{"id":2934,"date":"2015-06-30T10:26:03","date_gmt":"2015-06-30T10:26:03","guid":{"rendered":"http:\/\/www.price2spy.com\/blog\/?p=2934"},"modified":"2021-06-09T11:26:49","modified_gmt":"2021-06-09T11:26:49","slug":"pricing-strategy-identify-products-with-pricing-opportunities","status":"publish","type":"post","link":"https:\/\/www.price2spy.com\/blog\/pricing-strategy-identify-products-with-pricing-opportunities\/","title":{"rendered":"Pricing strategy: identifying products with pricing opportunities"},"content":{"rendered":"<p>In over 4 years we&#8217;ve been in business, the philosophy of Price2Spy was &#8216;We provide you with competitor pricing data, you make business decisions yourself&#8217;.<\/p>\n<p>Today we&#8217;re introducing a brand new feature &#8211; <strong>Pricing Strategy<\/strong> &#8211; which could mark the first step in a direction of Price2Spy not only providing the raw data, but also suggesting business decisions.<\/p>\n<p>How does it work? Basically, we ask you to define your strategy (for example: you may tend to be the cheapest player on the market), and desired profit margins. Then we take into account several other factors like product&#8217;s purchase price, MAP pricing and of course competitors&#8217; pricing.<\/p>\n<p>The result is a list of suggestions (actually we call these<a href=\"https:\/\/www.price2spy.com\/blog\/pricing\/\"> <strong>product<\/strong> <strong>pricing opportunities<\/strong><\/a>).<\/p>\n<p>But lets go one by one.<\/p>\n<p>1. First of all, please make\u00a0sure you have defined your own site in Price2Spy Settings<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3068\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/1.png\" alt=\"1\" width=\"608\" height=\"296\" \/><\/a><\/p>\n<p>2. Then, you should go to <strong>Opportunities<\/strong> tab in the upper part of your screen<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/opportunities.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3420 \" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/opportunities.png\" alt=\"\" width=\"818\" height=\"155\" srcset=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/opportunities.png 1263w, https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/opportunities-768x145.png 768w\" sizes=\"auto, (max-width: 818px) 100vw, 818px\" \/><\/a><\/p>\n<p>3. Please click on\u00a0<strong>New Strategy<\/strong> &#8211; the\u00a0<strong>Price Strategy Wizard<\/strong> will walk you through the Strategy setup process.<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/step.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3425 size-full\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/step.png\" alt=\"\" width=\"607\" height=\"492\" srcset=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/step.png 607w, https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/step-768x622.png 768w\" sizes=\"auto, (max-width: 607px) 100vw, 607px\" \/><\/a><\/p>\n<p>Important things on this screen are<\/p>\n<ul>\n<li>Your Strategy Name (please name it so it&#8217;s easy to recognize amongst other strategies you may add later)<\/li>\n<li>Types of pricing opportunities you&#8217;d like as part of your Strategy<br \/>\n&#8211; <b>Clever drop<\/b>\u00a0&#8211; typically, these are prices which can get lower (so they match your competitor&#8217;s), but still to keep you your profit within desired margin. This calculation is based on your product&#8217;s purchase price<br \/>\n&#8211; <b>Clever raise<\/b>\u00a0&#8211; typically, these are prices where you&#8217;re already cheapest, but perhaps far too cheap<br \/>\n&#8211; <strong>Stock \/ assortment opportunity<\/strong> &#8211; these are products offered by your competitors &#8211; but not by your own store.<\/li>\n<li>Next option is very important: would you like this strategy to be applied to all products, or just for some <strong>Categories<\/strong> (or <strong>Brands<\/strong>, <strong>Suppliers&#8230;<\/strong>). Watch out &#8211; you cannot have one strategy applied per Brand, and other (for example) per Category.<\/li>\n<\/ul>\n<p>4. Next thing &#8211; you should define options related to the <strong>Clever drop<\/strong>\u00a0opportunity<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/4.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3071\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/4.png\" alt=\"4\" width=\"502\" height=\"422\" \/><\/a><\/p>\n<ul>\n<li>Desired price positioning &#8211; you can define whether you&#8217;d like to be<\/li>\n<\/ul>\n<p>&#8211; the cheapest<br \/>\n&#8211; the most expensive<br \/>\n&#8211; cheaper than 1 (or more) competitors<br \/>\n&#8211; more expensive compared than 1 (or more) competitors<\/p>\n<ul>\n<li>The <a href=\"https:\/\/www.price2spy.com\/en\/ecommerce-pricing-dictionary.html\">profit margin<\/a> you&#8217;d like to maintain (this will be calculated based on the product&#8217;s purchase price)<\/li>\n<li>Whether you&#8217;d like your price to be in agreement with Targeted\u00a0price (if there is Targeted price defined for your product)<\/li>\n<\/ul>\n<p>5. Further &#8211; you should specify the options for the <strong>Clever raise<\/strong>\u00a0opportunity<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/5.