The obvious strategy is usually a balance of profit demand and the desire to attract consumers. Before and after the holiday, I usually just want to get attention or provide the best price.
But these are not the only pricing strategy -definitely not . This is not to say that you should not pay attention to profits or consider your competition. But you should also be considering the psychology of shoppers, and in addition to the lowest price, what else can promote them to click \”Buy\”.
This is not always what you expect. Sometimes it is a price background. Sometimes you even provide a variety of options!
Let’s take a look at some clever product pricing strategies that can be used to increase online sales. But first of all, we will discuss why the price is as low as possible is not always the best idea.
Why the cheapest price is not always the best
This is true -customer comparison store, waiting for sales, sometimes You will even spare no effort to find the coupon code. But not every store will succeed through weakening competition.
Many of us have seen counterfeit brand -name wallets and counterfeit wallets and counterfeit on the streets of major cities wallet. From these experiences, we are used to understanding low prices because the product is illegal. You know that sentence: If it looks unbelievable …
In some cases,
unexpected low prices will weaken the trust of potential customers
. Luxury goods, certain brand -name products and electronic products are expected to be within a certain price range. If they don’t do this, the shopper may want to know \”Is this true?\”
If luxury goods have no price of luxury goods, they will naturally cause doubt.
Even daily supplies like clothes will also have this problem. A $ 50 shirt is expected to support it. A $ 25 shirt may be pretty good. But a $ 5 shirt? We are used to thinking that it is too cheap and unable to last –It must be priced at such a low reason.
This allows us to understand the focus of this article: You can use other pricing strategies to increase conversion instead of fully focusing on sales.Let’s take a look at them now.
Provides discounts … but only applicable to orders containing more than one product
] Although unexpected low prices will weaken trust, customers still like their discounts. Even a little savings -whether it is true
or
perception -it is enough to stimulate the motivation to buy. Despite you, you may not be keen to discount all the products in the store. Or you may want to avoid using the coupon code to affect your profits, because 20% discount is feasible, but another may mean losses.
Solution?
Provide discounts for greater purchases.
This can help keep your profits unchanged, and inspire higher expenditures. This is the purpose of dynamic pricing expansion. Using this Wookommerce extension, you can create a discount that automatically applies to shopping carts exceeding a certain amount. Alternatively, you can choose to discount the shopping carts containing multiple products in the same category.
For more suggestions on order discounts based on standards such as quantity or product category, please check this post about intelligent discounts. We created it for the holidays, but you can use these ideas at any time.
Is there a plan, grade or similar product? Try to anchor
The choice is great. But too many options may be overwhelmed, especially when they are similar, or your customers cannot easily understand the differences between them.
You may have a specific product, plan or subscription layer you want customers to choose. You don’t always expect them to choose the most expensive, but you don’t want them to choose the cheapest.
The best way to lead them to the correct direction involves a strategy called anchor
.
The anchor includes a expensive or functional option first, and the shopper will pay attention to these options. Therefore, the following options seem to be more reasonable.
In this example, the blue \”anchor\” your attention to the Plus plan. Now, the standard version seems to be very reasonable for $ 19 per month, isn’t it?
However, this does not necessarily lead to the cheapest option for shopping users. In fact, afraid to miss the choice -because they are still focusing on the first project -usually lead to shoppers completely
to avoid the cheapest choice.
In this anchor test, only 5% of the wine vendors chose the smalle beer. (Picture source: Failure)
Is there a software plan or subscription? This should be easy to test. Is there a similar product? Consider creating a \”comparison of these projects\” with some anchor operations and observe your sales situation to see what will happen.
Re -formulate your pricing: every month is more attractive than each year, and the deposit makes the items afford
Maybe you have some projects that pay through subscriptions, such as software or software or software or software or software or software or software or Delivery every month. Do you ask your customers to pay the entire subscription fee in advance?
Consider providing monthly pricing
-it makes these products look more affordable. Most shoppers cannot pay for the full subscription in advance … But even if they can, you ask them to pay things they may not see for about a year.
If your customer pays the product that cannot be fully delivered for a long time, please re -set the price so that they can choose to pay a small amount at a time -this is more in line with the price they actually received.
A box of each month, one payment. (Image source: Arbyread)
Speaking of paying a little, some single, non -subscribed products are expensive no matter how you think. Even if they are rich, it is difficult to motivate customers to buy.
Therefore, for these products, there is a
method that re -formulate pricing : sharing costs
. This may mean allowing your client to divide the cost into several equal payment, or may deposit the deposit and agree to pay the rest before a specific date.
The cost of sharing the cost makes the expensive product reach, but it avoids the difficult business of using credit or debt. It also makes your store look very friendly, start! Find a way to accept the deposit or partial payment of your product? Take a look at Woocommerce deposit -it provides you with all these, and the ability to set the payment plan you choose.
Provides special offers, but
is limited to
Member
If you have a member plan (or you want), and you also want to increase the conversion rate, please try this idea.
Those who have experienced the trouble of becoming a member should be rewarded, right? Therefore, you may be willing to provide irregular discounts for your members, even \”5% discount daily.\” Any method can be:
Makes existing members more likely to shop with you often
(their behavior is rewarded, they may not be able to get discounts elsewhere elsewhere )
Promote non -member registration so that they can get discounts (their few minutes is worth it in exchange for other benefits to save/potential)
I want Do you want to get a second benefit further? Try to hide the exclusive price of member membership for no one who has logged in as a member
. (Woocommerce member qualification: You can hide and cancel the content of the hidden only.) This will make the visitors very curious, so that they must must be registered to see what the price is.
Once they are registered, they can also buy it, right?
Last idea: Don’t be afraid to choose the following context for your pricing
Many a lot Love to enter your product. Whether they are handmade in your home or by your team, you are very clear about how much time and ideas you have invested to plan the perfect product for your store. For many shopkeepers, this love, time and energy are reflected in their product pricing -obviously, so must, otherwise no one will do business. But if there is no context, it may be difficult for customers to understand that your pricing is not designed around earning 500%.
Don’t be afraid to tell your story, explain what your product is different.
Don’t be afraid to provide background information to reduce the worries of the shoppers, they may not understand why a certain product will be priced in this way
. For example, you may want to add project symbols to explain what shirts are made, because the cost of 100% cotton is higher than blended.
Some ideas about the context clues can make the shopker feel safer to your price: [123 ]
Talk about the component of each item -whether it is the materialIt is expected that it is just the time you spent carefully. Tell your story . Did you start a company in the garage? Are all your hand -woven scarfs still hand -woven? Do you still put a handwritten bar in each box? Share these details.
The explanation is to distinguish you from competitors -of course, many companies sell laptops and computer protectives, but maybe your company is the only dedicated, easy -to -use charger that is easy to use. The company.
Note the possible niche
. Some projects are attractive to specific groups. If you use the vegan leather, please say that; if you hire a team that is all women, then yell on the roof.
The most attractive price is not always the lowest
Determine how to pricing for the product may be a challenge -this is a kind of description. Many factors will affect your decision, including psychology.
Weaken competitors or as low as possible at the lowest price. Sale. Try these clever product pricing strategies to see how your customers react.
Are there any questions about your product? Or do you have your own strategy to share? You know what to do -pone comments below, we are happy to listen to your opinions.
Is there a software plan or subscription? This should be easy to test. Is there a similar product? Consider creating a \”comparison of these projects\” with some anchor operations and observe your sales situation to see what will happen.
they
