Monogo E-commerce News -Best Ecommerce Pricing Strategy, #36
Pricing policy, security and which Nordic country is most likely to buy abroad. In today's edition of our e-commerce news series, we have a very large cross-section of topics. It is hard to pinpoint which is the most important, as they all touch on a key area of online business. Without the right pricing policy, it is hard to maintain business and good margins. Without the right level of security, sooner or later we will fall victim to an attack. And these are nowadays and most often aimed at disrupting business and losing image. We end with another incentive to look abroad and sell in other countries. To your morning coffee, e-commerce news from Monogo!
Pricing policy, security and which Nordic country is most likely to buy abroad. In today's edition of our e-commerce news series, we have a very large cross-section of topics. It is hard to pinpoint which is the most important, as they all touch on a key area of online business. Without the right pricing policy, it is hard to maintain business and good margins. Without the right level of security, sooner or later we will fall victim to an attack. And these are nowadays and most often aimed at disrupting business and losing image. We end with another incentive to look abroad and sell in other countries. To your morning coffee, e-commerce news from Monogo!
1. Best Ecommerce Pricing Strategy: How to Price a Product in Your Online Store
Pricing policy, security and which Nordic country is most likely to buy abroad. In today's edition of our e-commerce news series, we have a very large cross-section of topics. It is hard to pinpoint which is the most important, as they all touch on a key area of online business. Without the right pricing policy, it is hard to maintain business and good margins. Without the right level of security, sooner or later we will fall victim to an attack. And these are nowadays and most often aimed at disrupting business and losing image. We end with another incentive to look abroad and sell in other countries. To your morning coffee, e-commerce news from Monogo!Best Ecommerce Pricing Strategy: How to Price a Product in Your Online Store
A few years ago when I was managing 3 e-commerce shops, a large part of the success was due to clever pricing. At different levels, the price variation was quite significant. Some products I sold on a 2 - 3 margin (oh horror!), but these were just to attract the customer to buy. Basically, no one bought only low-margin goods. Extras that were high-margin were always going into the baskets. Around 70% and in some cases even 100%. In addition to this, I had fastened slots for the most popular products, which ranked my shops second or third in comparison shopping. This online business, grew at a rate of 50 - 100% quarter-on-quarter. In an online shop, pricing is very important. It may not be the most important at the moment, but without it we cannot count on sensational results. In the attached article, you can read about some examples of pricing policies, often used by new shops as well as those with an established market position.
2. WEF Global Security Outlook Report 2023
Security in the digital world is no longer a taboo subject (or the elephant in the room as you prefer). An interesting result of the survey of executives and cyber security professionals in companies is the realisation that people expect attacks in their organisations within the next two years. Looking at my own business environment, already this year several of our clients have had such attacks. So I am entitled to conclude that this could be true. In addition, many companies are now undergoing a digital transformation, which further increases the risk. It is worth not overlooking this aspect in business. Because you can lock yourself out of business, or risk losing your image. Even a partial one hurts, and it hurts a lot. The reason I am writing about this is that at Monogo we attach great importance to security. We do not deploy anything to production until it has passed internal security tests. We also carry out implementations of security features such as IPS/IDS. Write to us if you want to check your level of security in your organisation or e-commerce, we have free materials prepared to determine your first level of awareness and security in the form of an interview. In addition, we offer penetration tests and security scans. In our projects, we have detected problems many times and in advance, being able to seal our solutions before we go into production.
Learn more: WEF Global Security Outlook Report 2023
3. Finland – 80 % of Online Consumers Shop Cross-Border
Once again, we touch on the topic of trans-border (so-called cross-border) sales. And once again we focus on the Nordic countries. Their population may be small, but the level of digitalisation of society and the number of people who are happy to shop online across borders is convincing. For Finland, the statistic is that 80% of consumers shop in other countries. Finns, also a minority, prefer delivery of goods to 'Parcel Machines'. Sounds like the perfect place to start expanding.
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