries and are leveraging them to improve and broaden their healthcare services portfolio. From technology trends ranging from cloud and Internet of Things (IoT) to virtual reality (VR) and telemedicine, healthcare technologies open the door to new possibilities for keeping people healthier, streamlining clinical communication, and improving the quality and efficiency of patient care. Hence, digitalization is the new normal in the healthcare sector. Here are the top medical technology trends that we are all excited for in 2018:Request Free Proposal

VR to deliver real benefits

Virtual reality(VR) is a technology that has garnered wide attention and appreciation in industries like the media and entertainment. However, recent developments in the healthcare sector are igniting high hopes for technology trends like VR to have a significant impact on the industry. VR tools will prove to be highly useful for healthcare companies in controlling pre- and post-surgery patient anxiety, controlling pain for numerous medical conditions, and helping veterans overcome post-traumatic stress disorder (PTSD). In fact, research has shown that VR games lowered acute pain levels nearly as effectively as narcotics. Virtual reality is also expected to revolutionize medical education and clinician training. VR instructional software is used to impart training for CPR, nasal gastric tube insertion, and wound care.

EHR, mobile, and wearables

Electronic health records are gradually becoming a norm for healthcare companies. Furthermore, the use of mobile apps and wearables is on a rise. Also, telehealth and telemedicine solutions are also slowly gaining traction. The result of which previously unheard of quantities of medical data will be available to improve and extend healthcare services. Advanced healthcare technology trends such as wearable devices are also facilitating doctors in the real-time monitoring and prompt delivery of services.

Big data, privacy, and data security

More than anything, data is taking the center stage in the healthcare industry. Going forward, technology trends such as blockchain and artificial intelligence are expected to expand greatly in the digital health market. The use cases of AI in healthcare include supporting clinical decision-making and identifying patient health risk factors in advance. Through other avenues of this technology such as image recognition, it could also greatly help in diagnostics. AI is predicted to have a really big impact on the healthcare sector in 2018, and some experts believe it could bring about a true revolution as its use cases begin to grow. All the data from clinical and non-clinical sources have to be protected and secure as it is being shared across platforms to unlock new opportunities in healthcare service innovation. In order to satisfy the need for privacy and security, one of the most popular technology trends – the blockchain technology will find its way into healthcare in 2018. Industry experts believe that blockchain will be leveraged in more and more countries to enable the scaled, secure sharing of sensitive data of healthcare companies.

3D printing will become revolutionary

3D printing can be regarded as the ‘eye candy among the wide range of technology trends in the healthcare sector. 3D printing is used for the production of three dimensional solid objects from a digital file. This revolutionary technology is being used in healthcare to customize prosthetics and organ implants for patients. This technology is also being used to customize 3D drugs as per the requirements of the patients.


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