Month: March 2023

Consumer panels: Why are they so important?

Ever sat watching The Apprentice and laughed at the brutally honest feedback people give to the teams’ products?

It’s OK, you’re not alone!

But in all seriousness, consumer research is a valuable tool in your brand’s arsenal. With the right feedback, you can better understand the people you’re marketing to – and learn how to improve your efforts so far. 

Consumer panels are there to help you focus right from the start, but what are they exactly?

In this article, we explore consumer panels in more detail and show how they could help make your brand more appealing to customers on the digital shelf.

How to measure price elasticity and maximise profit

Stock, stock, stock – sometimes it can feel never-ending!

Whether you have a physical retail space with plenty of room to store items out back or you’re trading exclusively on the digital shelf, managing stock levels – and how much you sell them for – is essential.

Price elasticity of demand plays an important role in helping companies make important gains as they retail their goods/services. But what exactly does this mean? And more crucially, how can you use price elasticity to your competitive business advantage?

In this article, we explore price elasticity and discover ways it could benefit your brand on- and offline.

Pricing psychology: How to win more sales

It’s strange to think, but psychology underpins everything we do as buyers and sellers.

Customer behaviour is an important part of marketing, given that trends change so quickly nowadays – especially on the digital shelf – and must be monitored closely for the best results.

Pricing and customer behaviour have a significant relationship in any business. By pricing your products in a certain way, you send messages to the wider market about your brand and who you want shopping at your store – be it a brick and mortar establishment or an ecommerce hub.

Luckily, pricing psychology is here to help you avoid some of the biggest pitfalls on your journey!

In this article, we explore the fundamentals of pricing psychology and show you how it can help grow your business.

What is dynamic pricing?

Odds are, if you’ve ever ordered a taxi during rush hour or booked a peak-time delivery slot for your online shopping, you’ve experienced the effects of dynamic pricing.

But as a business stakeholder, you know that the right pricing strategy can mean the difference between success and failure. 

Dynamic pricing is a great way to not only capitalise on your existing customer base but also attract new customers to your business.

So, how exactly do you go about implementing a dynamic pricing strategy?

In this article, we explore dynamic pricing, its pros and cons, and help you understand how to make it work for your ecommerce brand.

List price vs net price: What are the differences?

Every business should have the correct pricing in place if it wants to appeal to its customers, whether in a brick and mortar store or across the digital shelf.

Of course, this means first understanding the different price types applicable to your products/services.

In this article, we explore the debate around list price vs net price and show how each of these pricing models can impact overall profitability.