RETAILERS


PRICE WARS - IS THERE A BETTER WAY?


With the continuing overstocking issues blighting the cycle trade, Phil Baker from e-commerce platform Push Retail explores the implications of price reductions


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elling bikes online is competitive and challenging for businesses and as demand reduces, retailers are often tempted into a pricing ‘race to the bottom’.


Particularly on bigger ticket items, margins are getting tighter and operational costs are on the up. While price is certainly an important factor for many consumers, it is not the only way to sell bikes online. Here are a few reasons why dropping prices may not be the only strategy for your operation, and some alternative approaches you can take to attract and retain customers. Product offering - Making sure you differentiate yourself


from your competition allows you to have a competitive edge. Although you still want to make sure your products are in high demand, it may not be an idea to focus on those products that are readily available and that other retailers are heavily discounting. Stocking models that differentiate your offering, in the right sizes, is an important step to a successful digital strategy. Service - Providing a superior transaction experience is


tough, but not impossible and can be the difference between the sale being a one off or the customer returning for more. When processing orders it’s easy for retailers to forget how emotive some of these purchases have been for the customer and that has a strong hand in their decision as to who to buy from. For retailers with a bricks-and-mortar location, encouraging the customer to collect from the store can open up huge opportunities to create a relationship through a thorough handover process and set-up. This also opens the


26 | February 2023 www.bikebiz.com


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