The good news is that Black Friday 2020 has definitely not been cancelled but so much in the retail sector has been impacted by Coronavirus and the uncertain economic situation that only time will tell whether this year's Black Friday will still be as relevant and provide canny shoppers with the deals and savings they have come to expect at this time of year.
In this episode, Philip and Rob take a look at how eCommerce companies inadvertently fix their prices. Plus the team examines the causes of price fixing and how you can avoid them.
In this episode, Rob and Philip discuss John Lewis’s recent price promise shift, why your product mix is critical, plus explain the relationship between trust-building with consumers and low prices.
In this episode, you will find out the theory and practical ways to see if your pricing decisions are working. Plus Rob and Philip detail the pockets of profits and why you should pay attention to your long tail.
How do you price a product? You look at the margin you want to make. Look at what your competitors are charging.
Pricing is king because nothing else will define your business and products more – or, have such a vital impact on the success of your business. Your prices influence how many customers actually make a purchase, how your products are perceived, the types of customers you attract and the amount you collect in sales revenue.
Now that the non-essential high street shops have finally been opened, will we be making a beeline for the tills loaded down with purchases?
As an ecommerce leader, you need to understand your market in order to grow.
Running your BigCommerce store leaves you with little time. Between product management, optimising your online store, and supporting your customers, you must not neglect your pricing.
Consumers predictably resent being taken advantage of during pandemics. They may display some sympathy for the unprecedented situation that traders now find themselves in, and understand some supply-chain issues, but they definitely don't want to be fleeced.
The global pandemic is producing "extreme market dynamics". In some markets, demand is skyrocketing and companies are struggling to keep up. At the same time, demand for many other goods has all but dried up: who wants to buy the latest summer fashion if you've nowhere to show them off?