What pricing strategy do you implement as a webshop?
It is not easy to come up with a good pricing strategy for your online store, especially when you are aware of the impact of psychology. Two prices can be only two cents apart, and yet one price is accepted by the customer and the other price is not. That’s psychology. Two cents can make or break a sale. That is precisely why there is quite a lot of pressure on the pricing of the products in your online store. You can use several strategies to determine your prices. We are happy to provide you with insight into some of these strategies.
Using discount promotions efficiently
Discounts are undoubtedly attractive to customers, but it is important to use discount promotions in the right way for your online store. After all, you want to benefit from it as well. You can attract more online visitors with good discounts, but choose the products you give a discount on wisely. For example, choose products that will otherwise not sell anymore and do not give discounts for popular products. Furthermore, be careful with the number of discounts you give. If you sell your products for a much lower price too often, people are no longer willing to buy your products for their original price.
Create cost-effective bundles
As a web store owner, you discover trends within your own web store, such as products that are often bought together. When these products decline in popularity, it may be a good idea to bundle these products together in a cost-effective package. It is a form of offering a discount with the guarantee the customer will purchase several products at the same time. By doing this, the customer gets the feeling they get more than what they paid for thanks to this bundle. Be careful, however, the discount is not too high compared to the prices of the individual products.
Decide what you want to keep
A good basis for any pricing strategy is to determine how much you want to benefit yourself. Based on this, you can create a good formula with which you determine the prices of products in your online store. This includes not only the purchase price but also, for example, the costs of packaging the products and shipping, if applicable. This strategy is often used by online merchants. However, it is important to keep the prices of competitors in mind, so as to not overprice your products.
Use the suggested retail prices in your web store
One of the easiest ways to price the products in your online store is to just stick to the suggested retail prices. The main advantage of this is that you save a lot of time. You don’t have to calculate the prices yourself but simply adopt the recommended prices. A disadvantage may be that your price is exactly the same as that of your competitors, so your products won’t be more attractive to customers. It can therefore be smart to use the suggested retail price as a starting point and lower your webshop prices a few percentages.
Work more efficiently with the right integrations
Nowadays, as an online store owner, you can automate a lot, from accounting to pricing. By using the right integrations, you save a lot of time, and you can spend that time doing something you enjoy. Do you want to know which integrations are most interesting for you? Check out what’s available at APIcenter or let us advise you. You can always contact us, without obligations.
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