E035 eCommerce Matters - What are the best pricing rules for SMBs?

Posted by Philip Huthwaite on September 21, 2022

The latest episode of The eCommerce Matters Podcast is here, entitled "What are the best pricing rules for SMBs".

It's not "Pick of the Pops", but "Pick of the Pricing"! 

We're lucky enough to see pricing rules applied across many different sectors. In this episode we pick our top five, and also share with you, the pricing rules that don't live up to all the hype! 

We cover competitor pricing, rounding rules (psychological pricing), marketing rules, pricing safeguards, and more.

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Topics: Pyschological Pricing, Competitor Pricing, Price Elasticity, Ecommerce, Podcast, marketing

Price Elasticity - A Simple Explanation

Posted by Moira McCormick on August 16, 2016

Determining price is one of the toughest things to do in business, largely because it has such a big impact on your company’s bottom line. One of the critical elements of pricing is understanding what economists call price elasticity.

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Topics: Price Elasticity

What is Price Elasticity?

Posted by Moira McCormick on October 12, 2015

Price Elasticity is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. Price Elasticity of Demand (PED) is a term used in economics when discussing price sensitivity. The formula for calculating price elasticity of demand is:

Price Elasticity of Demand = % change in Quantity Demanded / % Change in Price

If a small change in price is accompanied by a large change in quantity demanded, the product is said to be elastic (or responsive to price changes). On the other hand, a product is deemed inelastic if a large change in price is accompanied by a small amount of change in quantity demanded.

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Topics: Price Elasticity

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