How to Price Your Ecommerce Products with Burc Tanir of Prisync
Ecommerce Wizards Podcast
Burc Tanir is the CEO and Co-founder of Prisync, a company that tracks competitor prices and offers dynamic pricing software for e-commerce businesses. Since starting Prisync in 2013 in Istanbul, Burc has scaled it to serve more than 500 e-commerce brands from over 50 different countries. Before founding Prisync, Burc held marketing and sales roles for a number of companies. He co-founded his first business, a multi-platform enterprise IM app called BizCorner, in 2012. Now, he utilizes his professional experience to continue to grow and scale Prisync. In this episode… How should you price your products? After all of the time and effort that goes into creating a quality product, it can be difficult to know exactly how to value it. The e-commerce marketplace is crowded with brands that offer a wide range of prices. So, how can you utilize your competitors’ rates to create your own pricing strategy? Fortunately, Prisync has made this process easy. Prisync is a SaaS company that helps e-commerce brands around the world track their competitors’ pricing. The Prisync team works with some of the leading brands in technology, including partnerships with both Shopify and Magento. Now, Burc Tanir, the CEO and Co-founder of Prisync, is here to share his expert approach to pricing with you. In this episode of the Ecommerce Wizards Podcast, Burc Tanir, the CEO and Co-founder of Prisync, talks with Guillaume Le Tual about competitive pricing in the e-commerce space. Together, they answer some frequent questions about pricing, including how to determine the right time to raise your prices and the best ways to respond to a change in your competitor’s rates. Burc also shares his advice for finding the right balance between quality and affordability. Stay tuned.
With massive online competition, finding the right price for your products can make a big difference for customers choosing your store or the next one. It goes beyond cheap vs. expensive. Companies have to catch up and monitor what the brand next door is offering. Burc Tanir, CEO of Prisync, tells the story behind his business and how price monitoring should be part of your ecommerce strategy.
Dynamic Pricing Engine for Better Pricing Decisions with Burc Tanir
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 Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. 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: LinkedIn Prisync.com E:firstname.lastname@example.org Connect with Mark Stiving: Email: email@example.com LinkedIn Twitter
Burc Tanir: Figure out the economic value of retention
eCommerce Growth Show
In this week’s episode of Growth Interviews, we invite you to join our podcast conversation with Burc Tanir, entrepreneur and experienced marketing expert with a mission of helping e-Commerce business in the area of pricing, through innovative automated solutions. Burc is the CEO of Prisync.com, the competitor price tracking software for all sizes of e-commerce companies from all around the world. He loves reading, thinking, writing and speaking about all things e-commerce. With Prisync, he and his team aim to revolutionize how e-commerce companies of all sizes manage their pricing strategies in a smarter and more competitive way. The best takeaways: All about price tracking – 00.33Tactics to influence success – 03.44The importance of customer retention and customer experience – 06.36 Digitization in pricing – 11.24What to expect from digital entrepreneurship – 14.04 Podcast Notes: Burc Tanir: Figure out the economic value of retention All episode articles: Growth Interviews Follow Omniconvert on: FacebookTwitterLinkedinYouTube
EP 60: How to Monitor Your Competitors' Prices w/ Prisync's Burc Tanir
2X eCommerce Podcast
If you operate in a competitive ecommerce segment - have you ever wondered how to track and monitor your competitors’ prices?My guest on today’s episode, Burc Tanir is a co-founder of a company that does just that!Prisync is a SaaS based price tracking platform that tracks competitor prices and stock levels.