In the previous article about conversion rate optimization we focused on basic steps you should take to improve conversion rate on your website. We would now like to take this topic further and focus on the relationship between pricing techniques and conversion rate optimization. When optimizing your website design, colors, fonts and images, you should also include product price optimization techniques in designing your conversion funnels. Optimizing your pricing during the entire shopping process can be very beneficial for the whole store. Do you know how
Optimal product pricing is an important key goal for all businesses around the world. Simple business rule says that when you price your products optimally, you will generate more profits. In 2017 we continue to see the trend that more businesses incorporate new data analytics tools for monitoring and combining heterogeneous business data. We prepared a list of product pricing industry trends based on our experience and work with e-commerce retailers. Working with user metrics in mind is one of our core values for creating a
As a CEO or a product manager of a company you want to understand how seasonal demand affects your business. There can be moments when you experience drop in sales and as a result your profit drops. Instead of running static campaigns to improve your sales, try predicting the market demands with seasonality in mind. Difference between seasonality and economic trends Before we dive into the ways how seasonality influences your e-shop's revenue, let's look at the basic terminology. Seasonality is a predictable period lasting a
The ways in which customers shop these days and how businesses sell their products and services online have significantly changed over the past 10 years. Every year we see a new trend in e-commerce that influences billions of customers and business strategies. Shopify online store owners shouldn’t miss out on the following trends and it is important to pinpoint the ones that can increase their sales and profits. Online retail has become very flexible due to new advances in technology and platforms. One of the
Top retailers spend a lot of effort on conversion and price optimization. To learn from them, we've looked at Alexa top 100 e-retailer websites and automatically extracted collective statistics to see, how top sites optimize their product pricing. Our findings can be used as inspiration for improving product pricing and conversion strategies in your own e-commerce store. In this post, we'll summarize current observed trends for questions like: How many products should be linked on your main page? Should you end prices in 99 or .99?
When was the last time you increased the prices of your products or services? It could be about time to identify your price increase opportunities. This topic is one of the most challenging product marketing and pricing topics. A common belief of business owners or entrepreneurs is that by increasing prices they make their customers angry or in the worst case scenario, lose them. We all know however, that it is standard practice that wages, petrol prices or other costs go up in business. The bottom