From now on, we are starting the series of pricing analytics reports covering the price fluctuations, market status, the price positioning of big players on certain verticals in biggest e-commerce environments. While creating the report and discovering the findings, we’ll be using the abilities of our software Prisync. As you should know, Prisync is a price monitoring software that enables retailers to track competitor prices, gather the data and display the fresh price information automatically without any hassle on the comprehensive dashboard of Prisync. That’s why we thought why we don’t use our software to track critical verticals in order to provide data-based insights to e-commerce followers and professionals! So, here the first part of our huge series – Digital Cameras Pricing Analytics Report in the UK. Stay tuned and don’t miss the next reports.
“Digital Cameras” is a very sensitive market vertical in the UK market. Unlike any other type of electronics, generally, people do have a lack of knowledge about Digital Cameras. If someone decides to buy a new digital camera for the first time, he/she does not have a general knowledge about from where to buy it or how are the overall prices. We thought that digital cameras place should be changed from where it has been staying in the darks of shadows for a long time to give people an idea about this market vertical. That’s why we conducted some analysis and prepared the “Digital Cameras Pricing Analytics Report”.
Even if we were very eager to dive into the analysis, at first, we needed to decide how to determine the assortments to conduct the study. We decided to use Amazon.co.uk’s best-selling Digital Cameras list under which there were a total of 100 products.
Then to find other retailers that offer these products, we identified online retailer listings available on Google Shopping UK for each of these items. Now let’s see what we have found out!
It was kind of a funny and surprising when we have found out that 3 products in the Amazon.co.uk’s “Top 100 Digital Cameras” list were not actually digital cameras! A coffee filter, a printer ink, and Playskool’s Mr. Potato Head were somehow within the top 100 Digital Cameras list. Of course, we discarded these products and continued our analysis with other 97. 🙂
However, we could not find any retailers other than Amazon that offer any of the 8 Digital Cameras. Even if it means that these products are unique to Amazon, which is not unexpected if we consider one of Amazon’s strategy is being “offering a wide range of assortments”, we discarded them too since we don’t have any other data to compare the Amazon prices.
Having 89 Digital Cameras in our hands, we have found out that 22 of them were Canon branded Digital Cameras which makes nearly 1/4 of the whole products. Don’t you think this is kinda cool?
Besides its assortments strategy that I just mentioned, with dynamic pricing, Amazon is also known for its “best price” strategy. However, during our analysis, we found out that only 30 out of 89 products (which means nearly 1/3 of the products) were listed with the cheapest price on Amazon.co.uk whereas other 59 of the digital cameras were offered with the cheapest price by another retailer.
Additionally, when we calculated the Price Index Values out of 100, we found out that Amazon had the lowest Index Value of 93.6 among in total of 10 Generalist and Specialist retailers which offered most number of products. It showed us that even if only 1/3 of the cheapest prices have belonged to Amazon, it could still preserve its place in terms of “best price” among the retailers which had the most number of products.
The most expensive retailer in terms of the Price Index Value is coming out to be Littlewoods with Index Value 156.6. On the other hand, eglobalcentral UK with Index Value 71.6 and TecoBuy UK with Index Value 72.8 stood out with their extremely low prices and turned out to be the cheapest retailers. However, these low prices are not surprising since they are based in Hong Kong but competing on price in the UK market.
As I mentioned, Canon was the brand that had the most number of products in our analysis. We wanted to see how the Index Values changes when there are based only on the Canon-branded products. We found out that Wex Photo Video, which was one of the Specialist Retailers, had an Index Value of 93.2 while Amazon had an Index Value of 93.6.
Don’t you think these findings are interesting and at the same time informative about the Digital Cameras market vertical in the UK? And yet, there is more of it!
If you want to learn more about our analysis, you can simply have a look at the “Digital Cameras Pricing Report” ebook!