What is KVI ? How it is usefull in ecommerce industry
Key Value Item (KVI) is a product in an e-commerce store that significantly affects how customers perceive the store's value . KVIs are often the products that customers compare prices for and are frequently purchased. How KVIs impact e-commerce Sales : KVIs can drive sales and increase a store's popularity. Brand recognition : KVIs can help build brand recognition by drawing attention to a product or product line. Customer loyalty : Misinterpreting KVIs can lead to lost profits and undermined customer loyalty. How to identify KVIs Research your products and divide them into popular and less popular groups Consider the price elasticities of your products Analyze how many units have been sold and at what price Consider how many similar products exist in your catalog and in the market How to use KVIs in pricing Use demand analysis software to predict your KVIs Use KVIs to attract customers to your store ...