'Price Elasticity' and 'Competitor Sensitivity'

Prerequisite

1. This feature requires configuration. Reach out to your CSM to get it

2. At least three months of analytics data

What are Price Elasticity and Competitor sensitivity?

'Price Elasticity' and 'Competitor Sensitivity' can be created in the QL platform to help understand various factors that affect conversions. 
Both 'Price Elasticity' and 'Competitor Sensitivity' can be presented as attributes at the product and group level. The result of the attribute is between 0 to 1.

'Price Elasticity' - This attribute indicates how elastic the product is to price changes. As a result is lower, the demand is inelastic, meaning a price change will have a smaller effect on conversions. 
This feature only applies to some products, as it requires price changes often, with high conversion rates. If the information is unavailable at the product level, the group elasticity value can be used instead.

'Competitor Sensitivity' - This attribute indicates how elastic the demand is. As the result shown is lower, the demand is inelastic, meaning a change in competitor price will have a smaller effect on conversions. 
This feature has two sub-attributes: 

1. 'Average', my sensitivity compared to the average of all competitors. 

2. 'Min' my sensitivity compared to the cheapest competitor.