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3072\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/5.png\" alt=\"5\" width=\"488\" height=\"304\" \/><\/a><\/p>\n<p>Practically this means &#8211; can I increase my price, and still be the cheapest (or cheaper than certain competitors) by X% (by default, X = 1%)<\/p>\n<p>6. <strong>Stock \/ assortment opportunity<\/strong> is pretty simple, offers no configurable option<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/strategy_6.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2938\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/strategy_6.jpg\" alt=\"strategy_6\" width=\"579\" height=\"186\" \/><\/a><\/p>\n<p>7. Finally, you&#8217;re offered to create a Price Opportunity Widget for this particular strategy. This widget, like all other widgets, will be shown in your <strong>Pricing Dashboard<\/strong><\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/strategy_7.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2937\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/strategy_7.jpg\" alt=\"strategy_7\" width=\"583\" height=\"139\" \/><\/a><\/p>\n<p>8. Now&#8217;s the time to check what pricing opportunities Price2Spy has to suggest. You&#8217;ll see the listed pricing opportunities with the details such as\u00a0the number of affected \/ monitored products etc.<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/pricing-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3422 \" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/pricing-1.png\" alt=\"\" width=\"1322\" height=\"279\" srcset=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/pricing-1.png 1266w, https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/pricing-1-768x161.png 768w\" sizes=\"auto, (max-width: 1322px) 100vw, 1322px\" \/><\/a><\/p>\n<p>In this particular example we have<\/p>\n<ul>\n<li>3 products with suggested\u00a0clever drop<\/li>\n<li>3 product with potential\u00a0clever raise<\/li>\n<li>1 product with stock \/ assortment opportunity<\/li>\n<\/ul>\n<p>9. You can choose an opportunity to see more details on the affected products by clicking on that opportunity, or by clicking on the number of products.<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/product.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3423 \" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/product.png\" alt=\"\" width=\"867\" height=\"176\" srcset=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/product.png 1268w, https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/product-768x155.png 768w\" sizes=\"auto, (max-width: 867px) 100vw, 867px\" \/><\/a><\/p>\n<p>On this screen you&#8217;ll be able to see all product details including current price, and the suggested price. This list can be exported to Excel. Cool, right?<\/p>\n<p>10. Finally, if you decided to create a widget in your Pricing Dashboard, you&#8217;ll get something like this<\/p>\n<p><a href=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/dashboard.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3424 size-full\" src=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/dashboard.png\" alt=\"\" width=\"399\" height=\"295\" srcset=\"https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/dashboard.png 399w, https:\/\/www.price2spy.com\/blog\/wp-content\/uploads\/2015\/06\/dashboard-768x567.png 768w\" sizes=\"auto, (max-width: 399px) 100vw, 399px\" \/><\/a><\/p>\n<p>Again, click the opportunity name or the number of affected products and that\u00a0will take you to the same list of products, as shown on the previous screen.<\/p>\n<p>We hope our new Opportunities\u00a0module will help you speed up your everyday work, and of course, gain the upper hand with your competitors.<\/p>\n<p>Of course, all your ideas for improvement of this module would be very welcome.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In over 4 years we&#8217;ve been in business, the philosophy of Price2Spy was &#8216;We provide you with competitor pricing data, you make business decisions yourself&#8217;. Today we&#8217;re introducing a brand new feature &#8211; Pricing Strategy &#8211; which could mark the first step in a direction&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[108],"tags":[102,101,47,12,100],"class_list":["post-2934","post","type-post","status-publish","format-standard","hentry","category-best-practices","tag-opportunities","tag-opportunity","tag-price","tag-pricing","tag-strategy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pricing Strategy - suggesting business decisions<\/title>\n<meta name=\"description\" content=\"A brand new feature: Pricing Strategy - not only providing the raw data, but also suggesting business decisions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.price2spy.com\/blog\/pricing-strategy-identify-products-with-pricing-opportunities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pricing Strategy - 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