Hecht fashion, a Dutch company that sells branded clothing on Shopify, wanted to compete better in the market by adjusting pricing to their advantage. Such a move had to be properly planned because price adjustments must be based on accurate data. Increasing or reducing prices without understanding how customers react to such a price change could backfire.
Hecht wanted to use the standard Shopify reports & analytics function to analyze data to better understand how price changes could affect sales. However, the standard Shopify reports lacked a tool to help them see what happens to markup when prices are indexed.
A much better alternative for Hecht was to use BI Genius to develop a dashboard where sales and purchase prices can be indexed easily to see their impact on the gross profit margin. With Alpha Serve's Power BI connector, Hecht was able to connect their Shopify store with Power BI and use BI Genius to analyze relevant data to create an insightful data model. This way, they could determine the best way to adjust data to give them an edge over competitors in the same category.
Then came the challenge of adjusting prices for Shopify products in bulk. Fortunately, they were able to use
Alpha Serve’s Shopify bulk price change tool to edit prices for multiple products conveniently.
It worked. The company realized that by reducing prices, it could get ahead of the competition. With the reduced price, demand for Hecht’s products increased by up to 63%. Because the price adjustment was done based on intelligent data insights, they were able to achieve higher demand without compromising profit. In fact, the overall profit grew by 20% due to the increased sales and the store ranking moved to the top 3 among stores that list similar products.
Hecht was also able to do so while staying adherent to the strict
data privacy policy in Europe. The tool gave them total control of the data export process so they were able to choose data that didn’t contravene privacy rules.