How does Automatic Price Optimizer work?
Q: Why does Automatic Price Optimizer change the prices of my products?
A: Your customers have tastes, budgets, and preferences that change over time. Automatic Price Optimizer is an easy, effective, and efficient solution to adapt to their changing behavior.
Q: How are prices selected?
A: Your optimal prices are selected through a statistical testing process that raises and lowers your prices in the search for an optimal price that will maximize your revenues, profits, or both!
Q: Will Automatic Price Optimizer affect the checkout process on my store?
A: No, our software does not affect normal checkout processes.
Q: What happens once my prices are optimized?
A: The frequency and aggressiveness of our software’s testing will decrease, enabling you to capture profits while ensuring that your prices are continually optimized in perpetuity.
Q: Can I lose profits with Automatic Price Optimizer?
A: Automatic Price Optimizer seeks to optimize your prices. To accomplish this, we must test a variety of prices, only one of which can be optimal. Thus, it is possible to lose profits with Automatic Price Optimizer, especially in the first few weeks after installation. However, in the long-run, you are highly unlikely to lose profits – our goal is to increase your profits, and our incentives are aligned!
Q: Which products does Automatic Price Optimizer analyze?
A: Automatic Price Optimizer analyzes all products that have a single price. If variants of a product have different prices, the product will not be analyzed.
Q: Does my store have to use Automatic Price Optimizer for all of our products, or can we select which products we want optimized?
A: Automatic Price Optimizer will exclude products with variants of different prices. Further targeting is available for our Enterprise users. Please contact Pricestack, the developer of Automatic Price Optimizer, for more information.
Integrating with Automatic Price Optimizer
Q: What do I need to do in order to integrate with Priestack’s Automatic Price Optimizer?
A: (Almost) nothing! Our app offers one-click installation and does not require any further integration beyond selecting your settings.
Q: Will Automatic Price Optimizer interfere with other software I have running on my store?
A: Generally, no. We set product prices normally without overriding checkout. As a result, we are compatible with almost every app that does not change your prices or manipulate your checkout process. Please feel free to reach out to our support to request a compatibility check. We're happy to help!
Using Automatic Price Optimizer
Q: How do I use the Automatic Price Optimizer interface?
A: You can access the app from your admin dashboard. Once open, the interface enables you to modify your settings and to view reports. Automatic Price Optimizer makes pricing a hands-off task. Once we know your goals, we’ll handle the rest! Weekly reports keep you in the loop and do not require you to take any action.
Q: How do I provide Automatic Price Optimizer with my product prices and inventory costs?
A: Automatic Price Optimizer automatically imports your product prices and their associated inventory costs once you install the app and click on “Begin Optimizing.” Any updates made to the products or their inventory items are automatically handled. It is best to over-estimate inventory costs.
Q: How do I change the price of a product?
A: Automatic Price Optimizer requires continuous control of each optimized product’s price. You can still set compare-at prices and offer discount codes as you normally would!
Tracking Progress with Automatic Price Optimizer
Q: What is the weekly report?
A: Every week, Automatic Price Optimizer will email you a weekly report that includes important metrics from the data that we have collected.
Unique Daily Visitors
Unique Daily Visitors equals the sum of each day’s count of unique visitors. If someone visits your store twice in one day, they will only count as one visitor. If they visit across two days, then they will count as two visitors. Due to the way that this metric is calculated, it is unlikely to equal visitor counts in other analytics tools. This is not a cause for concern.
Weekly Total and Per-Visitor Revenue
Weekly Total Revenue equals tracked revenues minus tracked refunds. Per-Visitor Revenue equals Weekly Total Revenue divided by the number of Unique Daily Visitors. Revenues and refunds from untracked products, shipping, and sales taxes typically cause these metrics to appear smaller than those from other analytics software.
Weekly Total and Per-Visitor Profit
Weekly Total Profit equals tracked revenues, excluding tracked refunds, minus tracked inventory item costs. Per-Visitor Profit equals Weekly Total Profit divided by the number of Unique Daily Visitors. Profits or losses from untracked products, shipping, and sales taxes typically cause these metrics to appear different from other analytics software.
Q: How much does Automatic Price Optimizer charge my store?
A: There is a base monthly fee of $99/month plus an incentive fee of 0.9% of tracked gross profit. This is calculated as tracked revenues minus inventory costs. We do not charge for refunded sales, and we do not charge for products that we do not analyze.
Q: Does Automatic Price Optimizer charge for refunded sales?
A: You will not be charged the incentive fee on refunded revenues of optimized products.