eCommerce Tech
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The Future of Pricing and Price Testing for eCommerce
Supply and Demand are the fundamental forces of all transactions, yet how well do merchants really understand their own price elasticity? This episode explores the power behind years of your store data, just sitting there, waiting to be turned into pricing insights with the magic of a one click install from a tool called PriceStack. I'm genuinely blown away by the tool and how it can create a pricing model for not just one product, but how might price changes on one product effect sales of other products, or discounts and promotions you should offer, etc. Stop leaving money on the table and listen to this episode on the future of pricing for Ecommerce.
Key Points
- The future of pricing strategy involves daily dynamic price changes influenced by various market factors.
- Personalization and consumer trust are crucial, as their absence cost businesses $756 billion last year.
- Leveraging AI and machine learning models can optimize pricing strategies, enhancing both profitability and customer satisfaction.
Chapters
| 0:00 | |
| 1:03 | |
| 1:35 | |
| 3:30 | |
| 5:17 | |
| 8:36 | |
| 12:33 | |
| 15:18 | |
| 21:59 | |
| 22:45 | |
| 26:45 | |
| 30:25 | |
| 34:40 | |
| 36:05 | |
| 37:30 |
Transcript
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