Do you, like many other entrepreneurs, let yourself be led by the easy way and therefore miss out on a lot of profit? Or do you choose an efficient way to have your products score high in the search results and see your profit margin increase per product? In this blog we will show you how it can be done differently by means of an easy formula developed by bol.com.
Whereas high prices often inspire trust in the customer, low-priced items end up in the shopping carts more quickly. This is where you need to find the right middle ground. In order to use the right market price for your product, an easy solution has been devised: Based on the relevant market price, so-called 'price stars' are given to your prices. With this simple measure you know exactly if your prices are too low or too high. How it works: Basically, you have a good price when you have 4 price stars or higher. Does your price get 5 stars? Then your price is the sharpest compared to your main competitors on the market. By using price stars, you can take advantage of the competitor's prices. It will help you score higher in the search results, but it will also increase your sales targets and help you maintain your profit margins. Working with price stars gives you the opportunity to easily gain insight into your market value.
There are 1 to 5 stars to choose from. The stars are based on the relevant market price of a product. 1 star indicates that the product is poorly priced and has a significant difference from the market price. The product is displayed at a low level on the webpage, there is even a possibility that the product is not displayed at all. The more stars, the higher your product will be ranked. Five stars indicates that your product has the lowest price compared to the market price of the product. Within the Rylee dashboard, you can view the price stars of your competition.
The relevant market price plays an extremely important role within price stars. To determine the RMP, various factors are considered. The most important points are the competitor's price, the recommended retail price and the historical platform price.
You know better than anyone that it is crucial to have the right price for your products. Prices that are too high can lead to lower sales and can influence the customer's perception of your offer. We are talking about RMP here. To determine this, bol.com evaluates the relevant market price for each item. This takes into account the prices of other providers of the same item outside of bol.com, so that the prices at bol.com are equal to those of products in a similar category in the market. The price per unit of product is determined on the basis of market trends.
By using a formula of all the factors just mentioned, bol.com price stars your product price. This allows you to effectively measure and possibly adjust your product prices. You will receive a correct indication of whether your product prices are in line with market prices.
To determine RMP bol.com looks at relevant providers inside and outside the platform. The last known price and the most frequently used price of the product are considered. As soon as the same price is used by the competitor, we speak of a competitive price ratio. Bol.com offers the price stars as an indication for you as an entrepreneur. What you do with it is entirely up to you. You decide for yourself whether you are satisfied with the sales numbers and margins that remain if you use that price.
Did you know that a product with a higher price can seem cheaper? You can easily influence the price perception per customer. By applying this price psychology to your products, you can make a product with a high price appear cheaper. This can be very useful if your products are priced higher than those of your competitors.
With this example you can see that you too are often affected by the effects of price psychology. This is a deliberate manipulation of your subconscious state of affairs. You have probably heard of prices ending in 9. Leaf through any folder and you will see that products are for example € 9.99 instead of € 10. This method is used all too often by entrepreneurs on bol.com.
Now that you understand the basics of bol.com's pricing policy based on price stars and the RMP, it is of course important to make sure that you can still make a profit on your product before you buy. Bol.com also charges a commission on sales that you pay to them. So the first thing you do, before you buy your products, is calculate your profit. You can do this by using the profit calculator in Rylee, but you can also do it yourself. A good starting point here is the profit you want to make on a product. If you are satisfied with the profit, you can use the selling price in combination with the price stars to see whether you can deliver a good competitive price if you place an existing product on bol.com.
Do you want to be ahead of the market? Then you've come to the right place. We provide all the data you need to make your products sell like hot cakes. By using our Product Tracker you get insight into all sales data of your competition. We show all price stars of all products you track and give you new insights on how to increase your profit margin.
It's no secret that customers are constantly comparing prices, so it's important that they are as similar as possible. By looking closely at the price stars, you can be sure of getting the right price for your products. Besides the fact that a good price has a big influence on your profit margin, it also increases conversion. This has a positive effect on both the short and long term. In the short term, your article will be viewed more often and sold more. In the long run, this increase in conversion will lead to a better position for your article: more sales will put your article higher up in the search results. And we all know that the higher your article ranks in the search results, the higher your profit margin will be in the future. Think about the future and let Rylee help you take your bol.com business to the next level. Start your 14-day trial period now! Try Rylee for free and enjoy the benefits.
Ryon is the founder of Rylee
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