Split Testing Product Prices

Testing: Beats assuming your prices are right.

Episode 411 of the The Unofficial Shopify Podcast podcast, hosted by Drew Marconi, Kurt Elster, titled "Split Testing Product Prices" was published on June 28, 2022 and runs 41 minutes.

June 28, 2022 ·41m · The Unofficial Shopify Podcast

0:00 / 0:00

Summary

Testing: Beats assuming your prices are right.

Episode Description

"Addressing prices once every year or two isn't going to work anymore."

You've probably already invested time testing and analyzing your sales funnel, but have you ever tested your pricing? How did you determine the pricing on your site? It was a best guess, right?

With all the changes in the last year - iOS & FB, supply chain disruptions, inflation - pivoting to a margin focus is so important. The days of just focusing on the top line are over.

In today's episode, we learn from a price testing expert if you should optimize revenue and profit for the traffic you have by split testing your pricing. Its not right for everbody, and its more than just prices. It’s shipping, returns, discounts, subscription savings, etc. There may be a lot of low hanging fruit.

We're joined by Drew Marconi, CEO of Intelligems, a price-testing and margin optimization product for e-commerce brands. Prior to starting Intelligems, he built Dynamic Pricing systems at Via Transportation, and was a manager at McKinsey & Company beforehand. He has a degree in Economics & Education Policy.