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General shopify discussionHow to Monitor Competitor Prices to Optimize Your Product PricingPrice is one of the most important factors in ensuring your customers actually purchase your items. In today’s digital-first consumer landscape, around 85% of customers research online before buying anything. During this research, checking the pricing of your competitors is often high on your intended customer’s to-do list. With competitor price tracking, Shopify store owners and retailers can ensure that they can match other brands when offering customers the best possible value. How to Create a Competitor Price Monitoring Strategy There’s no one-size-fits-all method for collecting data for business and customer analysis insights. However, most organizations will start with a few simple steps to help direct and guide their research. When creating your competitor price monitoring strategy, start by: 1. Setting Your Market Positioning Determine your position in the market so that you know what kind of other companies you should be comparing yourself to. One of the biggest foils of brand pricing is lowering your price too far because you fail to determine your position first. If you’re trying to build an image as a luxury brand, you should be comparing your pricing strategy to competitors in the same position. 2. Study the Competition Collect as much information as you can about your competition. What kind of factors may indicate their pricing structure should be different from yours? Do these companies offer different products, services, or features to you? Are there any “extras” in your value proposition that should influence how much you charge? 3. Establish a Long-Term Strategy for Monitoring The minimum advertised price offered by your competitors can change due to various factors. Everything from socioeconomic changes in the marketplace to new evolutions in customer trends can influence your pricing strategy. You’ll need to keep track of any changes in the pricing balance of your industry with access to the right tools. AI-driven solutions for competitor price monitoring are a valuable investment, as they allow you to constantly collect data and analyze trends that may be crucial to your brand. How to Price Your Products Competitively Setting an effective price for your products can be one of the most complex parts of running your own store. You’ll need to think about several different factors, including the pricing structure of your competitors. Your pricing strategy should be based on the following data: Competitor prices Companies selling the same products and services as you are a great starting point for your pricing strategy. Use your competitor price monitoring software to keep your prices up-to-date. Your costs If your competitor's prices are too low to cover the costs of your materials, then you may be looking at the wrong competition. Think about the expenses involved in making your products or delivering your services. You may need to reduce production costs if you’re struggling to keep up with the competition. Value metrics Identifying value metrics like free shipping and other extra benefits to make your product more appealing can also help with your pricing. Consider what might make someone want to pay more for your products than your competitors and what might prompt them to spend less. How to Use Pricing Optimization Tools The easiest way to make the most out of your price optimization models is to access the right technology. Pricing optimization tools can help you capture all of the information you need to make intelligent decisions about pricing. You can even run testing scenarios with AI assistance to ensure you’re getting the best results from your pricing strategy. Tools like OP's Pricing Optimization app for Shopify are excellent for e-commerce store owners who want help choosing the correct prices.
General shopify discussionTop Pricing Strategies for Your Shopify Store With ExamplesA Shopify pricing strategy is a technique used to set the prices for the products and services sold within an online store, and a well-developed pricing strategy sets a price that is both profitable for the company and fair to the customer. There are a few factors that go into setting prices, including production costs, market conditions, and competition. Considering these factors, we’ll discuss the best low-cost strategies for your Shopify store. Shopify Pricing Strategies for Untapped Growth Potential 1. Price Skimming Price skimming is a pricing strategy whereby a newly launched product is priced higher than an established product. With price skimming, a business aims to recover its development costs as quickly as possible. As the product’s popularity increases, the price is gradually reduced over time, initially covering the development costs of the product and then cashing in on the hype produced by satisfied customers. A good example of price skimming is the release of the DVD player. Back in the early 90s, development costs of DVD players were high, so companies recuperated their initial investments by pricing newly released units at the cost of up to $1,000. Then, as more and more DVD players were sold and more manufacturers entered the fray, the price of units reduced dramatically. 2. Penetration Pricing In contrast to price skimming, penetration pricing sets a low initial price for a product in order to attract more customers and gain a greater proportion of the market share. The goal is to eventually raise the price to cover costs and make a profit. Penetration pricing is often used when a company is introducing a completely new product or if a product is being released into a highly competitive market. The streaming services that Netflix offers are a great example of penetration pricing. Over time, as the platform has become more popular and their customer base has grown, Netflix has progressively raised their prices. Additionally, to ensure they target the right customers, the platform has also added more features at a higher cost for those users willing to pay more for premium services. 3. Value Pricing Value pricing is a technique used by businesses to set prices that will cause a higher profit margin than what would be generated by using cost-based pricing. The goal is to find the price point at which demand for the product or service equals the available supply. This can be done through market research and analysis of competitor pricing. The diamond market is a perfect example of value pricing. Despite more and more consumers recognizing that the price of a diamond is artificially inflated—there being no real shortage of diamonds—the perceived value is still high, resulting in customers paying a premium price for a product that is in high demand. How to Price Your Shopify Store’s Products Correctly Pricing your products correctly is all about portraying the value of your products in the right light. A product that is priced too low may make it appear cheap and will dissuade willingly high-paying customers. In contrast, pricing a product too high will scare off lower-income customers that are only willing to pay a perceivably fair price. With this in mind, pricing optimization is integral to the success of your Shopify store. To help you hit a happy medium between affordable but not undervalued, use an advanced AI tool that integrates directly with your Shopify store, such as OP's Pricing Optimization app.
