35-year-old "rookie" and smart pricing strategy to break through e-commerce sales

Garmin - a technology brand with over 35 years of experience in the field of GPS positioning has launched smart approach strategies with attractive pricing, especially during shopping holiday seasons to quickly boost sales.

35-year-old "rookie" and smart pricing strategy to break through e-commerce sales

Garmin - a technology brand with over 35 years of experience in the field of GPS positioning has launched smart approach strategies with attractive pricing, especially during shopping holiday seasons to quickly boost sales.

A fact that needs to be recognized early is that despite having a strong name or a long history, when it comes to the e-commerce playground, big brands can still become "newbies". Let's learn about Garmin's success story on Lazada with smart watch products that support sports and health training.

Competition in a “sensitive” market

In the past, price sensitivity in traditional forms of shopping was limited to bargaining or “agreeing to buy and sell” with few options for where to buy. However, thanks to e-commerce, consumers are now “covered” with promotions, coupons, and shopping festivals that take place continuously. This invisibly promotes fierce competition for businesses participating in e-commerce.

A recent report by Lazada and Kantar found that about a third of Southeast Asian consumers are price-sensitive and actively looking for deals (41%). While no longer the top 10, the Nielsen IQ and Lazada (2024) report also found that promotions and bargains remain among the top three reasons consumers shop online.

Many people think that this is an easy-to-understand behavior and is easy to use to retain customers. However, for Ms. Le Hang's business - an authorized dealer of the Garmin brand in Vietnam, and also owns the brand's official channel on the Lazada platform, price competition is not an easy question to answer. Because currently, Garmin is setting the same prices for all business units selling the brand's products. When the e-commerce market "races" for incentives, what will be the solution to Garmin's competition problem?

Ms. Le Hang - E-Commerce Manager of Garmin Authorized Dealer shares the story of the brand's conquest of e-commerce

With active support policies for sellers, cooperating with Lazada is Garmin's direction in solving difficult problems for businesses. This opens up many new opportunities in approaching customers and bringing them many attractive price policies.

Smart approach and attractive pricing

As a high-end brand, Garmin has a wide range of products with a very wide price range. This comes with the challenge of a new seller to optimize advertising effectiveness with a limited budget.

Ms. Hang shared that choosing the main product in the early period in the low and mid-range price segment, combined with support policies to increase display and exclusive offers from Lazada is the way to "steer" the business through the "thorns" of a "newbie". "Once having a good experience with the first product, customers will want to improve their experience using Garmin products and look for higher-end products".

Recognizing Mega Sales as an opportunity for any seller, big or small, Garmin is not out of that shopping flow. The brand works closely with partner Lazada to offer exclusive incentive programs such as sponsored vouchers or direct subsidies. At the same time, Lazada will advise on budget allocation to optimize advertising to increase brand awareness and traffic for subsidized products, helping products reach customers quickly and easily.

“Vouchers are one of the most important factors for customers to make a purchase decision. However, to retain them, brand experience is also an indispensable criterion,” said Ms. Hang.

With Garmin, efforts to enhance customer experience are demonstrated through continuous and detailed support on product, voucher and warranty related issues, thereby increasing peace of mind when shopping on e-commerce platforms.

In addition, leveraging the power of feedback and reviews, Garmin has begun implementing a policy of giving vouchers to customers when they complete product reviews. This is also a way to strengthen consumer trust and increase goodwill for the brand.

Customer experience is also becoming the "driving force on every step" to conquer new milestones in Garmin's business results on e-commerce.

Garmin’s smart strategy has contributed to the brand’s resounding success on Lazada. “Sales have grown through each mega sale period, especially in October and November when sales tripled compared to the previous month, while the average growth in other months also fluctuated from 10% to 20%,” Ms. Hang shared.

It can be said that clearly planning a methodical business strategy, correctly grasping customer psychology and taking advantage of the platform's strengths are key factors determining success for new sellers on e-commerce platforms.

Garmin's story is a great inspiration for other brands, especially new sellers, affirming that with the right efforts and strategies, success on Lazada is completely within reach. In particular, major shopping festivals such as Lazada 12.12 "Super Sale" coming soon will be a great opportunity for sellers to continue to break through. With a series of attractive incentives for customers and effective support programs for sellers, this year-end Mega Sales 12.12 promises to be a vibrant "playground" where brands can reach millions of potential customers, increase sales and affirm their position in the e-commerce market.

Source: https://baodautu.vn/tan-binh-35-tuoi-va-chien-luoc-gia-thong-minh-de-but-pha-doanh-so-thuong-mai-dien-tu-d231984.html