Tag: price monitoring

Skim pricing: Is it right for your business?

Are you looking to launch a product that faces little – or even no – competition? 

In that case, skim pricing could be the answer.

Skim pricing usually works best when applied to products bought by “early adopters”, who are ready to pay more for these must-have items.

But how do you know if skim pricing is right for your business?

In this article, we look at skim pricing as a pricing strategy and explain what you should consider before adopting this price model within your company.

Velocity pricing: What is it and how does it work?

When it comes to retail pricing strategies, there are plenty of choices available for your business. But this is a big decision; the entire success of your company depends on which pricing strategy you pick!

A popular option at the moment is velocity pricing; more and more organisations are adopting this strategy across their products and services.

So, why has velocity pricing suddenly taken off?

In this article, we get to grips with the nitty-gritty of velocity pricing and explain how you can use it to increase your business’s overall profitability.

GTINs: How important are they to your products?

Arguably one of the most talked about (and agonised over!) features these last few years, GTINs have become an integral part of Google Shopping and – by extension – buying and selling everywhere on the digital shelf.

But despite being a headache for most online retailers, GTINs are also hugely beneficial if you want to see better results from your shopping ads.

In this article, we explore the importance of GTINs and show you how to use them correctly when managing your product catalogue.

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.

Why is average unit retail (AUR) important?

Every business currently trading should have a good idea of how they’re doing as far as sales go.

They should also be keeping a watchful eye on their inventory. Is there enough stock to satisfy customer demand? And if not, how can this be fixed?

Average unit retail (AUR) helps businesses know where to focus their sales efforts, whether they’re operating from a brick-and-mortar location or across the vastness of the digital shelf.

In this article, we explain exactly what AUR is, why it’s so important, and how you can use it to help improve your business’s sales.

What is penetration pricing?

Everyone has their price, whether they’re a buyer or business owner.

For companies, the right pricing strategy is crucial if you want to succeed online, and penetration pricing could help your brand stand out in an increasingly saturated ecommerce market.

But what is penetration pricing, and how exactly might your brand use it to grow?

In this article, we’ll explain everything you need to know about penetration pricing, including its advantages, potential drawbacks, and why you ought to consider this approach for your business.