LiftSuggest Price Discovery Engine which helps eCommerce Stores find products for which they are able to improve prices and hence maximize revenue. More specifically, it starts by varying the prices of a few products on the store and identifies the customer’s reaction at various price points. This data is analyzed and presented in the form of reports which can be used to taking decisions on improving prices.
In our experience in dealing with eCommerce Stores at Tatvic we usually found that prices of a majority of products are based on cost markups and they do not factor in the value which a customer places on the product. This laid the foundation of the Price Discovery Engine.
A quick round-up of the features:
- Java-script based implementation. No technical knowledge required.
- All customers eventually buy the product at the same price. No price discrimination and no loss of customers’ trust
- Helps eCommerce stores understand the Price Elasticity of their products
- Magento Extension for stores with Magento Carts