Why Testing your Price Point Matters
Price has been named as the most important factor affecting the online purchasing decision by 60% of all online shoppers worldwide.
More than 90% of online shoppers invest time online to hunt the best deals and offers for the product they are planning to purchase. More than 10 mins per purchase on average.
Around 20% of eCommerce website traffic comes from Price Comparison Shopping Engines. This ratio is significantly higher for certain product categories like consumer electronics or similarly price-sensitive segments of eCommerce.
How Price Magic Can Increase Your Bottom Line
You could be leaving thousands of dollars in lost profit on the table if you’re not conducting smart price testing analysis. You can potentially increase your profit margin by 30% or more by testing various price points to discover the most profitable selling price. There’s no way to know what this is without doing the testing. If you use Price Magic, all you have to do is specify what price range you want tested and how many views you want per test price.
How Price Magic Saves you Time
Before Price Magic:
Manually change each price
Keep checking Google Analytics
Write down revenue and product view data once enough data has been collected
Repeat process for each product and each test price
Use spreadsheet to find profit margins on each price
Total Time Spent: 30 mins + per product, and must rely on human recorded data to be error free.
With Price Magic:
Select which products you want tested
Select a percentage based price range you want tested
Select the number of test points within the boundary
Select the amount of product views you desire per price
Optionally Insert Unit Cost for Each Product
Press Start Price Test
View the results on each product page on beautifully displayed graphs
Total Time Spent: As little as 30 seconds for a bulk price test, otherwise 30 seconds per product.