May 18, 2020
Why you have to check out today’s podcast:
- Learn about the dynamic pricing engine and its impact in making data-driven pricing decisions
- Learn about the pricing elements that are crucial in making an informed pricing decision
- Understand why in as much as data-driven decision-making helps companies, a product’s value must also be considered in pricing
Price monitoring software is becoming more and more accessible to all levels of markets such as SMEs and startups. Burch says it's not an excuse to invest in such technologies since they are no longer expensive for enterprise players.
Burc Tanir is the CEO of Prisync - a company that helps e-commerce companies automatically track their competitor prices and dynamically price their products deliberately.
In this episode, Burc shares his insights on why pricing is critical to e-commerce success, and why analyzing your competitors’ prices manually is laborious. He gives emphasis that focusing on adding value to your product and working on your market positioning is more important to any e-commerce business.
“Every market and every player in the market has its competition to a varying degree. I will always encourage those people to find automated and dynamic ways to monitor competition, regardless of scale, at least incorporate some degree of data-driven decision making.”
- Burc Tanir
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Topics Covered:
01:36 - E-commerce companies doing manual work of benchmarking their product prices. It occurred to Burc the need to automate so that paved Burc Tanir’s way into pricing
03:25 - Web scraping of pricing data used to be hard. What made it possible for Burc to have a wide database of online retail stores
05:22 - Manufacturers face the challenge of putting their prices on webpages as they operate through distribution channels and retailers. The technology that Burc developed helps benchmark what manufacturing businesses sell
06:53 - Three elements of pricing puzzle: product matching, price scraping, and product optimization. Key points for decision making.
09:17 - What dynamic pricing engine is all about. How this rule-based pricing for small and medium-sized companies helps them reach their pricing goal
11:42 - How to avoid ratcheting up prices and ridiculous price points?
14:29 - Basically, Burc built his company by looking at what problem needs to be solved in the e-commerce industry. Why did he focus on e-commerce and what does he see changing in it these days?
17:33 - While data-driven decisions are helping companies, non-data driven decisions like understanding a product's value should also be a major consideration in pricing. Burc expounds on this.
19:17 - Using data-driven software does not always mean pricing low, it means raising prices the smart way to maximize profitability.
20:05 - Burc sharing his valuable pricing advice that could impact your business.
Key Takeaways:
“Our dynamic pricing engine was primarily designed for most small and medium-sized businesses. We went after a strategy which includes giving our clients the flexibility of setting price rules.” - Burc Tanir
“E-commerce will exist so it's the right market to stick with. I always wanted to find something sustainable. There will always be a price point for a product, pricing will never disappear.” - Burc Tanir
“We don't claim to follow the pricing puzzle end to end, we tell companies to not waste their time analyzing prices because that's a robotic thing. Just focus on your value, your market positioning.” - Burc Tanir
“Most think that we would always bring their prices down. But in the most profitable cases, we commend clients to increase their prices smartly.” - Burc Tanir
Connect With Burc Tanir:
- Prisync.com
- E:burctanir@prisync.com
Connect with Mark Stiving: