In this post, we will share why only using competitor data to inform your pricing strategy is a red herring that will cause more harm than good to your business; and the key to fully optimising the prices of your products online or in your physical stores, is to use competitor data, as one of many data sources to make pricing decisions.
BlackCurve recently hosted its first Pricing Breakfast at Cargo Works, London. The topic under discussion was “How Pricing Software Can Help Your Retail Business”.
The London-based SaaS pricing optimisation platform helps retailers make smarter pricing decisions
BlackCurve will use the investment to accelerate its commercial development, doubling its team, and strengthening its product offering
Nauta Capital, a pan-European VC focused on capital-efficient software companies, leads the round.
According to eMarketer.com, global eCommerce retail sales are expected to top $27 trillion in 2020 and the biggest eCommerce retailer by a mile is Amazon. Bryan Eisenberg recently published the book “Be Like Amazon: even a Lemonade Stand Can do It (co-authored by Jeffrey Eisenberg and Roy H. Williams). Perhaps you could experiment with some of Amazon’s most successful strategies?
Profit margin is a measure of your profitability. The figure varies from business to business but is a pretty good indicator of how successful you are. As author Doug Hall says, “If your profit margins aren’t rising, chances are your company isn’t thriving.” With retail, some of the biggest brands commonly achieve profit margins of 50-60%. In 2017, Ted Baker had a profit margin of 60%, Inditex 57%, and M&S 56%.
Topics: Profit Margins
If you’re having trouble coming up with new ideas to increase eCommerce sales, here are 10 ways to generate more sales.
According to Tim Walker writing for The Guardian, the days of fixed pricing appear to be coming to an end. The traditional concept of RRP or ticket price has gradually been eroded and now there are many exciting opportunities for dynamic, personalised pricing models.
Topics: Smarter Pricing
Price management and optimisation company, BlackCurve, has strengthened its leadership team with the appointment of software entrepreneur Martin Fincham as Chairman and Chee Wong, the former COO of Shazam, as Technical Advisor.
Since raising the seed round, BlackCurve has continued to bolster its team, expand its client base and make strong progress building out its product, including key integrations with BigCommerce, Magento and Shopify.
No matter what product or service you sell, the price you charge your customers or clients will have a direct impact on the success of your business.
A truly effective pricing strategy should:
- Communicate your value
- Position you in the market
- Reinforce your revenue strategy
- Allow you to invest in continuing innovation
Topics: Pricing Strategy