Etsy has sparked outrage in the seller’s community.

It’s been inflating prices on its search results pages without warning or explanation to sellers. But why?

There are suspicions Etsy is testing AI price comparison. In a slowing economy, consumers are price shopping more and more. Which puts pressure on sellers to match their pricing to consumer expectations.

And as is being shown on Etsy, if sellers don’t do it, AI might do it for them.

But don’t follow the cookie-cutter advice of ecom “gurus” who tell you to “raise your prices”. It’s time to make careful moves.

There are many factors that dictate what your pricing needs to be; competitor pricing, customer demand, inventory volume, your ad spend, your competitor’s ad spend, and more.

Uber and Airbnb have been using price optimization to update pricing multiple times throughout the day for years. And they profit big time.

Small ecommerce brands are doing the same.

Like Wallcharmers who grew its profits 30% and added an extra $90K to its bottom line. And Rhino Fine Foods who got a 5X ROI equalling $15,000 after just one month of pricing optimization.

In today’s Deep Dive, we show you how to get started with pricing optimization to switch profitability & sales growth on “autopilot”, without hiring any expensive experts or employees.

Let’s dive in!

Shopify Launches Business Credit Cards 
Just last week Shopify announced the launch of Shopify Credit, a business credit card designed exclusively for its merchants. It’s powered by Stripe and is accepted everywhere Visa is.

WooCommerce Merchants Can Now Track Live Customer Behaviour for Targeted Ads
The ecommerce platform partnered with AdRoll to allow real-time monitoring of customer actions like adding items to their cart or viewing the checkout page. This will help brands boost conversions and drive revenue by targeting potential customers across websites, social media, and other platforms.

Amazon Will Start Archiving Your Old Orders (You Should Get 30 Days Notice)
Beginning September, Amazon will archive order history older than 2 years on a monthly basis. That gives sellers about a month to download orders if they need access to buyer information.

USPS Rate Hike Due This Week
Marketplaces like eBay and Etsy get a big revenue boost from higher shipping costs since they charge commission fees on price plus shipping, meaning postal holiday surcharges have an even bigger negative impact on sellers' books than first appears.

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How to Maximize Your Shopify Store Profits & Sales on “Autopilot”

Automated product pricing optimization is like an airplane's autopilot.

It steers market position and reads market factors like competition and demand. Then…

It maintains financial altitude by measuring costs against prices. And…

It controls growth speed with strategic pricing that accelerates customer attraction and sales.

When you set up AI to automate your pricing, all of this works in the background to ensure you’re making the highest profits and sales.

All it takes is some pre-game thought, a bit of data organizing, and simple calibration.

The Starting Line: Self-Reflection

Before you dive into the world of dynamic pricing, take a moment to reflect on your current pricing model. Ask yourself: What are its strengths and weaknesses?

Where does your business stand in the market? What's your overall company objective?

Once you've got a clear picture of where you're currently at, you can start planning where you want automated pricing to take you.

Understand the Winds that Influence Your Prices

First thing is to consider what’s driving your current prices, like your cost of goods sold (COGS), competition pricing, customer demand, seasonality, and market conditions.

You can keep track of these shifting influences in Shopify using its analytics.

Collect as much data as you can. When it’s organized and ready to be fed into AI, you can decide on your pricing limits.

Set Your Pricing Ground Rules

Think of this like setting the rules of a game - what do you want to happen when X changes? For example, if you see that a product flies off the shelves at a certain price, you might want to drop to that price when sales are slow.

But remember, you don't want to price too low or too high - you've got to keep it reasonable.

Roll Out Your Pricing Strategy

Shopify Functions is a handy tool that lets you set up these rules, including maximum and minimum prices changes.

Or, if you want to go the automated route, there are tools like Prisync that can do the heavy lifting for you.

It'll monitor your competitors, market trends, and your sales, and adjust your prices based on the rules you've set.

Keep An Eye On Progress

Just like you wouldn't set a marketing campaign and forget about it, you should keep an eye on your dynamic pricing.

Use Shopify's analytics to see how your new pricing strategy is affecting your sales and profits. If something's not working, don't be afraid to tweak it.

AI only works as good as the data and prompting you give it.

Start small to get used to training the AI.

After a short time you could see significant returns.

Just like the brands who got 5X ROI and a 30% profit boost.

Product pricing optimization isn’t just a powerful strategy to outmaneuver your competitors, it’s an essential part of remaining profitable and maintaining sales.

But after just a bit of work upfront, you can set your sales & profit maximization on “autopilot” without hiring any expensive experts or employees.

What did you like or dislike about today’s Deep Dive? Let us know here.

See you in a few days!

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