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 Betabrand tests prices across hundreds of crowdfunded products

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Betabrand is a crowdfunded clothing community. Their finance, marketing and merchandising teams knew price was slowing growth, but needed to figure out where to start.

Challenge
Betabrand is a crowdfunded clothing community. The team knew that price impacted sell through and more–but had no way to try new prices. To get unstuck from the historical prices, some of which they knew weren't working, they turned to Perfect Price

Solution
Perfect Price's e-commerce Edition pulled all the important data into simple, easy-to-use dashboards the team leverages every day to explore data and carefully experiment with new pricing and promotions.

Data in One Place
Betabrand leverages Google Tag Manager (GTM) and Perfect Price worked with Betabrand CTO Colin Stuart to connect the systems in a project that took less than a day. Data flows from GTM through to Perfect Price instantly, and if Betabrand makes changes to their site the data flow will be uninterrupted.

Immediate Insights
Jim Wilson, Director of Operations, immediately found lost money in the Perfect Price dashboards. Product variants with dramatically different conversion rates jumped out, and by making one simple change conversion rate increased by 25% on the non-performers.

Testing and Learning
Jim immediately put Perfect Price to work. The Perfect Price team worked with Jim and VP of Marketing Aaron Magness to ensure a robust testing methodology was followed, and that their standards of brand excellence and customer relationship were carefully met. An initial 2-week test on a top selling product, Dress Pant Yoga Pants, showed substantial price elasticity. A second test, on Dress Pant Sweat Pants, followed as soon as possible thereafter, and showed a dramatic performance improvement.  

Results
  • Price testing in rapid cycles, with high accuracy and reliability
  • Immediate 25% conversion rate savings by deeper data
  • Precise knowledge of elasticity, and increased profit on high-volume products

 

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