Did you know that charging more can increase your sales? It’s a common belief that your sales will roar if you lower your prices, but is this a sustainable solution on the long track? How about the opposite strategy- raising prices can bring you some...
Being a retailer, brand, or eCommerce store owner is a lot less glamorous than it might seem. The everyday routine consists of constantly keeping an eye on the competition. Luckily, that daunting work is now mostly done with the help of price monitoring software. But,...
Like everyone else, our team has spent the past year working from home. In the beginning, it wasn't so bad (be honest, you all like to sleep a little longer) ;) But over time, we began to miss our old routine, and of course the...
All businesses, from time to time, hit a wall. In those situations, you’re looking for a fast, yet an efficient solution that will spur the customer interest again. You might need a total rebranding, but let’s face it, no one will start with such drastic...
You haven’t even properly started, and hard decisions need to be made. One of them is choosing the right pricing strategy. Now, you’ll usually hear that shoppers love lower prices. That’s not a lie, but is everyone really only looking for a cheap product? There...
Not many terms cause the amount of confusion like the price point. Most of the time, people are not sure if they should use price point or simply “price” to describe what they have in mind. Price is a wider term than price point, and...
Let’s talk about a topic that’s not so pleasant. Competition. It doesn’t matter if you’re a brand or a retailer, or even the industry sector that you’re a part of. Competition is present everywhere. The business goals may differ from company to company, but the common ground...
Using psychology in pricing is not a new strategy. Retailers have always been using different tricks to ensure their products sell well. Over time, some Psychological Pricing Strategies showed better results than others, and what was a good profit-making marketing and pricing strategy in the...
New beginnings are not always easy. Even when the new market is not oversaturated, making your way around it can be challenging. However, having the help of a price monitoring tool will make this a less bumpy road. Price monitoring tool has become indispensable for retailers...
In overcrowded industries, making the selection among products becomes very challenging. Products are inevitably becoming more similar, therefore, the customers primarily distinguish them based on the price. Usually, the outcome of this situation is a price war. But, are price wars really inevitable, or is...