General shopify discussionHow to Change Your Shopify Store Name and Choose a Better NameSettling on a Shopify store name is one of the most important decisions an online business will make. The right Shopify store name will help establish your brand and set expectations for your customers. While a Shopify store name that doesn’t quite hit the mark can easily confuse your potential customers, misalign with your brand’s core message, and even affect SEO and website rankings. To avoid these potential problems, this post will look at how to easily change a Shopify name and also how to choose the best name for your e-commerce store. Does the Name of Your Shopify Store Matter? Your Shopify store name absolutely matters and there may be many different reasons why you would wish to rename it, such as: A change in store ownership.A branding shift.A move to more a profitable e-commerce niche.A matching domain name is unavailable.The existing name is hard to pronounce, isn’t easily remembered, or doesn’t translate well to the global market. How to Change Your Shopify Store Name To change a store name in Shopify, simply follow these steps: 1. From the Shopify admin, select “Settings” found in the bottom left-hand corner. 2. Next, select the “General” option from the Settings panel. 3. Within the “Store details” panel, change the store name within the “Store name” text box. 4. At the top right of the screen, click the “Save” button to save the changes you’ve just made to your store’s name. 5. Once completed, a prompt at the bottom of the screen will appear to confirm the changes. 6. To double-check the changes are complete, return to the Shopify admin home page. If the name change was successful, the store name in the top right-hand corner will now represent the changes you have just made. How to Choose a Good Name for Your Shopify Store Settling on a new name for your Shopify store is sometimes harder than it sounds. To make this process a little easier, here are a few things you should consider: The Do's and Don'ts of Choosing a Name for Your Small Business Don't use store names that are unappealing, unmemorable, and unclear in their intention. Shopify store names that are unengaging, forgettable, or unclear will only hurt your online business. And, if your online business is globally targeted, meaning there is no set demographic you are targeting, a name must be easy for people of many different cultural and language-based backgrounds to comprehend and pronounce. Do use a store name that sets you apart from the crowd. A name that is too generic or too close to other competitor names will struggle to get noticed. And worse, may even be confused for a competitor, driving your hard-fought-for customers to somebody else’s store. So, just like your online store’s layout, design, and the products it sells, in order for a brand name to succeed it must be attention-grabbing, unique, and relevant to your business’ targeted market. SEO Strategies When Naming and Branding Your Shopify Store One aspect that is often overlooked when choosing a Shopify store name is SEO. Why is this important? Well, a clever name may sound good, but a name that aligns with SEO best practices will help get more search engine traffic to your store and, over time, help your store rank over your competitors. For instance, let’s say a Google searcher is looking to buy eco-friendly products. If this is the case, they’d use a search term like “eco-friendly online store”, right? The chances are they will. So, with this in mind, Google is more likely to recommend a store that has a name similar to this, maybe something like ecofriendlyonlinestore.com, rather than a store that is named something seemingly irrelevant. How can you be sure of which words or phrases to use in a store name? Fairly simply, just jump onto a keyword search tool. There are many of them out there, something like SEMrush, Ahrefs, or even Google Trends will all help you get a better grasp on what names are likely to rank well and what names will take longer for Google to recognize and recommend to Google users. Avoid Store Names That Follow a Short-Term Trend Many times, a pop-up store that focuses on a short-term trend won’t last long. To guarantee the success of an e-commerce store, a Shopify store name must really have to be able to stand the test of time. A name that is general enough in nature to highlight brand niche and core message but not too focused that it is vulnerable to market movements and trend changes. Because let’s be honest, the e-commerce world moves quickly. Don’t let allow your store to be left in the dust with a soon-to-be redundant trend-focused store name. What if My Store Name is Taken on Shopify? Luckily, if you’ve come up with a killer Shopify store name that is already taken, there are a couple of things you can do: Abbreviate the name Some store names can be easily abbreviated while still demonstrating a brand’s core message and product niche.Use the name in a catchphrase or slogan Using the name in a phrase or slogan can help you get around a taken name while still targeting SEO keywords and clearly demonstrating to potential customers what they’ll find in an online store.Be sure the name is definitely unavailable Sometimes you’ll get lucky, the store name you wish to use may be held by a company or brand that is no longer in business. So, before you completely give up on an idea, do some research and be sure the name isn’t held by a property that may wish to sell or would be happy to transfer the unused name into your possession. How Many Times Can You Change Your Shopify Store Name? There are no limits as to how often or how many times you can change a Shopify store name. Although, that isn’t to say that it’s a good idea to do so on a frequent basis. Why? Well, for one, changing a store name often involves changing a store’s domain name. And this often requires an e-commerce store owner to buy a new domain. After all, a store with a different business name to its domain name is going to look pretty weird and unprofessional to visiting customers. Conclusion All in all, changing or editing a store name for Shopify is really a simple process. Although before you take the dive, just be sure that you take into consideration competitors, domain changes, and SEO best practices. And, of course, be sure to come up with a new name that is both memorable and uses words, terms, and phrases that represent your business in the best light.
