Excellent pricing plan and additional good products are forces worth considering. Many enterprises regard pricing as a mathematical problem, or worse, a problem to be considered in the future. Pricing, like marketing, is an art that relies on psychology. Setting a higher price for the products sold in woocomerce store is one of the important decisions made by the business. If you set a price for what you think is the best offer and don’t change it, maybe you did it wrong! Now it’s time to use effective pricing strategies to get more conversion and revenue!
So let’s take a look at one of the best pricing strategies to help achieve this goal: \
Create a perfect win-win situation for you and your customers! Now that we know what tiered pricing is, let’s take a closer look at several examples of the business model that implements the strategy. An example of a business model that can implement tiered pricing. 1. Wholesale industry most of today’s wholesale enterprises are B2B, which means that business has business dealings with other potential businesses. Wholesale is a widely used business model. Wholesalers want to sell their products in large quantities at the best price. For example, 1-5 T-shirts are priced at $20 or 5-10 T-shirts are priced at $15. Some wholesalers can do this by eliminating arbitrators who buy goods. Therefore, customers can buy many products at preferential prices.
However, wholesalers usually set a certain retail price outside the wholesale price to guide retailers. Now, if it is a wholesaler, how to calculate and set the price? Here is a simple formula. The wholesale price = the cost of sales + the rate of increase in the wholesale price. We know it’s quite complicated. The following is a simplified example: Sam, the owner of men’s online clothing store, sells gray shirts on the website for $40 per retail store. The retailer will then sell shirts to final buyers at a recommended retail price of $90. This pricing method is used by wholesalers selling actual goods, such as books, jewelry, clothing, sports equipment, etc.
2. If you sell SaaS subscription SaaS (software as a service) products, you can choose to apply tiered pricing to sell product subscriptions or licenses. For example, if an Internet data subscription package is provided, tiered pricing can work in the following ways: Male basic male standard male advanced male $40 per month, 2GB $50 per month, 3gb $60 per month, 5GB $3. In today’s world of food upheaval, online ordering is in full swing. In order to create cash flow and increase revenue, iconic brands such as McDonald’s and Starbucks have adopted layered pricing strategy.
Even today, McDonald’s sells hamburgers as meals, which is also a pricing strategy. I see. If you buy Coke, French fries and ordinary hamburger together, it will be a happy meal! Therefore, if you sell food in an online store, you can set the following prices: Male $20 plus 5 doughnuts male $30 plus 10 doughnuts male $40 plus 20 doughnuts male 4 Art website or picture website when there is an art or picture website,
I know it’s high! So how will this valuable loyalty increase? Tiered pricing should focus on the correct value and pricing of product bundles for buyers. Here, you should also consider emphasizing the functions of the product in order to accurately understand the fees paid by customers. This makes them feel that they are investing in the right products and getting the best deal. In short, you need to let customers know the benefits of money in order to buy more products in the near future. Now that we know this, let’s take a look at how to immediately implement tiered pricing in online stores. The first step in creating tiered pricing in the woocommerce store – install and activate the woocommerce tiered pricing plug-in to integrate woocommerce tiered pricing into the online store, which can encourage customers to buy more per transaction. To this end, the first step is to install the tiered pricing function. Although there are many plug-ins to help create tiered pricing, it is recommended to use the wisdm customer pricing plug-in. Male reason: the wisdm customer specific pricing plug-in is developed and created by wisdmlab certified by wooexperts. In addition, additional features perform well in terms of support, functionality and easy setup process. If there are more than 3500 customers, the full score is 8.5. These additional functions include many functions and can also increase the value of orders by experimenting with discount strategies. Tiered pricing is specifically designed to manage and improve the business. Setting specific or personalized prices for customers helps maintain customers and build loyalty. You can also generate special recommendations for certain product quantities or categories. You can also set shopping cart discount rules and multi-level pricing for bulk product purchases. Therefore, if you decide to price according to wisdm customers, we will go to the next step. Step 2 – create hierarchical pricing rules for users \/ roles \/ groups, which is the step to generate all magic. Wisdm customer specification printing add-on function can generate layered prices for simple and diverse products. Now, to select a product type and set tiered pricing, click the all products button in the text imprint control panel. Select a product to edit or add a new product. Here, you can create tiered pricing for simple and variable products. On the product data tab, you can select a product type. The following image is an example of a simple product selected at a tiered price. In the same way, you can repeat the steps for the variable products and select the same one from the drop-down tab. Male reference: CSP section – multiple product variants. Now, after selecting the product type, you can go to 3 price options for simple and variable products. User \/ customer based pricing role based pricing group based pricing wisdm customer specific pricing can set layered pricing for each customer according to the number of products purchased! For example, customer a will see $50 for five pairs of sneakers. Another customer B priced the same pair of sneakers at $100. That is, you can set rules according to the purchase quantity. The more, the better. Another way to create tiered pricing is – customers will see $50 for five pairs of sneakers. The price of two pairs of sneakers for the same customer is $40. The third way is – the price of 5 pairs of sneakers for customer x is $10, while the price of 5 pairs of sneakers for customer y is the same
It’s time to see $20 for the same pair of sneakers. The above three methods provide insight into using the plug-in to generate tiered prices. Let’s take a look at how it works. a) Based on user \/ customer pricing, the given steps must be followed to modify the personalized product price of individual customers. \
Before – if you’re a beginner, it’s best to take the time to understand before implementing step-by-step pricing. Also, don’t forget to write down important things or bookmark this post and visit it again. However, if you already have marketing experience, you can use the wisdm customer specific price plug-in to extend woostore performance. I hope this article is helpful. If you think there are other contents that can be added to the guide, please let us know in the comments section below. I’d like to hear your opinions. Thank you for reading!
