All about
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).
What’s a Rich Text element?
The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
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Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
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.
The #1 metric is PROFIT. But you can also optimize your pricing to better move and manage inventory, which could reduce warehouse costs and overall Cost of Goods Sold (COGS). And you can optimize price to acquire more customers. At the end of the day, this sets your optimal price for every product in your store.
By gaining more profit per sale, you can increase your true Return on Ad Spend and ROI.
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.
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.
You must have your COGS in your Shopify account.