Smarter price changes that we’re doing overnight with Prisync affected this huge growth in our revenue
Steve Needham – Digital Content Manager
- Challenges: Manuel Price Tracking, Customer Reactions on Pricing
- Solution: Instant Price Change Notifications, Smart and Dynamic Price Changes
- Key Metrics: 20.000 Products, %60-160 Sales Growth
Entering into E-Commerce & Smart Pricing
The internet has changed everything for the last couple of decades. It changed how people connect. It changed the way people live. It created new ways of doing business online. At the same time, the internet transformed certain business areas. The Workplace Depot is one of the businesses that adapted itself to the new era and transformed their habits to the internet age. They used Prisync as one of their main tools for adopting online.
Steve is working at the Workplace Depot. The company has a 28 years of history in the business. They were selling catalogs and being in the middle of customers and suppliers. In time they started to sell certain products directly to the customers. When e-commerce became dominant, catalog sales and distributors started to decline as per Steve. At that time, they decided to go completely online. “Around 2 years ago we went completely online but the strategy was decided earlier. We had to make a market analysis back then to understand online selling.” And this analysis was very critical for us.
Colleges and NHS are the main customers for the Workplace Depot. They have every item that workplaces need. Steve is saying that with around 20.000 products, they need to keep an eye on their customers to decide their pricing. “The landscape is very competitive. We had to check item prices to see how our competitors were doing. Four years ago we found Prisync and it was very easy to use the tool to compare the prices. It gave us a great advantage in terms of both time and effort. Pricing is now easier with Prisync.”
How to Use Pricing Strategies in Competitive Markets
Before Prisync, Steve and his team used excel sheets to get the prices for 5 or 6 main competitors. Since this was taking a long time for a large amount of products, they focused on certain products as well and not getting the price changes frequently. “ It was not possible to make it very often as you can imagine. But right now we’re getting Instant Price Change Notifications that let us know if there is any price change in the market. The tool is invaluable for us. It also let us be in the correct prices in line with the market”
Stave says, “Prisync helped our sales grow tremendously. We were doing an average of 150.000 GBP per month on the websites and it’s now 250.000 or sometimes 400.000 per month. Maybe it’s not all about Prisync since we’re doing a lot of stuff but I believe smarter price changes that we’re doing overnight effected this huge growth on our revenue. It’s a very competitive market, there are a lot of companies selling the same products. We just wanted to be the cheapest in the market when people check it online.”
“We’re checking what you guys say as the cheapest & cheaper price in the market. Most of the time, we’re the cheapest since we’re using this method but generally speaking, there are some websites which are selling way cheaper than we can. Other than that, we’re using your tool to see the cheapest player in the market.”
Being a Part of Prisync and Growth
Steve has been with the company for the last 8 years. He’s responsible for accounts, buying & partnerships. He’s adding that “My business has also changed for the last couple years with this internet transition. Right now, our business is online with Google pay & Amazon as revenue channels. Around 99 % I’m dealing with these kinds of stuff.”
“My daily tasks are in relation to increasing sales, pricing and talking to the people finding new products etc. Monday to Friday a bit of everything, including Prisync.”
New Products during Covid-19
When we asked him about the Covid-19 effect on the business, Steve said they anticipated that the Covid-19 would hit very bad. But they started to sell barriers starting from March 2020. “We had a real big spike on these. Right now all is fine, we’re back normal. Changes are always possible, the important thing is to adapt quickly and to move forward with a strategy that suits our business. Working with Prisync in this field was very beneficial for us. “
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