E-commerce Pricing That Drives Your Sales Through the Roof with Ankur Barot

Ankur Barot started his career in engineering and soon transitioned to business. Currently, he is an e-commerce expert and is working as the manager of strategic initiatives at BigBasket, one of the biggest online grocery platforms in India. In this episode, Ankur talks to us about the important strategies when it comes to pricing in the world of e-commerce. He shares valuable tips on how to make customers choose your platform over your competitors', and how to charge different prices on different customers depending on their buying behavior and your competitors' prices.   Why you have to check out today's podcast: Find out the factors to consider in pricing your products in the online market Learn how to make customers choose your platform over your competitors' platforms Discover how to charge different prices on different customers by monitoring their buying behavior and your competitors' prices   "In pricing, it is definitely very important considering how your costs are aligned and how the competitive prices align. A large part is also on how you are communicating the price to customers." – Ankur Barot   Topics Covered: 01:32 – How Ankur got into pricing 02:17 – The work that BigBasket does, and what makes it unique 04:29 – COVID gave the companies that did delivery a chance to explode in growth 05:54 – Ability to shop in stores again did not stop customers from ordering online 06:39 – COVID was almost like a forced trial where people had to order online; and they found it to be easier and more convenient 08:11 – Promotions and other factors that determine whether customers will place an order on your platform or not 11:21 – How to get customers to order on your platform instead of your competitor's platform 16:12 – Analyze how much your customers are willing to pay for a product; Make sure the customers would get what they want even right before the billing process 20:05 – How to charge different prices to different customers by monitoring their buying behavior as well as the competitors' prices 23:29 – How companies in India find the prices of their competitors' products 27:02 – Ankur's pricing advice 29:36 – Connect with Ankur   Key Takeaways: "We learned that pricing plus the stock availability as well as assortment, as well as how you are charging the convenience fee – all these aspects will decide whether the customer is placing an order on your platform or not." – Ankur Barot "It is not about only the product pricing that the e-commerce portal has, it is what other parts of the chain that will bring in a customer and place an order on your platform." – Ankur Barot "At the back end, what the company or what we are trying to do is select our key value items that the customer will remember the prices for, and we'll definitely build a long-term perspective that they are the cheapest among all the competitors." – Ankur Barot   People / Resources Mentioned: BigBasket: https://www.bigbasket.com/   Connect with Ankur Barot: LinkedIn: https://www.linkedin.com/in/ankurbarot/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]