You can compare your prices with the best products in your category. This feature will help you better set your prices, and position yourself compared to the best sellers.
The purpose of this tool?
Get an idea of the prices of bestsellers in the same category as your products
Give an indicative price on your articles, to help you if you have trouble defining their prices. This will allow, if necessary, to adjust your price so that it is more attractive to your customers
Allow you to better calibrate your prices, especially when you make discounts
How does it work ?
In the list of your products you will see a red notification appear warning you that your prices are high
The calculation of the target price is made with the average of the three best sellers of the same article category
Customers do not see this warning, it is just to give you an indication.
What can I do if my prices are high?
Use the recommended price
If you think your price is high, you can change it in the product edition window, or just click on "Use the recommended price" button.
1.First, click on the compare button under the red warning notification on your product list as shown below.
2. Use the recommended price to chosen product
3. The good price is set automatically.
Work my branding
You don't have to change your prices, especially if you're upscale. Remember to highlight quality and materials in the description of your products. Have a nice customer service, and professional pictures.
By clicking on "Compare", you can compare the price of your product with the average price in its category, and with the average price of the three best sellers in its category. You can thus adjust according to your level of range and your brand image.
This indication is also used to make relevant discounts. For example, if you are at the high end, that you sell a product at € 100, while the average of the three best sellers is at €80, you can try to offer a 20% discount, in order to test the elasticity of your prices: knowing to what extent lowering your prices increases your number of sales. Then adjust your prices based on the results.