As kids, one of the occasions that we would get to buy new clothes or toys without having to ask for it would be during the festive season. As a matter of fact, the festive season was when our parents would buy new things not just for us but for our house too – especially electronics.
Although these were bought under the pretext of the festive season being an auspicious time to buy new things, one of the main reasons would be DISCOUNTS! And this is the time that most shops would make the highest sales.
Today, as most of us buy everything from clothes to electronics online, one of the most awaited occasions is Amazon’s Great Indian Festival Sale.
What is Amazon’s Great Indian Festival Sale?
Well, it’s that one sale across Amazon where everything from clothing, and electronics to cosmetics is on sale with up to 50-80% discounts on certain items.
This sale is important for brands because what customer does not love discounts?
Most of us hold onto the urge to buy big items for our house like maybe a refrigerator or an AC etc. or even small things like that one dress we absolutely adore but just seems too expensive to buy without any discounts.
Now you may wonder, what’s in it for the brands…
According to a Redseer report, in 2023 Indian MSMEs are gearing up for a 15% growth in online sales during the upcoming festive season.
But this opportunity can easily be missed by brands, especially if their pricing is not competitive enough or even worse, due to product availability.
Let’s say you wanted to buy a Panasonic Washing Machine. You have been eyeing this machine for the last week, but just as the sale starts on the 8th of October, 2023, the product goes out of stock.
This makes you irritated. And just when you go back to the Amazon home page, it shows you a washing machine from LG, one that fits your budget and has features similar to the Panasonic one.
Without thinking much, you end up buying the LG washing machine and Panasonic ends up losing a customer- all because of product availability.
And just like you, multiple other customers end up buying products from other brands, causing Panasonic to lose out on multiple customers during such an important time.
So, could Panasonic do anything to not miss such an opportunity?
Yes, Digital Shelf Analytics!
Panasonic could have invested in an e-commerce analytics tool that would help it with digital shelf analytics. From product availability to competitor analysis, the tool would help Panasonic not miss out on such opportunities and stay ahead of its competition at all times.
These tools enable companies to monitor and optimize their product availability online, ensuring that items are consistently in stock and readily accessible to customers. This real-time data helps prevent lost sales due to out-of-stock items and improves overall customer satisfaction.
Secondly, digital shelf analytics provides a competitive edge by allowing businesses to closely track and analyze their competitors’ online presence. This includes monitoring pricing strategies, product listings, and customer reviews.
In the world of e-commerce, where customers are spoilt for choice, the use of digital shelf analytics for product availability and competitive analysis is not just an advantage but a necessity for brands looking to thrive during festive sales and beyond.