Articles

Skim pricing: Is it right for your business?

Are you looking to launch a product that faces little – or even no – competition? 

In that case, skim pricing could be the answer.

Skim pricing usually works best when applied to products bought by “early adopters”, who are ready to pay more for these must-have items.

But how do you know if skim pricing is right for your business?

In this article, we look at skim pricing as a pricing strategy and explain what you should consider before adopting this price model within your company.

Velocity pricing: What is it and how does it work?

When it comes to retail pricing strategies, there are plenty of choices available for your business. But this is a big decision; the entire success of your company depends on which pricing strategy you pick!

A popular option at the moment is velocity pricing; more and more organisations are adopting this strategy across their products and services.

So, why has velocity pricing suddenly taken off?

In this article, we get to grips with the nitty-gritty of velocity pricing and explain how you can use it to increase your business’s overall profitability.

Can a customised brand portal help your marketing?

As a business owner, effective marketing is key. Whether you’re trading from a brick and mortar store or across the digital shelf, you’ll need to figure out how relevant content can get to your customers quickly and easily.

Still relatively new in the ecommerce and product management industries, customised brand portals are becoming increasingly popular. This is because of their amazing ability to streamline day-to-day operations and marketing activities without detracting from important work!

In this article, we explore what customised brand portals are, why they differ from traditional product databases, and how you can use them to build better relationships with your sales channels and, by extension, your audience.

10 ways to support online brand optimisation for ecommerce

Are you using online brand optimisation for ecommerce to help drive conversions?

If so, fantastic. If not, boo!

Staying relevant as a business on the digital shelf means frequently checking that your ecommerce content is in tip-top shape.

But how will you know which areas to focus on?

We’ve put together this handy guide to help you make the right decisions when it comes to online brand optimisation for ecommerce.

GTINs: How important are they to your products?

Arguably one of the most talked about (and agonised over!) features these last few years, GTINs have become an integral part of Google Shopping and – by extension – buying and selling everywhere on the digital shelf.

But despite being a headache for most online retailers, GTINs are also hugely beneficial if you want to see better results from your shopping ads.

In this article, we explore the importance of GTINs and show you how to use them correctly when managing your product catalogue.

Product information management: A definitive guide

If you’re a business that sells a lot of different products – especially on the digital shelf – then it must get overwhelming managing them all.

Don’t worry, we understand.

But how exactly can you ensure both consistent quality and service when there are so many loose ends floating around?

Well, a product information management system is one way to keep tabs on everything you do online marketing-wise – as well as how well certain products and channels are performing.

In this article, we explain why product information management is so important to growing your ecommerce business.

Consumer panels: Why are they so important?

Ever sat watching The Apprentice and laughed at the brutally honest feedback people give to the teams’ products?

It’s OK, you’re not alone!

But in all seriousness, consumer research is a valuable tool in your brand’s arsenal. With the right feedback, you can better understand the people you’re marketing to – and learn how to improve your efforts so far. 

Consumer panels are there to help you focus right from the start, but what are they exactly?

In this article, we explore consumer panels in more detail and show how they could help make your brand more appealing to customers on the digital shelf.

How to measure price elasticity and maximise profit

Stock, stock, stock – sometimes it can feel never-ending!

Whether you have a physical retail space with plenty of room to store items out back or you’re trading exclusively on the digital shelf, managing stock levels – and how much you sell them for – is essential.

Price elasticity of demand plays an important role in helping companies make important gains as they retail their goods/services. But what exactly does this mean? And more crucially, how can you use price elasticity to your competitive business advantage?

In this article, we explore price elasticity and discover ways it could benefit your brand on- and offline.

Pricing psychology: How to win more sales

It’s strange to think, but psychology underpins everything we do as buyers and sellers.

Customer behaviour is an important part of marketing, given that trends change so quickly nowadays – especially on the digital shelf – and must be monitored closely for the best results.

Pricing and customer behaviour have a significant relationship in any business. By pricing your products in a certain way, you send messages to the wider market about your brand and who you want shopping at your store – be it a brick and mortar establishment or an ecommerce hub.

Luckily, pricing psychology is here to help you avoid some of the biggest pitfalls on your journey!

In this article, we explore the fundamentals of pricing psychology and show you how it can help grow your business.