General shopify discussionHow to Choose a Shopify ExpertChoosing the right Shopify expert can often be a tricky process. You want to get the best person for the job but you also want to avoid being overcharged for a relatively simple task. However, there are 3 steps you can take to find the right option to suit your e-commerce store: 1. Ask the Entrepreneur Community Whether they have a brick-and-mortar store or trade only on Shopify, entrepreneur communities are a great resource. They won't just help you identify what you are looking for, but they can also shine the light on mistakes they made in the past, which means that you can avoid them when choosing a Shopify expert. Take heed to the advice and fix it into your growth plan. That being said, if you are recommended an expert from such communities, don't be over-trusting. Ensure that you do your due diligence, and check that the recommended individuals have executed similar projects in time past. 2. Have a Look at Shopify Experts Directory If your local entrepreneur community or forum hasn't highlighted a great option, then the next move should be to check out Shopify's Expert Directory. This feature permits you to filter your search for an expert so that you only get expert advice in particular areas where you require it the most. You can also adjust the filters based on your budget, which means that you will never encounter unexpected costs. This is a great option because the filters on Shopify Expert Directory allow you to search by geographic location, which will help you get a local Shopify expert. Aside from other benefits, local experts will have a greater awareness of your local consumer demographics. 3. Interview Selected Candidates and Go Through Their Reviews You always want to interview your top picks for possible Shopify experts. You can do this via a video conference or in-person but regardless of what you choose, ensure that you draft a list of questions before the interview so that you don't miss anything. You have to be certain that they know exactly what you're looking for and possess the skills and experience needed to give you what you need. Have a lookout for promises that look unrealistic and always be sure of what you will be paying for long term. Lastly, read their clients' reviews and request a reference. Conclusion Being an e-commerce entrepreneur means that you'll have to take on different roles. If you struggle with branding, digital marketing, or the technical side of developing your e-commerce store, then a great Shopify expert can help you focus on other aspects of your business, while they handle the rest. But with the wrong Shopify experts, you may end up paying more without getting desired results. So use the steps in this piece to choose the right one.
General shopify discussionWhat You Should and Shouldn’t Use Shopify Experts ForMany individuals and companies have mastered the art of e-commerce and wading the waters of Shopify to earn the name "Shopify experts". Shopify does its best to vet such experts to ensure that they are the best of the best and allows you to hire them to assist with the running of your online store. Experts can help with many different tasks, such as migrating your store from one platform to another or developing a fresh e-commerce website from the ground up. With the Shopify plus program, you can gain access to e-commerce experts that offer to share their knowledge with start-up merchants. As a store owner, you can receive ongoing and tailored support/guidance from the top minds in the e-commerce game. Simply put, Shopify experts help you to avoid making common mistakes in the online business world while you aim at lifting your store from the ground. However, there are certain things that these experts can help you with, while for others, they may do more damage than good. So before you pick an expert to do a task, you need to be sure that they should be doing it in the first place. What Should You Use Shopify Experts For? As a merchant or brand, you want to always stay in complete control of your consumer-facing experiences. So creating such web workflows in-house isn't a bad practice, but trying to create back-end solutions that support your e-commerce workflows such as third-party fulfillment, re-marketing tools, and payment system integrations may not be the best use of your internal resources. You should hire Shopify experts for things including, but not limited to: Linking up third-party vendor plugins.Migrating your website from one platform to another.Developing A&B testing pages.Linking systems to more scalable and robust platforms. What Shouldn't You Hire Shopify Experts For? You don't want to hire Shopify experts for tasks that involve interacting with your customers directly. Such tasks should come from your brand so that you can control the perception that customers have of your business without the intrusion of external forces. For example, a Shopify expert can help you create a workflow for automated email messages when a customer abandons their cart but they shouldn't help you come up with the message that will be sent. Conclusion Shopify experts offer a great deal of assistance to Shopify store owners, but there are certain tasks that you must keep to yourself to ensure the uniqueness and perception of your brand to customers and consumers as a whole. Use the tips given in this piece to pick the tasks that your Shopify experts should help you handle and those that they shouldn't.