Ecommerce Training Program: Pricing Academy

In this video, we have explained price positioning and why it is essential for you. In Ecommerce, how you price your products means how you position your brand in the overall market.

As a consumer, you can distinguish brands by looking at their prices, which is called brand positioning. In brand positioning strategy, pricing is a central element.

So when we talk about your brand positioning, we are talking about setting a pricing strategy that serves your marketing strategy.

Some online retailers can offer discounts so they have cheaper prices. This cannot be beneficial if you are selling luxury products. But if you are in a competitive market where there are lots of sellers selling the same product as you do, offering discounts can work for you.

To set up a good pricing strategy in a competitive market, you can take a look at a competitive pricing strategy that can be your best friend.

Remember that your pricing should align with your marketing strategy so you can sell.

In this video, you will learn what willingness to pay is and what influences willingness to pay.

Willingness to pay is the maximum amount of money to purchase a product or service from a customer. To find this amount, we must examine what customers are influenced by.

In this video, we talked about several factors that influence customers. Brand image is one of the most critical factors in that category. Another factor is emotional and self-expressive benefits. You may have seen customers who make purchases from luxury brands are commonly fueled by emotional satisfaction. And sometimes it’s more important than the quality.

Remember that shoppers are influenced by the prices they see everywhere. So if you are selling in a competitive market and offer a good deal compared to your competitors, they can be attracted to your prices. In that sense adopting a competitive pricing strategy can help you for more sales.

Economists use the concept of price elasticity of demand to describe how the quantity demanded changes in response to a price change. In this video, we explained the simple definition of price elasticity of demand and the factors affecting the price elasticity of demand.

We’ve included plenty of examples while explaining the price elasticity and how the change in economic situations might affect your business. Such as, in the economic downtown, your customers might be more price sensitive. After watching this video, you can better understand how to approach price elasticity as an online retailer. And you will recognize the changes in demand based on necessity and urgency.

In this lecture, you will learn what is cost-plus pricing strategy, how to implement cost-plus pricing strategy.

Cost plus pricing, as definition is a strategy where you set a price by calculating your costs and adding a markup. It’s pretty easy to implement for online retailers.

In this video, we have explained its advantages & disadvantages for you to have a better understanding. Since cost-plus pricing strategy is only based on two factors, you can face some disadvantages as an online retailer. Being in such a competitive area like Ecommerce, it’s better to take a look at different angles while adopting a strategy.

We’ve included plenty of examples while explaining the cost-plus pricing strategy. After watching this video, you will see that your branding is such an essential factor for your pricing. If you create a powerful brand, your customer’s willingness to pay will increase, and showing your value proposition more strongly can be one way to do it.

You have learned the cost-plus pricing strategy if you've watched the video. Instead of focusing solely on your costs, focus on other factors such as branding and your competitors. In that way, you can have a better chance to survive in a competitive Ecommerce area.

In this lecture, you will learn what is a competitive pricing strategy and how to use competitive pricing for your online store.

Competitive pricing is a strategy where you consider your competitors’ prices as an important factor when pricing your products and services. In a competitive area like Ecommerce, you cannot avoid competition on price. Therefore, learning competitive pricing strategies can help you a lot.

If you’ve been selling online for a while and monitoring your competitors’ prices when setting your price, well, you’re already using a competitive pricing strategy.

In this video, we have explained how competitive pricing strategies work. We’ve included various examples explaining competitive pricing strategies. After watching this video, you will be able to see how other brands use competitive pricing. To use competitive pricing, use price intelligence to take immediate action. This can be a core solution for your online business.

In this lecture, you will learn how to track competitors’ prices in Ecommerce.

If you’ve been in our Ecommerce pricing training program, you should know how crucial it is to collect competitors’ prices. Tracking prices will give you the necessary information to survive in a competitive Ecommerce area.

After watching this video, you will learn three common methods for pricing intelligence. You will need to use one of these methods to track your competitors’ prices. We’ve included various examples of businesses that manually track competitors’ prices. And also, how automated pricing solutions work is explained in this video.

Make sure you gather price intelligence and use it in your pricing decisions!

In this video, you will learn what is a dynamic pricing strategy and how you can use it.

Most sellers use a dynamic pricing strategy in Ecommerce, and it’s very flexible and works best when you learn how to use it for your online business. Dynamic pricing is a strategy where you set flexible prices based on demand, market trends, competitors' prices and many other factors that may be included depending on your business. To adopt dynamic pricing, you need to use the data available to you and beat the competition out there.

After watching this video, you can better adopt dynamic pricing. We’ve shown you how other businesses use dynamic pricing, and without making big investments, you can make use of dynamic pricing strategy as well. By working with Prisync, you can have quick and effective price changes with a dynamic pricing strategy. Leave your comments down below if you have any questions!

In this video, we have defined some examples of commonly used pricing strategies. In competitive Ecommerce areas, businesses come with a price and attract consumers. You can use the pricing strategies explained in this video to attract more customers to your store! Overview of the video: We have explained the common pricing strategies mentioned below.

Premium Pricing

Price Skimming

Penetration Pricing

Loss Leader Pricing

Value-Based Pricing

Bundle Pricing

After watching this video, you will understand what these pricing strategies are and how they work. You will also see various examples of how brands use common pricing strategies to lure more customers.

Have you ever used any of these pricing strategies? What do you think about them?

Leave your comments down below if you have any questions!

In this lecture, we will explain one of the most controversial topics in Ecommerce for marketplace sellers. What is Minimum Advertised Price(MAP), and how can manufacturers monitor brands’ prices? Well, we have explained it all in detail in this video.

Some luxury brands are known for destroying and burning their unsold stocks, not to lower their prices. They do it because they think the change in price will affect their brand image in a negative way. We have given various examples of these brands in this video.

Minimum Advertised Price(MAP) is essential whether brands sell in marketplaces or on their website. MAP agreement is a policy written by manufacturers, and after the agreement, sellers have to follow it. To see whether the seller offers a lower price than the MAP agreement, the manufacturers can monitor them.

The monitoring process is for protecting the price of the product. Every country doesn’t have a legal MAP policy, MAP policy is agreed with the United States.

MAP monitoring is important for the brand. This is because if you can have it, you will have better brand protection, great brand identity, and accurate performance analysis. But is it easy to do? You can automatically track prices in Ecommerce. Price fluctuations happen occasionally in Ecommerce sales periods automation is your best solution.

The video details how to avoid pricing mistakes in four main steps. Most businesses get stuck with finding good pricing. But choosing the ideal price should be your focus as a business owner. You can learn the common pricing mistakes in Ecommerce, and you need to avoid them to compete with your competitors and stay alive in the Ecommerce area. By finding the ideal price, you can maximize your profit margins and take your business to the next step.

This is our last video in the Ecommerce training program. If you have been around from the beginning, you have learned many essential concepts in the Ecommerce pricing journey. Hopefully, you will use your knowledge to take your business to the next level. If you have any questions feel free to comment down below. Remember that you can always return to our video series to ensure you are well-trained.