We recognise that businesses are both at different stages of market size, as well as at different stages for how much pricing is being used inside the business to support growth. Therefore, we have created three core editions, or “flavours” as I typically say on demo calls with prospects: ‘Tracker’, ‘Challenger’, ‘Commander’, to support whatever stage of pricing your eCommerce business is at. This post aims to take you through these editions to help with your selection, as well as introduce our new ‘Enterprise’ offering.
Topics: Pricing Software, Dynamic Price Optimisation, Price Elasticity, Excel Pricing, Competitor Price Tracking, BigCommerce, Automation, Ecommerce Pricing, retail pricing, headless
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.
Topics: Pyschological Pricing, Competitor Pricing, Price Elasticity, Ecommerce, Podcast, marketing
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.
Topics: Price Elasticity
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.
Topics: Price Elasticity