Prisync allows you to monitor your competitor pricing as well as set competitor pricing rules based on stock availability of your own store and your competitors stores in order to control the price point in which you are selling.
First thing you do is install the Shopify app and they will import all of your products to their system, at which point you can filter down and choose which products you want to monitor (could be all products, but there is typically some specific subset of SKUs that are being sold in retail by you and competitors).
If there are strikethroughs or discounts, they can detect those pricing changes, and you can benchmark vs regular prices or promotional prices depending on what you need.
Prisync then gives you a list of every single other company selling the same SKU as you and shows you the SKU overlap of each of those companies to help you understand where (and how much) each competitor is competing.
They pull your prices and costs from the Shopify API every day, and store the historical pricing data to see how competitors (and you yourself) have been priced over time, monitoring by category, brand or by product.
So… Now that you’ve got the data, what should you do with it? Prisync helps you set dynamic pricing rules and change your pricing when there are changes in the market based on very specific rules that take into account your margin and how competitive you want to be. So when the competitor price drops, your price drops to compete, and, most importantly, when their price increases, you move your price back up. Still being competitive, but also increasing your price instantly and dynamically to maximize margins.
You can even set “custom decimals” meaning if you want all your products to always end in .00 or .99 or the like. You can limit how quickly your prices are going to change, so that you aren’t dropping prices by 15% overnight, but slowly over time to become more competitive.
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.
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.
Prisync is focused specifically on the pricing aspect of competitive intelligence for you as the e-tailer/retailer selling products that other companies are selling.
They can also focus on helping the manufacturer/brand manage Manufacturer Advertised Price (MAP) across retailers, where you can get an alert if their system tracks any sales happening at a lower price than your MAP.
Prisync helps you really work your profit margins by dynamically pricing your products based on changes in the industry. You will also see improvements (depending on how you set up your pricing strategy) in conversion rate, gross sales and sales volumes. They can help you get rid of slow moving product lines. And, from there, the tool really starts to impact all aspects of the business.
Depending on the size of your company, the person in charge of this tool could be the CEO, COO, head of operations, head of Ecommerce, head of merchandising, or maybe even the head of marketing/CMO. Oftentimes the reports are sent to inventory and merchandising departments to help them understand how products are selling and at what prices.
About 20% of Prisync’s customers are practically logged in and watching prices every single day. Others are looking more at weekly or monthly reports, and others still have simply set up dynamic pricing rules and are letting the system run on its own with little to no oversight.
Prisync is best for merchants who are retailing/e-tailing products that are sold in other places and stores. Meaning, if you sell Nike shoes, and so do 40 other places, you can better monitor pricing, sales, etc., from all those competitors.
If you are selling your own unique shoe line, made by you and unique to your brand and only sold in your store, there is less need to compare yourself to 40 other shoe companies. Your product is unique so studying competitive pricing isn’t as powerful as say branding.
More for conventional retailers selling branded or barcoded products that are truly apple to apple comparable to the same product being sold on someone else's shelves.
Prisync works best for established merchants with clear traffic sources that are really trying to understand if their prices are competitive.