Pricestack

As far as I can tell, Pricestack is the most robust price testing tool for mid-market merchants. Using their machine learning algorithms and all of your store data, they can accurately predict the best selling, or most profitable price for any of your products.

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This product has an exponential effect for growth stage businesses and those with a ton of data.

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Important note: Split testing pricing is generally frowned upon. You don't want customer A getting a different price than customer B on the same day at the same time. You have to test longitudinally (before/after).

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As far as I can tell, Pricestack is the most robust price testing tool for mid-market merchants. Using their machine learning algorithms and all of your store data, they can accurately predict the best selling, or most profitable price for any of your products.

​

​

This product has an exponential effect for growth stage businesses and those with a ton of data.

​

​

Important note: Split testing pricing is generally frowned upon. You don't want customer A getting a different price than customer B on the same day at the same time. You have to test longitudinally (before/after).

Their machine learning algorithm, and recurrent neural network, accurately predict optimal price points to make it very easy to set your test prices. Then you can get approval to make a pricing change, and over time compare your new data with your old data. The more pricing changes you make (or discount or promos you run), the stronger the algorithm and the better the pricing suggestions.

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They also use your inventory data to understand optimal pricing, which is crucial to making sure that you sell out without leaving money on the table.

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They are also calculating cross-product price elasticity, which means how changing the price of product A may impact the sales of product B.

Their machine learning algorithm, and recurrent neural network, accurately predict optimal price points to make it very easy to set your test prices. Then you can get approval to make a pricing change, and over time compare your new data with your old data. The more pricing changes you make (or discount or promos you run), the stronger the algorithm and the better the pricing suggestions.

​

They also use your inventory data to understand optimal pricing, which is crucial to making sure that you sell out without leaving money on the table.

​

They are also calculating cross-product price elasticity, which means how changing the price of product A may impact the sales of product B.

Typically it's going to be the head of marketing or head of Ecommerce adjusting prices, but they also may need buy-in from multiple departments, and you absolutely want to make sure that you're getting proper Costs of Goods Sold (COGS) from your operations team.

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They are perfect for Shopify Plus merchants doing $5mil+ with a wide variety of products. At first, I thought this tool might be worse for stores that cycle through products or have seasonal sales, but that is not the case at all. By using Pricestack, you can optimize the price point on future product lines based on past lines that are similar. The benefit is that you don't have to change the price on existing products where that price might be fixed for one reason or another.

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You must have your COGS in your Shopify account.