Nordstrom's Private Buyout, Boost Profits w/ Price Testing

| INSIGHTS

Setting the right prices is crucial for the success of online retail. However, many small and medium-sized e-commerce businesses often determine prices in an informal manner without a clear strategy. This approach can lead to missed opportunities and suboptimal outcomes.

Fortunately, a common technique known as A/B testing enables retailers to experiment with different price points systematically. This method provides valuable insights into consumer behavior and preferences, aiding in making more informed pricing decisions. By employing A/B testing, retailers can better understand their customers' willingness to pay, pinpoint optimal price levels, and adapt to evolving market trends.

Insights from 1,000+ price tests across 300 e-commerce retailers:

The Prices Are (Often) Too Damn High!
• Many retailers frequently overprice their products, potentially sacrificing potential profits.

Don’t Just Give Away Free Shipping
• Surprisingly, higher shipping rates can sometimes lead to better outcomes, challenging conventional wisdom regarding free shipping.

Winning Price Points: Lower Than Expected
• In 59% of cases, the winning price points were lower than the control price, suggesting the need for strategic pricing adjustments.

source: Harvard Business Review

| NEWS

Retail

• Nordstrom’s founding family bids to take the retailer private

• Joann files Chapter 11 bankruptcy, plans to keep 800 stores open

• Target, Walmart & Dollar General putting new limits on self-checkout

• Decathlon rebrands and refocuses the world’s largest sports retailer

• Retailers are looking for growth as apparel sales slow in Q1

Ecommerce

• Ecommerce will soon account for every 1 in 3 parcels shipped by air

 • eBay offers White Glove Consignment for luxury apparel

• Amazon's new AI tool creates listings just from URLs

• 12 best fashion Ecommerce sites to watch in 2024

• Checkout.com partners with Bolt to provide accelerated checkout

Fashion

• Gap partners with skate brand Palace for 90’s inspired collection

• Snow Peak unveils Its first GORE-TEX collection

• Gildan Activewear considering takeover buyout bid

• Adidas Introduces TWISTKNIT and TWISTWEAVE in golf apparel

• Walmart, Unspun partner on 3D fabric weaving technology

• Roark launches Jean-Micheal Basquat-inspired collection

| EVENTS

Mar 20 - Turn Shoppers Into Brand Advocates (rsvp)

Mar 27 - Consumers Want Meaningful Content. Can Brands Deliver? (rsvp)

Mar 27 - SheInnovates (rsvp)

Mar 27 - Consumers want Meaningful Content. Can Brands Deliver? (rsvp)

Mar 28 - Measure the Impact of Gen Z (rsvp)

April 23 - 25 - Stripe Sessions (rsvp)

These top-tier tools will help unlock your business efficiency & increase profitability. 

FUNDING

💸 Nav - Fast-track your funding journey and build up business credit scores by up to 50% in just 3 Months with Nav Prime!

💰 8fig - Get funded now and scale your eCommerce store smarter and faster. 8fig's financing solutions will provide the resources you need.

ACCOUNTING

🏦 QuickBooks - Effortlessly track expenses, send professional invoices, and breeze through tax prep with essential features like mileage tracking and simplified quarterly tax estimates.  Enjoy an exclusive 30% Off for Six Months

PRODUCTIVITY

🗒️ Notion - An essential tool offering versatile note-taking, project management, and collaboration features, streamlining operations and maximizing productivity.

🧾 Shoeboxed - Drowning in receipts every tax season? Discover the game-changing receipt scanning service that's revolutionizing tax prep!

MARKETING

🐝 Beehiiv - Access the best tools available in email, helping your newsletter scale and monetize like never before. Special deal! 30-day Trial + 20% OFF any paid plan for 3 months

👍🏼 NiceJob - Easily get more reviews, outrank the local competition, and win more sales. It puts review generation, referrals, and social media content on autopilot.

✅ Todoist - Your ultimate task management solution for seamless organization, efficient scheduling, and effortless collaboration.

STAFFING

💪 Gusto - Help your growing business onboard, pay, insure, and support your hardworking team with payroll, benefits, and more.  

🚀 Breezy HR - Elevate your recruiting game with Breezy, the ultimate end-to-end software reshaping processes and bringing delight to teams across countless companies!

🎯 Oyster - An HR platform creating a more equal world by making it possible for companies everywhere to hire people anywhere.

Links in this newsletter contain references to products from one or more of our advertisers. We may receive compensation when you click on links to those products.