Every business out there has a pricing issue. Why? Because pricing is both a science and art which makes it difficult to determine. We believe once you get the science part right you open up space for art and creativity. So, how do you determine a price? Or how do you calculate the value of the product you are selling?
New retailers that are just starting off on e-commerce often start with the most 'beginner' suppliers. These suppliers often accept all retailers but provide the worst margins. Once you launch the business the next step is to stair-stepping your suppliers from beginner level, to intermediate, then advanced.
The best way to know what real people like is to get the elements of your product listing (the description, photos, and name) in front of them. Are they seeing what you intend them to see? Do they bring associations you didn’t think of? As you test your listing, common themes and reactions begin to emerge. These insights will give you a sense of how to improve your listings, and ultimately, your sales.
With millions of products in the e-commerce universe, it’s difficult to stand out. However, by thinking strategically about your product listings and using feedback and data to improve them, your products will look most appealing and generate more sales.
Many eCommerce retailers are working with multiple distributors that can fulfill the same products. Each distributor has a different level of stock on hand, product price and other fulfillment fees.
In many cases retailers have an internal warehouse or 3PL where they can fulfill the same products from.
The trick to working with multiple supplier for the same product is that product data needs to be tracked at both the product and vendor level.
Here's the data you need to track
In this episode, Charles spoke with special guest Chris Dayley, a Neuromarketer, A/B Tester, CRO Speaker, and Evangelist. The following is a brief summary of the main points from the episode.Conversion Rate Optimization is one of the pillars of internet marketing. Chris shares with us a few practices such as A/B website testing. Basically, this is the method of comparing two versions of a webpage/app against each other to determine which one performs better.
Webster’s Dictionary defines “automation” as …
When eCommerce retailers are getting started, many make the decision whether they should dropship or stock their own inventory. Retailers often approach this as a binary, A or B type decision - "Should I dropship products or stock physical inventory?”
We’ve launched an update to our Vendor Data Bulk Export tool that now allows for much more flexible data exports.
The new tool allows you to first choose the data points then export a custom formatted vendor product data. The new tool is able to generate 1M+ rows of custom data on the fly.
Check out the Bulk Export Vendor Product Data KB article for more information.