Introduction In the world of ecommerce, there is so much going on that it’s hard to keep track of everything. You should be aware of what your competition offers while catering to the increasingly demanding customers. Often guided by pricing as their primary decision-making criteria, your customers can perform comparisons between your online store and […]
As every business is unique, there are variances in pricing the products and services in every company. Not all of them incorporate strategies that aim to sell the highest possible amount (or all of it) of what they are selling, just so it could act as an indicator of company’s market performance or success. Rather, […]
It’s one thing for a lie to be a simple inaccuracy regarding a specific set of information. It’s a whole another story and a real problem when those lies become common practices. There are some instances where lies and myths about pricing data become a part of company’s culture, so deeply integrated with their business […]
When launching a business, pricing isn’t necessarily the sole deciding factor in how well your product or service will perform. However, it is certainly a major contributor to your company’s potential for long-term success and not a decision to be taken lightly. More specifically, your price point — that is, the suggested retail price you […]
One of the daunting tasks being in retail is setting the price and setting it right. Pricing isn’t easy when you’re in the retail scenario—you set the price low and you lose out on profits—you set the price high and you lose out on customers. It’s completely up to you to decide whether you want […]
Pricing psychology is more essential than ever to position your business for success in the marketplace. In fact, its use dates back at least to the late 19th century, as newspapers battled for readership supremacy. Nowadays, consumers are inundated with sales offers at every turn, and while today’s technology makes it easier than ever to […]
Before we dive into the subject, let’s establish what ‘list price’ is just so we are on the same page. In very simple terms, list price or manufacturer’s suggested retail price (MSRP) is the full price for which a business entity is willing to sell its products, without applying any discounts or special offers. While […]
Price is generally driven by three external factors: the market, demand, and supply. A deep understanding of how these factors impact pricing is critical to developing a pricing strategy that will move units at scale and with a desirable profit margin. Generally, organizations staff teams of analysts to study the market, identify trends, estimate demand, […]
