Here are some signals that mean it’s a good time for you to increase your price:
- Your search ranking should be at least on the first page
- You have at least 100 positive reviews
For typical campaigns, you can play around with the lowest and middle point discounts you can give such as 5% or 15% off.
Meanwhile, during a major campaign event like the 11.11 or 12.12 sale, that’s when you need to offer the lowest price you can without suffering from negative ROI. You can refer to your price margin for the lowest price you can reasonably offer.
To get started competitively on Shopee / Lazada, you need to set prices that match your main competitor’s benchmark prices. And then you have to constantly monitor their prices so you can react to changes in their prices.
To know your competitors, we recommend you to do real market research using Split Dragon (Only for Shopee sellers).
During Campaign A
Open your Split Dragon whatsapp mobile number list account and click Market Research. Under that, select Shopee Sales Database.
Make sure to set it to your country of origin from where you sell and then select the appropriate product category for your business.
In our example, the market is for the Philippines and the product category is Pet Care.
Competitor Price Changes
In the results, you’ll see that for each product, a number of reviews and an overall rating are provided along with other information. This will allow you to determine which sellers you want to compete on price.
If you sell pet care products and you find two sellers selling similar items to yours, your competitor is the one with more reviews.
Price changes from time to time. This Canada email lead means you have to keep a close eye on it because prices change over time. In other words, it is time consuming.
To track your competitors’ prices with minimal time spent, you can use Split Dragon’s Competitor Product tracking feature