How To Price Products On Your Ecommerce Site

How To Price Products On Your Ecommerce Site

Product Pricing Guide

There’s a lot to think through when managing an eCommerce site. Once you’ve learned how to attract visitors to your online store, you’ll need to make sure it’s well set up to convert them to customers. Having your products priced at the right amount will be one of the key factors that help you to start making sales.  

Read through these pricing strategies to learn how to price your products and then, how to use Logicblock to implement them.


Run A Market Comparison

If you’re brand new to your industry or product, the first thing you’ll want to know is your competitor’s pricing.  

After you run an analysis and determine who’s selling and for how much, then you can make an educated guess at what the product should be priced at. 

As a bonus to you and your customers, we have an integration with item411 which allows customers to display competitor’s pricing against yours. How does this help you? 

Let’s say you had a physical brick and mortar store down the street who sells the same items as you. As a customer, what would you do? You’d walk down the street and compare both costs before making a purchase.  

This is exactly what item411 does: create pricing that beats your competitors but never goes below a set cost. Item411 is included with Logicblock’s Essentials and Professional Packages

Learn how to execute a product price comparison with item411 here.


Item411 will highlight product comparison as shown above
item411 will highlight product comparison as shown above

Analyze Your Customers

The best source of information you have is already on your website.

You can use google analytics (Note to design: please link to new post “How To Use Google Analytics) to determine how customers are getting to your site, what they buy when they get there and how much they’re spending.

Learn everything you can about your customers: where they live, what they do and who they are, and then price your products for them.


Price For Profit

At the end of the day, you’re pricing your products for one reason: to make money. If your product pricing is not producing a profit for you, it’s time to make a change. 


Remember, People Get This Wrong All The Time 

Here’s the thing. When it comes to setting a price for your product, you’re ultimately going to be making a guess. Some people are better at this than others and building up your knowledge of the pricing and market will certainly help, but at the end of the day, you don’t know how much people will pay!

This is a perfectly normal part of running an eCommerce store. There will be moments when it will feel like you’re reading your customers minds you priced so well and times when you realize you inflated a product price 10X what you should have. That’s all a part of the job, and it happens to everyone. Accept the “mistake” and move on to the next one.


Read To Set Your Price?

Logicblock has documents to help you get started.

Create sitewide or customer specific pricing by setting up a “price rule” in Logicblock. The below articles walk you through the different steps to set up your price rules and how to use them.

  1. Price Rules (to modify the selling price of products)
  2. Importing a Price File for a Contract List Rule 
  3. How to give customers special pricing

If you would like to create pricing based on item411 data, submit a ticket via our support site



 

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How To Use Google Analytics On Your eCommerce Site

How To Use Google Analytics On Your eCommerce Site

Google Analytics is exactly what it sounds like: a system, managed by google, that analyzes your website and shares the data with you. 

Among other things, Google Analytics can tell you: 

  • Your bounce rate 
  • Who comes to your site (and what they do once they’re on it) 
  • How many people visit your website and where they’re from 
  • How long they spend on your site

Don’t let the statistics and numbers throw you off, using google analytics is actually pretty simple. 


Why Use Google Analytics? 

More numbers to sort through, another spreadsheet…why even bother with Google Analytics? 

These statistics show exactly what is happening on your website in real time. Let’s break down how each one can impact your business:

Bounce Rate:The bounce rate is the percentage of people who visit your site and then immediately leave. A high bounce rate could mean your links aren’t working or the information isn’t helpful to potential customers. Click here for more information about bounce rate.
Site Visitors:Knowing how many people visit your site shows if search engine optimization efforts are working and if your site is relevant.
Behavior Flow:This shows what people do on your site. Lets say you want visitors to click on the “Buy Now” button at the end of your service page. The behavior flow tab will tell you if that’s happening. If it’s not, you can make changes to the page to encourage them to purchase.
Ecommerce Conversion Tracking:Maybe the most important of the analytics! This area will show you numbers on product performance, sales tracking and transactions for your site. 

As a business owner, it’s hard to imagine yet another thing on the to-do list. While Google Analytics might take some time to set up and understand, when done properly, it will help you grow your website and ultimately, your business.

The Google Analytics Plug-In 

To access Google Analytics, you’ll need to set up an account. From there the sky is the limit! If you want to take a deep dive and learn the ins and outs of the platform, feel free. You’ll get a lot out of it. 

If, however, you’re looking to save some time, Logicblock can help. 

The easiest way to get Google Analytics up and running on your Logicblock site is to install the plug-in. With a few simple clicks and checked boxes, your analytics page will be fully functional. See the full guide on how to use the Google Analytics plugin here


Setting Up Your Google Analytics Account

To set up a Google Analytics account, you’ll need to follow a few, simple steps.

1. Go to Admin>select Tracking Info>select Tracking Code

2. Copy the code or Tracking ID

3. Once you have the tracking ID go to your Logicblock website’s Admin panel. Under Config, click general, then Analytic Settings. Check “Enable Google Analytics” and enter your Google Tracking ID.


Beginner? Here’s What To Look For  

Looking at the data on Google Analytics might seem overwhelming but start with the basics. Three beneficial and easy reports to start with are Traffic, All Pages, and All Traffic. These reports will give you information to show where your customers are coming from and pinpoint which pages are working in your benefit. 


Ecommerce Setup 

Once your Google Analytics account is up and running you can start collecting data for your eCommerce site. 

  1. Set up eCommerce Tracking using this guide to see eCommerce data in your analytics reports 
  2. Create surveys to engage with customers and customize your site 
  3. Consider using additional Google Analytics plugins to track & optimize product data 
  4. Turn “Site Search Settings” on to see what site visitors are searching for on your site

While running a business, information is power. When it comes to eCommerce, you need to know everything you can about the website. Google Analytics is the key to learning how to get your website into search results and from there, into the hands of customers.


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