Recently we've rolled out a new feature to our Shopify app to make price testing for Shopify shop owners easier and quicker.
Product price optimization and price testing involves introducing multiple price points for a variant, running pricing tests and evaluating profit results. With our price testing functionality, you can just simply enter a list of test prices for a variant, and FutureMargin app does all the price setting and test running automatically for you in the background.
The testing period for each of the price points is 7 days. This is optimal from several viewpoints:
- A full 7-day week interval covers inner-week daily seasonality fluctuations
- The 7-day testing period is not too long and should avoid being affected by changing conversion ratios due to external events
After the test is completed, you can simply view the conversions and profits for each of the tested price points, together with a measure of statistical significance.
Tip: If your test span doesn't cover enough sales and visits, you can just repeat the test again and evaluate the combined test period (in this case, your price test period will include a total of 14 days for each individual price point)