Easy eCommerce Pricing Strategies to Implement for Your Business

When determining prices for towing fairfax va services or an eCommerce store, you are likely to consider traditional methods such as markups, anchor as well as luxury pricing. There is absolutely nothing wrong with any of these strategies. However, these three methods are not only the strategies you can use, as far as pricing for your business is concerned. If you are willing to accommodate change and shake things a little bit, there are other important strategies you can apply as well, which include the following.

Free

Well, everyone will say free is not a price. How can anyone make money by offering products or services free of charge? Well, there is more than it looks. People will show up when free stuff is mentioned. Even buyers who have never heard about your store and have no intention of purchasing from you will stop by for at least a few minutes to browse from your catalog. You can have inexpensive stuff listen on your site for free, that comes after a customer makes an accompanying purchase. Free is a great way to get eyes on your brand and your products. You need to understand that offering everything for free is full madness. Once a buyer gets to your site, introduce them to everything you sell then go for upselling and cross-sell. A couple of things you can offer for free include; free samples, software, accessories for larger products as well as basic services.

Pay what you want

Making an offer probably sounds like the strategy we have just discussed above. However, there is a difference. As with an auction where the buyers make bids for products, the make an offering model builds in a reserve price. In other words, buyers are free to offer well under market value, for your products. However, that doesn’t mean they will get to take them home. You control the smallest amount you will take and let buyers pay more if they want to. This particular model also tends to gain a lot of traction through word-of-mouth marketing. Even when buyers meet your price expectations, they will feel like they got a great deal because they had a say in the price they paid.

Make an offer

Another strategy that can be applied is to pay what you want. With this strategy, you allow customers to take advantage of the pricing structure to walk away with products at ridiculously low prices. However, you will encounter consumers who will take advantage of your pricing strategy no matter what you do. If that is the case, how will you benefit when you introduce this pricing model? With no real benefit in revenue, why would a company choose to allow buyers to pay what they want for the products they want? Studies have shown that this pricing model results in a lot of free marketing through a word of mouth. That alone is an excellent and enough reason to give this model a try. Products that works well with this model includes music, movies, books, apps as well as software.

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