Would you have thought that NOT having the lowest prices could be a winning pricing strategy? According to conventional wisdom, online shoppers always choose the cheapest option.
According to our extensive pricing analysis though, the data tells a different story: Customers buy based on a wide range of factors, including brand trust, product presentation, and effective marketing. Not just on price.
The Smart Pricing Approach
The pricing analysis we’ve been carrying out with RetailX has highlighted a counter-intuitive trend in the data, showing us that many products perform exceptionally well, even when priced higher than competitors. With tens of thousands of products analysed, we’ve consistently seen that strategic pricing based on actual performance data outperforms blanket discount strategies.
RetailX gives you the tools to figure out which products truly need competitive pricing, and which ones don’t.
- Compare your pricing against competitors in real-time.
- See conversion rates alongside pricing data.
- Analyse view-to-purchase ratios for each product.
- Monitor sales performance at various price levels.
- Identify which products sell regardless of price position.
Make Decisions Based on Data, Not Assumptions
The RetailX Product Analysis Dashboard brings together critical information from multiple sources; your website, Google Analytics, competitor pricing, and advertising performance; giving you the complete picture you need to make strategic pricing decisions.
Instead of guessing which products to discount, you’ll know exactly:
- Which products customers will buy regardless of price.
- Where a small price adjustment can dramatically increase conversions.
- Products where brand loyalty outweighs price sensitivity.
- Items where competitive pricing is truly necessary to drive sales.
RetailX: Your Complete Product Intelligence Solution
RetailX is a comprehensive product intelligence platform that combines three powerful tools into one integrated solution:
Product Analysis Dashboard: Assess all your product data in one central location. Analyse information from your website, inventory, retail stores, Google Ads, and Analytics to understand sales performance across all channels. Filter and segment data to identify opportunities, and make informed decisions based on comprehensive insights.
Competitor Price Comparison Tool: Stay ahead with automated daily tracking of competitor pricing. Receive immediate alerts when competitors change prices, run promotions, or go out of stock. Identify non-competitive pricing, monitor products selling below your cost, and maintain historical data for strategic planning.
Shopping Campaign Optimisation: Transform your Google and Meta shopping campaigns with data-driven optimisation. Update campaigns with one click, removing underperforming products and prioritising high-margin, high-converting items. Create strategic product groupings and automate campaign adjustments to maximise your advertising ROI.
Stop Competing on Price Alone
Move beyond the race to the bottom on pricing with RetailX. Focus your competitive pricing where it matters, maintain healthy margins where you can, and make every decision backed by real performance data.
Ready to develop a smarter pricing strategy? Book a demo with us today to see RetailX in action, or sign up online to get started.