Competitor Pricing on Shopify | eCommerce Matters Ep. 020

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In this episode, Philip and Rob dive into all things competitor pricing on the eCommerce platform behemoth - Shopify. Plus the team looks at how Shopify store owners can focus on their brand and save time by automating mundane tasks.

Hosts: Philip Huthwaite (CEO & Founder of BlackCurve) and Rob Horton (Product Director at BlackCurve).

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Full Episode

Focus on brand, and automate everything else!

Don't forget to think about your outliers

Fun Video

Podcast Summary

Introduction

In this insightful conversation, Philip Huthwaite and Rob Horton dive deep into the nuances of competitor pricing and its implications for businesses operating on the Shopify platform. They emphasise the need for comprehensive pricing strategies that go beyond automatic repricing and discuss the various factors that contribute to effective pricing decisions.

Product Selection

Navigating the Path to Differentiation In the competitive e-commerce landscape, product selection plays a pivotal role in pricing strategies. Huthwaite and Horton stress the importance of considering factors such as exclusivity, unique features, and customer preferences when choosing which products to sell. By analysing competitor data, businesses can gain insights into their competitors' product offerings and identify opportunities to differentiate themselves. This knowledge allows businesses to make informed decisions about their product mix, ensuring they stand out from the competition and meet the evolving demands of their target customers.

Timing

Timing is a critical element in pricing strategies. By understanding when competitors make price changes, businesses can strategically position themselves in the market. Huthwaite and Horton discuss the significance of monitoring competitors' pricing behavior and identifying patterns. By leveraging this information, businesses can adjust their own prices accordingly to maintain competitiveness or gain an edge. Furthermore, tracking the availability of products and identifying trends in their release can inform businesses' purchasing and marketing strategies. By being aware of the optimal timing for certain products, businesses can plan their inventory and promotional campaigns more effectively, maximising their chances of success.

Historical Sales Data

Historical sales data is a treasure trove of insights for pricing decisions. Huthwaite and Horton emphasize the value of analysing sales patterns to determine if low demand is influenced by factors other than price, such as seasonality or marketing efforts. By examining historical sales data, businesses can allocate their resources effectively and focus on products with higher demand potential. Additionally, historical sales data can provide valuable insights into competitors' pricing strategies, allowing businesses to identify patterns and adjust their own pricing accordingly.

Utilising Competitor Data Tools

To assist businesses on the Shopify platform, BlackCurve offers a range of pricing technology solutions. The hosts highlight the Tracker product, which enables businesses to gather and analyse competitor data, providing insights into market trends and competitor behavior. By leveraging the power of this data, businesses can make informed pricing decisions and adjust their strategies accordingly. Additionally, the Challenger product automates repricing based on competitor data, ensuring businesses can stay competitive in the market. Finally, the Commander product incorporates demand-driven insights to safeguard revenue and optimise pricing strategies, empowering businesses to achieve their pricing goals.

Conclusion

Empowering Shopify Businesses with Data-Driven Pricing Strategies In conclusion, Huthwaite and Horton stress the multifaceted nature of competitor pricing on the Shopify platform. They emphasize the importance of considering product selection, timing, historical sales data, and leveraging competitor data tools to devise effective pricing strategies. By utilising BlackCurve's suite of pricing technology solutions, businesses can gain a competitive advantage, optimize their pricing decisions, and thrive in the ever-evolving e-commerce landscape. By leveraging competitor data and employing intelligent pricing strategies, businesses can differentiate themselves, maximise profitability, and achieve long-term success on the Shopify platform.