Price tracking with the Price history extension

The success of any store is a clear count. Any change in the price for the buyer can be decisive. Therefore, price tracking is one of the crucial business objectives.

It is essential to use the correct product price. The bottom line is not to sell cheap but, at the same time, not to miss out on your buyer. The psychology of pricing isn't just the simple formula "costs + profit." If you set a product price too high, you will lose your customers. If the price of your product is too low, your customers could lose confidence in your store.

The increase in profits is directly related to the price tracking and the sales itself because competition among online stores increases each day. Do you know how to determine the correct price for a product?

The best option is a personal approach:

Track prices

If you want to make a profit, you must understand your operating costs and include them in the final price.

Price tracking could help in many aspects:

  • Product price affect advertising success
  • It plays a vital role in the customer's purchasing decision
  • Pricing gives you an edge over the competition
  • It helps you manage your inventory

Distribute costs across all items

Price can include anything from the packaging box's value, preventing damage to transit to the electricity bills.

It can also be the price of advertisement, transport, materials, labor, and the host/domain cost for an online store.

Analyze your business priorities

How unique or useful are the products you sell? The buyers will be willing to pay much more for goods that they consider to be one of a kind. Pay attention to your buyers' comments. It plays an essential role in setting the right prices.

Of course, you set the end price of goods. But don't sell too cheap! You can track your prices using unique tools such as the "Price History" extension. It could help you to track past and existing prices from your whole online store.

"Price History" extension could help you track any price modifications you ever made in your store. That helps to understand the store's changes and bring a big help for analytics and future campaigns.

Key features of the module:

  • detailed price history for every product;
  • convenient display of changes in pricing policy;
  • tracking who made that changes;
  • control of prices by date;
  • price filter by product category.

What tasks does the extension help to solve?

Smart pricing helps you make correct analytic and optimize your inventory. Changing assortment, purchasing, selecting marketing strategies takes a lot of time and resources. These processes can now be more comfortable and more accessible with our module "Price History". So you don't lose time; you see all price changes.

How does the module work?

Let's say you want to organize a sale and give discounts for the entire range of products. The Price History module helps analyze marginality.

You see the original price, the revised price, and the most important thing is the price difference. Since there are many goods in the store, the module helps keep track of daily goods prices.

The module is basic to use. From the administrator's side, you see all the essential information:

Price table

Based on this data, businesses make many important decisions. It means diagnosing cost problems, forming a strategy, creating corporate sales rules, managing each cost item, automating work processes, and creating long-term plans.

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