FOLLOW US:

LinkedIn: https://www.linkedin.com/company/inside-commerce/

ABOUT THIS EPISODE:

OneStock is a leading Order Management System businesses use to grow sales, simplify returns and optimise everything in between. It powers some of the world's leading brands including Whistles, Monsoon & Dune.

Managing supply chain complexity is a challenge for all businesses, with retailers wanting to be able to maximise their sales opportunity through effective inventory management across sales channels and control the logic for when and how stock can be sold.

In this podcast, Joe Till talks about the trends OneStock is seeing in global ecommerce and how their platform is helping retailers improve their OMS capabilities.

Make sure you’re following Inside Commerce on LinkedIn and have subscribed to the Inside Commerce newsletter.

In this podcast, Sniffie founder Tomi Gronfors shares his insights on helping more than 600 ecommerce retailers implement pricing automation strategies.

Dynamic pricing is a strategy where ecommerce brands adjust the prices of their products in real-time based on various factors such as demand, competition, market trends, and customer behaviour.

By implementing dynamic pricing, brands can optimise their pricing to better match what customers are willing to pay at any given moment. For example, during peak shopping periods like holidays or special promotions, brands can increase prices to capitalise on higher demand.

Conversely, during off-peak times, prices can be lowered to attract more buyers and move inventory. This flexibility helps in maximising revenue by ensuring that prices are always aligned with current market conditions, ultimately driving more sales and higher profits.

There is da Vinci quote used in Nick Kolenda’s book on pricing psychology that sums up what I’m talking about in this video masterclass: “All our knowledge has its origin in our perceptions” Pricing is perception. How we each react to the same price can be different, depending on our perspectives. For this reason, price doesn’t have an absolute meaning. And if we understand what shapes perception, we can influence how price is perceived. This video explores ten practical ways this applies to ecommerce stores. [01:10] Your building blocks for understanding price [02:40] 1. Price fluency [03:45] 2. Price structure and simplicity [03:45] 3. Anchor high prices with larger numbers [06:30] 4. Break pricing into smaller units [07:15] 5. Use words of a small magnitude [08:25] 6. Alliteration creates a pleasant sensation [09:20] 7. Put the larger WAS price on the left [10:25] 8. Break down product costs [11:50] 9. Encourage customers to spend early [13:10] 10. Emphasise the most popular pricing option