To succeed in eCommerce you must get your pricing right when compared to the competition. Are you taking advantage of the moment when the competition runs out of stock? Do you automatically react when your conversion figures are low? What do you do when your competitor changes their prices, whether it be an increase or decrease? How do you avoid a price war?
There are plenty of avenues to go down regarding this wide topic. In this blog post, I will limit myself to explaining a good structure for competitor based pricing for eCommerce. I will cover the steps involved as well as a few scenarios which require different configurations. Continue reading »
Find out about all the big changes we’ve made to PriceEdge in the last quarter, including improvements to Price Grids and adding 2 default dashboards for those of you that utilize our web-store tracking script. We also share information about our improved “detailed item view” as well as 5 additions to our pricing step library. Most of our updates affect all our users and of course, also include a bunch of smaller fixes and improvements, so make sure to check out the article below.
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A couple of weeks ago, the Stockholm and Bucharest office, as well as some of our remote engineers, spent a couple of days together on Ornö outside Stockholm, to work together, reconnect, and plan out our growth plan for 2021. Due to the coronavirus restrictions, we had to rethink our yearly meetup and decided to run a meetup closer to our Stockholm HQ to reduce travel needs and as well have parts of the company join in remotely (about half could join in onsite this year).
We set up camp in a large villa built-in 1920 by what can best be described as the Swedish Gatbsy. During the roaring 20s he used the villa for parties after Grand hotel Stockholm closed in the evening by taking the party-goers on his steam-powered yacht out to the villa in the late night. With large rooms, plenty of bedrooms, and a private beach & sauna this suited our meetup needs perfectly.
During the week we worked, cooked, and workshopped together. As a team, we wanted to celebrate our success, and spend some time away from the everyday hustle, to think about our company vision, and work on product and organization strategies for the future. The sauna and the local tennis court also got its fair use.
Our 2020 company trip was a success in the end, even though not all could join psychically, we hope that next year we can all be there. We now look forward to putting the conversations we had in to work. We’re already looking toward the future with excitement as our team grows quickly to meet the demands we have from our clients.
You can check out some of what we got up in our pictures below.
Announcing a price increase can be difficult for business owners. This is because there are many fears associated with how customers will react to a sudden increase in prices. Many businesses feel that customers will not be ready or receptive to new price changes, causing sales to plummet. But what do you do when you need to increase your prices and also maintain your customers?
Here are 5 tips to help you navigate announcing a price increase to your customers. Continue reading »
You’ve found the one: the pricing tool that will change everything. You know it will help you better manage price lists, set optimized prices, and spend less time on manual tasks. It’s customizable and easy to use.
But there’s one big step you need to take before you can start implementing it: you need to convince your boss, team, colleagues, and/or other decision-makers it’s the right pricing tool for your company.
You need more than just budget approval, you need a fast and easy adoption so you can start seeing better margins and ROI sooner.
In this guide, we’ll show you how to make your case for a pricing software and prove it’s worth the investment, both if you’re just getting started with a pricing solution or you’re switching from a different pricing tool. Continue reading »
One of the biggest challenges that distributed teams and isolated pricing professionals face during a crisis like COVID-19 is staying healthy, engaged, and productive.
If you now find yourself setting prices from home or managing others in a remote work environment for the first time, it can help to remember that in a vibrant, data-driven profession like pricing, nothing ever stays the same for very long.
So whether you operate as a one-person pricing tribe, or you’re part of an established pricing team, consider this your opportunity to master a new price from home strategy and discover some of the remote working tools that will keep you productive. Continue reading »
Considering the wealth of information available online, it’s easier than ever to make informed purchasing decisions. On the flip side, it’s just as easy to feel like you’re drowning in wave after wave of value propositions and unique selling points when shopping for a PO&M solution.
Knowing the features you need and the prices that suit you is great, while understanding how to choose a PO&M tool that will give you the best possible price advantage is essential. On the other hand, understanding the things to avoid can often be just as helpful, especially if you have too many candidates to choose from.
To help you navigate through the crowded market of price optimization & management tools and software, we cover the six biggest signs that a PO&M software would be more of a problem than a solution.
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From tweaking your pricing to running large price revisions, every aspect of your pricing process contributes to the overall success of your business. While this means there are plenty of opportunities to improve and grow, it also means that there is a lot to keep track of, which is why you need a Price Optimization & Management (PO&M) system. Here are the benefits of PO&M for your business and your pricing team.
And then there’s everything outside the business.
No organization works in isolation, and staying in tune with the market and industry you operate in is just as important as knowing what’s going on internally.
You have a knack for spotting new opportunities, but if you want to grow your business and build your team, you need visibility across your entire business and every member of your organization needs to be aligned.
There’s an entire industry of software tools designed to help you keep your finger on the pulse of your business, and it goes by the name of Price Optimization & Management (PO&M) software. Continue reading »
Merry Christmas!December 20, 2019 in Blog
Happy holidays from all of us at Price Edge 🎉 And big thanks to partners, customers, and team for another great year!
This shouldn’t come as a surprise, but we humans aren’t always rational creatures. Sometimes we make choices based on sound reasoning and logic, and sometimes based on our emotions and our “gut feeling”.
When pricers set prices assuming an “economic” model customer (using rational choice theory), they risk missing out on the best pricing strategies.
Shoppers don’t always carefully consider the quality of a product, its relationship to other products on the market, or the correlation between its price and its actual value. Sometimes they make purchasing decisions based on whether a product is made to look like a great deal, or whether it seems like it might sell out quickly.
This unpredictability can complicate the work of setting prices in eCommerce stores. Fortunately for eCommerce marketers, there are several psychological “tricks”–we prefer to think of them as good strategies–that can make customers more receptive to certain prices.
Here are some of our favorite strategies:
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