How to Use Competitor Pricing To Be The Best BigCommerce Store

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For this episode, we are diving into our archives to share how you can use competitor pricing to be the best BigCommerce store. The episode covers BigCommerce store success stories, how leading BigCommerce stores are using competitor pricing and plus a Q&A competitor pricing session.

Hosts: Philip Huthwaite (CEO & Founder of BlackCurve) and Deepak Anand (Senior Director & Strategic Commercial Partnerships at BigCommerce). Moderator: Emmanuel Aremu (Growth Director at BlackCurve).

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Podcast Summary

The fireside chat featured Deepak Anand from BigCommerce and Philip Huthwaite from BlackCurve. They discussed the crucial role of pricing technology in driving growth and profitability for e-commerce businesses, particularly those using BigCommerce.

Deepak emphasized that pricing technology is essential in today's competitive e-commerce landscape. It enables businesses to optimize their pricing strategies, make data-driven decisions, and dynamically adjust prices to stay competitive. Manual pricing methods are no longer sufficient in the face of increasing online competition.

Philip expanded on the benefits of pricing technology, highlighting its ability to reprice products based on competitor data. With advanced technology like BlackCurve, businesses can analyze sales history, market demand, and competitor prices to determine optimal pricing points. This statistical certainty helps businesses decide whether to increase prices while maintaining volume or decrease prices to exponentially increase sales. It also helps identify incorrectly priced products that may be hindering business growth.

Pricing technology extends its impact beyond pricing decisions. It influences various aspects of a business, such as pay-per-click (PPC) spend. By aligning pricing with marketing efforts, businesses can maximize conversion and avoid wasted marketing spend. Pricing technology sits at the core of many business functions, making it an essential tool for growth and profitability.

For BigCommerce store owners looking to start using pricing technology, Philip recommended starting with competitor data. Understanding market position and having visibility of competitor pricing is crucial. However, it's important not to blindly undercut competitors or strive to be the cheapest in the market. Instead, focus on finding the right price point that maximizes revenue and profitability.

Deepak highlighted how BigCommerce differentiates itself in the marketplace. They are committed to empowering users with comprehensive data for strategic pricing decisions. BigCommerce goes beyond the common practice of blindly following competitors, with 52% of pricing decisions being competitor-driven. By utilizing pricing technology like BlackCurve, businesses can break away from this pattern and make data-driven decisions that drive growth.

The results of using pricing technology can be substantial. Philip shared that recent research showed a 12% increase in revenue and a 9% increase in profitability. By leveraging competitor data, understanding price elasticity, and utilizing historical sales history, businesses can make more informed pricing decisions that have a significant impact on the bottom line.

Overall, the fireside chat emphasized the importance of pricing technology for e-commerce businesses and the tangible benefits it provides in terms of growth and profitability.