What is PriceMinister? PriceMinister Review

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The fifth most visited e-commerce website in France (after Leboncoin, Amazon, Cdiscount, eBay and Fnac), and the second most visited comprehensive e-commerce platform.

The platform has more than one-third of France's active users, 22 million members, more than 38 million online shoppers, 5,000 online merchants, an average daily page views of 17 million, and a monthly transaction volume of 9 million orders. The gross profit margins are generally high, with the platform's average gross profit margin reaching around 50%.

Priceminister Platform Rules

1. There are no restrictions on logistics at present. You can use your own overseas warehouse to ship the goods. The current delivery time is required to arrive within 10 days.

2. Payment is currently made via WF card, and a Euro account must be opened

3. The platform will charge a commission. For Chinese sellers, there are currently two types: Basic version 39 Euros/month, Premium version 299 Euros/month

4. The platform adopts a commission system: basic version, 11%-19%; premium version, 6.5%-14.5%

5. Loan cycle: subject to confirmation of receipt, the payment will be automatically settled to the PM account on 1/10/20, and then withdrawn to the WF card. If the receipt is not confirmed, the payment will be automatically settled on the 20th of the next month.

6. Return and Exchange Mechanism: (1) The product can be returned to an overseas warehouse, and the shipping fee can be negotiated with the buyer; (2) The product can be returned to China, and the domestic address can be included when sending the product. The shipping fee is borne by the seller; (3) If the product is not needed, the seller can choose

Priceminister entry conditions

1. Have enterprise qualifications and provide business license (including companies in mainland China and Hong Kong, China)

2. Own brand or authorized brand

3. French operator (French description of listing)

4. Have experience in running a foreign trade b2c French platform store, such as Cdiscount, Amazon France, eBay France, etc.

5. World First Euro Account Receipt

PriceMinsiter Platform Fees

- There are four different options for commission payment, and the amount depends on the different options

- Monthly rent is 39 Euros/month (before tax)

- Pay monthly, payable at the end of the month

Platform user characteristics

- 50% female, 50% male

- Average age: 26-50 years old

- The average shopping cart value of women is about 29 euros

- The average shopping cart value for men is about 37 euros  

Logistics

Priceminister has opened two logistics modes for Chinese sellers, Normal and Recommend;

Normal is a small package, which cannot provide customs clearance services. When the order amount exceeds 60 euros, Priceminister will require the seller to use the Recommended express delivery mode.

Payment method and cycle

1. Payment method: Priceminiser currently only supports WorldFirst payment method, and other payment methods are not supported. (Registering WorldFirst through ESG will bring you a lot of discounts.)

2. Payment cycle: The payment cycle is marked by the buyer's confirmation of receipt. For orders where the buyer confirms receipt, the payment will be settled once every Monday and Thursday. For orders where the buyer does not confirm receipt, the payment will be settled on the first Monday or Thursday after the 20th of the following month. The settled payment will be automatically deposited into the seller's wallet on 1/10/20 of each month, and the seller can withdraw the money in the seller's wallet to the WorldFirst account.

3. Payment account settings: Like Amazon, when sellers set up WF payment, they need to set up another payment bank account to pay the platform's monthly rent and paid promotion fees. Chinese sellers can add VISA or MasterCard for payment.

Priceminister Operation Experience

1. Optimize Superstores

1. Optimize the “Store Introduction”: When writing the “About Us” section on the Priceminister store homepage, try to highlight the store’s advantages and key points from the aspects of industry experience, customer coverage, product quality, categories covered, product applicability, logistics channels, after-sales guarantee, etc.

2. Improve store ratings: A good store rating can improve the seller's reputation and service level, making it easier for consumers to buy your products with confidence, thereby increasing conversion rates. (Note: When the rating is less than 4 points, it will seriously affect the order conversion rate.)

3. Highlight the advantages of logistics: Advantages such as brand, overseas warehouses, logistics and warranty services must be written on the store. Using this information can effectively improve the order conversion rate.

2. Optimize products/pages

1. Product description: As a French localized e-commerce platform, Priceminister has more than 1/3 active users and requires a high level of French proficiency. Accurate language description will not only leave a professional impression on customers, but also increase product search rankings and order conversion rates.

2. Page settings: Set up a window menu for important recommended products so that customers can browse your products more quickly, thereby increasing the number of views; upload products to precise subcategories to demonstrate the professionalism of the store and make it easier for customers to browse other related products; new products or key recommended products can be set on the right side of the store, which can drive the exposure of products on the right when customers browse products.

3. Improve picture quality: Pictures are an indication of product quality and determine whether buyers will continue to click to view. Rich product descriptions/high-quality pictures can better display product details, thereby stimulating consumers' desire to buy.

4. Fill in the EAN code: The EAN code is very important for product searches. 95% of the products searched on the PM platform and other price comparison websites have the EAN code filled in. Products without the EAN code will not even be included in Google. In addition, products with multiple attributes (color/size) require EAN to be displayed together.

5. Improve product attributes: Products with filled attributes can be directly searched through the website navigation, which is an excellent way to attract traffic, and complete attribute descriptions can reduce complaints and return rates.

6. Follow-selling: Priceminister does not require review, which can speed up the launch. Choosing to follow-sell can not only quickly place orders, but also lead to super stores to drive the exposure of other products.

Development History

PriceMinister was founded in August 2000 and has 250 employees. The company was originally based in Paris and its predecessor was a Zeppelin factory dating back to the 1880s.

On November 2, 2015, ESG Group (E-Service Group), a global leader in e-commerce solutions, reached a strategic cooperation with PriceMinister, the largest e-commerce platform under Rakuten Europe. The two parties held a strategic cooperation signing ceremony at the ESG Group headquarters in Hong Kong.

References

• 1. South Korea's Gmarket joins hands with Zouxiu.com to launch Korean fashion shopping platform: Tencent Technology [cited on 2012-11-28T16:00:00.000Z]
• 2. [Operational Practice] Entry requirements and operational knowledge of Priceminister, a French e-commerce platform under Rakuten: Sohu [reference date 2017-02-06T16:00:00.000Z]
• 3. Priceminister, the entry point to the French e-commerce market, is a cross-border e-commerce platform with a gross profit margin of 50% : China Information Industry Network [cited on 2017-11-30T16:00:00.000Z]