For an amateur sports enthusiast, using the same brand as their favorite athlete is an aspirational goal. The sports equipment market might trade at premium prices for well-known brands. When you add it to the footwear industry, brand names become even more crucial.
When the economic forecast indicates that there will be uncertain times ahead, brand loyalty in other retail industries is put to the test as customers switch to generic names or those that provide better value. This is accurate for entry-level sports wear and gear, but the high-end sector is more resilient.
Therefore, the result of a recession is most likely to be a pricing war.
The real brand loyalty test occurs when the economic forecast is predicting tough times ahead.
Most consumers shift towards generic brands or those offering more value for money.
Since products in the Sports and Outdoors industry generally have a short lifecycle, it is pretty common for a product to get replaced with a similar item with a different model, specs, and pricing.
Although this is fair for entry-level sports gear and equipment, the high-end marketplace is more sturdy.
In such cases, it becomes extremely challenging to monitor prices for similar products and differentiate pricing and availability of several variations of the same product.
With PriceManager, you can form pricing strategies that can easily determine the products with price increase or drop opportunities. It can help you reprice and set up the prices of the same products on your website in order to ensure that the browsing user will visit you and make a purchase through your channel only.
In order to stay ahead in the market, it's critical to keep an eye on your competitors' pricing and promotional strategies. You need to be attentive to what your competitors are doing and what you lack. With PriceManager's pricing intelligence and automated services, you get daily email alerts whenever there are changes in the pricing of your competitors' products.
One of the perfect times to show your best cards is when your competitor is out of stock of the products you also deal in. At that moment, you can adjust your prices according to the demand and grab the opportunity to make maximum sales with greater profit margins.
Although the lifespan of sports and outdoor equipment is generally shorter, you can still make maximum profits by keeping a tab on the market and looking for all the similar products that your competitors are selling and analyzing their pricing tactics. With PriceManager's Price monitoring services, you can monitor the full range of your competitors' products and set your price ranges accordingly.