Is your price right? Is it too high or too low compared to the competitors?
Setting the right price is one of the main challenges faced by sellers because setting too high may result in losing sales if that price is valued as too expensive in the eyes of consumers. On the other hand, setting it low may cause consumers to have the perception of low quality towards the products. So where can we find the balance and the optimum price? How to price our products properly?
There are several pricing strategies that would help you to set the prices. There are a number of factors that you need to take into account to ensure you are actually earning from it.
But in long run, how do you know if your price is still relevant and optimum especially in the marketplace platform where you are swarmed by so many competitors.
So here Luulla has launched a new seller notification feature to ease you in the process!! Read on to find out how you can utilise it to the max!
1 | Receive Seller Notifications
As you log into your account, head on to manage store and you will find the notification feature on the sidebar. You will be notified when our system detects any items from your store where the price can be fixed (when your price is either overpriced or underpriced).
Let us take this item as an example.
The price set for this perfect dress is $151.30. And the suggested price stated by our system is $25.80 USD.
Why so?
Click on the view statistics to understand more.
2 | View Statistics
From this statistics, you will be able to get a general overview of pricing set by your competitors. And knowing which price range best performs in our marketplace.
For this product, the majority of sellers set this category item within the price $10 - $20 and $20 - $30. While the best performing sales price range falls in between $20 - $30 which is highlighted in yellow.
In another scenario, this statistic shows that majority of the sellers set their prices within the range of $0 - $10. However, our system proposes that the best selling price range falls between $10 - $20.
Therefore, this proves that our system recommends the best performing sales price range not merely by the majority but based on the overall performing sales.
3 | Fix Product Price
After analysing, you can choose to fix the product price. Click on the fix item price button and you will see this pop-up window.
You may slide to left and right and you will be able to see how well each price performs.
So by sliding it, you will be able to identify if you are having the best price, optimum price or higher than the market value.
Click save price once you are done! And that's it.
So our system will help you monitor and keep you updated with the market price to ensure your item is within the best performing sales price range. Log in to check it out yourself now!
Posted by Shu Wen
Thursday 14 Jun 2018
