Nik Sharma's DTC metrics
Nik Sharma, known as the 'DTC' guy, runs Sharma Brands and Masala Capital. Nik excels in cost-effectively scaling online DTC brands. Here's his take on what KPIs/metrics should a DTC store track.
Master this crucial product field to make your products more attractive and improve profits on your Shopify store.
In this guide we will cover
On Shopify compare at price is the product’s original price that shows up on a product's listing when it's on sale. You can see it crossed out next to its discounted price. It is a data field on every product in Shopify, which helps you show the gap between the original price of a product and its sales price in an attractive way.
To edit your compare at prices, go to the Home page. Then click Products, And Click on the product of which you’d like to edit the compare at price for.
On that page, under the pricing section, you’ll see Price, and Compare at price as fields.
Put the original, higher price in the Compare at price Field. Put the Discounted price in the Price field.
Now when you see that product live on your site, you’ll see the original price crossed out, with the discounted price next to it.
Note that the size, formatting and colour of both prices will depend on the theme you’re using for shopify.
If you want to bulk-edit Compare at prices, from the Shopify Home page:
You’ll be shown the Bulk Editor page, where the products you selected earlier can now have all their Compare at prices edited one by one, in one table.
You can add other fields you’d like to edit at the top, by clicking "Add Fields".
The other way you can bulk edit is via excel. Shopify provides a way for you to download an excel template with your products, where each column is a product field you can edit. For Compare At Price, the column you need to edit is “Variant Compare at price".
However, both methods described so far aren’t really bulk editing options.
You’re still editing price fields one by one. And there’s no easy way to just apply a 5% or 10% across all products, so it’s cumbersome to calculate percentage prices.
With Konigle, you can solve this problem and increase your profits with ease. Whether its just a simple bulk reprice or running a full flash sale, you'd be able to quickly update your prices and compare at prices in minutes. It also works with smart collections.
You'd first need to install the app onto your Shopify store and sync your stores' products. Then follow these steps to make multiple Shopify Compare at price changes at nice:
And you're done! You will be redirected to the Reprice History, where you can see current and previous bulk price updates.
Technically, putting any discount on your products will reduce your profits per product.
In reality, buyers are not always looking for 1 specific product, they are considering the best value-for-money way to solve a particular problem they have.
So the best way to show a deal using Compare At Price addresses specific buyer intents, and that helps you earn more overall profits from your customers.
If you want to convince your customers to spend more, you can create a new, more expensive product, then discount it till it's just a bit higher than the other cheaper products.
With the compare-at-price much higher than its current promotional pricing, it will look like you’re giving a great deal. Here's an example of this below:
In this case, you can see that there’s not much difference in the bundled product’s price. But just having that compare at price there, psychologically signals to customers of a good deal to be had.
Here's an example now of how a store uses Compare At Price to show the value a customer can get from buying their bundles over their single products.
Now if you’d like to change your prices back, you will need to go back to the product page, and set Shopify Compare at price to 0. Then, put the original price back into the product's Price field.
Using Konigle's Bulk Price Editor for Shopify Stores, you can do this automatically by setting a "Valid To" date when you bulk edit your products in the first place. Alternatively, you can go to your Reprice History, and revert any Bulk Reprice action that you've taken by clicking their corresponding "Revert" button.
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Nik Sharma's DTC metrics
Nik Sharma, known as the 'DTC' guy, runs Sharma Brands and Masala Capital. Nik excels in cost-effectively scaling online DTC brands. Here's his take on what KPIs/metrics should a DTC store track.
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