At Prisync, we enjoy talking to our users to fully understand their pain points, what they like about our service, and find solutions to their problems. As a great source of information, we collect pricing tips from our users.
We care about Prisync users’ recommendations, requests, and how they benefit from our product. Moreover, we believe that sharing their experience can be illuminating for all the e-commerce owners out there.
If you’re ready, let’s dive in.
Create “x” products Report
Although we send daily excel reports to Prisync users, they can also create brand or category-specific ones based on their needs. For example, expensive products report gives you the products that you offer at higher prices than your competitors.
Seeing expensive products altogether can reveal useful insights about competitors. Think of a case where a particular brand you sell can always be found cheaper somewhere else. You realize that the brand becomes increasingly popular, but you don’t sell much.
What action you can take?
As a first step, you should try to offer competitive prices. If you can’t lower prices without selling at a loss, it means that the supplier gives you higher prices than competitors. It’s time to renegotiate with your supplier.
As you can see, data reveal crucial insights.
Or, let’s take the cheaper products report at hand.
We frequently hear this sentence from our customers:
For some of the products, we realize that we’re unnecessarily cheaper than our competitors so that we’re losing margins.
Look at this example.
The first store at the top is £22 cheaper than its closest competitor. Why so? They would’ve still appeared first on a comparison shopping engine if they’d sold it for £75.
It’s highly likely that this store doesn’t track competitor prices. If they did, they would’ve increased the price. Prisync users don’t have problems like that. Our users can set competitive prices that yield the highest demand, without the risk of selling below cost.
React to competitor price changes on time
Prisync users generally prefer to track their top-selling products since these products generate a great portion of their revenue. So, keeping the competition up for these products is inevitable and important.
Thanks to the notification module of Prisync, you can get price change alerts on a daily basis or 3 times a day according to your preferences. This will surely increase your awareness of the competition in the market.
One Prisync user, Gökhan from Fotopazar.com states:
Thanks to these automated price change alerts, we’re able to detect any price movements on our competitors and take our contra-actions accordingly. This way, we’re able to protect our pricing position in the market for our top selling products.
Another Prisync user, Romain Loyson from Lasante.net, shares his experience:
Everyone could use it easily. This software has got a lot of functions which are really interesting. We can receive reports daily which give us our price position and we can consult every change from our competitor. It’s important for us to know what is the price position of our products and Prisync answers perfectly with their software. I recommend it!
Integrate Prisync’s Data with the API
Well, even if analyzing the data from the web dashboard and from the daily automated reports are good ways to use Prisync, our users want their tasks more automated.
With the help of our API integration, you can drastically improve your sales by pursuing a dynamic pricing strategy. Prisync has a dynamic pricing module that makes smart pricing suggestions. These suggestions are based on how you want to position yourself.
For example, if you want to be the cheapest among competitors for a particular product/brand/category, you can set smart pricing rules that’ll dynamically adjust your prices against competitors.
You can even set target profit margins and make sure that no matter the change in price, it still covers the costs.
With API integration, you can also combine AdWords data with your competitor price data. You can set your bids smarter in line with the daily pricing information you get.
For example, you can boost the bids for the products that you’re in the cheapest position. How does it help your business?
It increases your brand’s visibility. Consumers will know that you offer the cheapest price for a product, and they’ll think of your brand the next time they’re looking for the same/a similar product.
When it comes to API as a data source, the sky is the limit. You can analyze the data in your hands in accordance with your needs.
Data is a treasure if you know how to use it. Price information is a great source of data you can make use of both in short and long terms.
In the short run, it allows you to react to competitor price changes on time. It enables e-commerce owners to adjust prices against competitors and reach their target margins at the same time.
In the long run it provides insights so that you can make well-informed decisions.
To sum it up, Prisync provides insightful data. It’s just up to you to analyze it and get the most out of it for your business.pricing tips