In 2019, the global construction industry reached 109,7 billion dollars. This sector is divided into specialty stores, supermarkets, and hypermarkets, departmental stores, online and general stores, which are all selling these types of products. The biggest segment in the market is buying products from specialty stores. The toy and gaming industry is expected to grow annually by 3% between 2020 and 2025.
Based on the above trends it is relevant to ensure that your products are differentiated from your competitors. You can differentiate your products by using a dynamic pricing engine and by ensuring a sustainable manufacturing process etc.
Modern consumers seek convenient and comfortable shopping methods, as modern society is affected by a hectic lifestyle. Especially, online stores selling construction products have experienced great success. This has increased a high degree of competition within this sector, as online stores offer cheap pick-up and delivery services. For example, Walmart has in 2018 experienced progress of 20% to 25% in its online revenue.
In addition, the possibility to buy most products online also makes the buying process more convenient. Therefore, consumers have increased their use of construction products, as it is straightforward to buy these online and get them delivered right at your personal doorstep.
The construction industry is one of the most difficult sectors to monitor, as it is characterized by a high degree of competition. In order to succeed within the construction industry, it is crucial that your firm is able to monitor the monitor the competitors' pricing history. Through a price comparison software, such as PriceShape, you are able to get an overview of your competitors' pricing points and can easily set up useful pricing strategies. Moreover, you get access to competitors' pricing history and will be able to place your marketing expenses more profitably.
Get competitive through accurate competitive data and dynamic pricing.