As a webshop responsible, you can create a product feed that contains information about your products, such as images, prices, descriptions, and availability, which is then used to display your products on Google Shopping. Google Shopping allows users to search for products, view prices and product details, and purchase products directly from a website. The users can filter results by factors such as price range, brand, and retailer and also read product reviews and ratings - and they feel comfortable with this search. But how do you optimize your prices and stay competitive at Google Shopping? It’s crucial since customers' search behavior and habits have improved, and if you don’t have the right price at the right time, you won’t have the website traffic and, lastly, conversions.
Competitive pricing on Google Shopping refers to pricing your products to make them more appealing to potential customers than similar products your competitors offer.
To achieve competitive pricing on Google Shopping, you should research and compare prices of similar products your competitors offer. This can be done by analyzing data from the Google Shopping platform or, more efficiently, from our PriceShape platform. It is also possible to take immediate action on the data - changing prices and allocating marketing spend on the correct products from PriceShape.
Based on this research, you can then adjust your prices to be more competitive while still maintaining a profit margin. Consider offering discounts, promotions, or bundle deals to make your products more attractive to potential customers. Another strategy for competitive pricing on Google Shopping is to focus on offering products with unique features or benefits that set them and your webshop apart from your competitors. This can justify a slightly higher price point and attract customers who are looking for something specific.
Ultimately, competitive pricing on Google Shopping aims to attract more customers and increase sales while maintaining profitability.
If you have positioned yourself too far from your competitors’ price points, you will experience a fall in the number of exposures, as the article in this blog shows you. Products placed under the average market price perform significantly better than those above the average market price. You don’t have to sell all your products at a low price, but you need to figure out to be competitive at the right time, generate traffic and sell products with the right profit. It can be difficult, but it doesn’t have to be it.
If you want to optimize your price position and spend on Google Shopping, the only thing you have to do is send your Shopping feed in our direction. Then we will take care of the rest and identify and show you where in the market you are competitive to let you spend your budget on the right products at the right time.
Do you know your exact price position in the market? Get Started and find out