With the rise of online retail, the sales game has evolved by leaps and bounds. Strategies that once proved to be surefire ways to secure business have become obsolete, leaving companies scrambling to develop new tactics to beat out their competitors and rein in customers.
Still, while much has changed in how sales-driven businesses approach the future, at least pricing remains a constant factor in persuading consumers to consider one company over another for the same product or service. One such strategy that seems to be heating up is variable pricing. Let’s look at this one a bit more closely. Continue reading “How to Take Advantage of Variable Pricing and Win More Customers”
Demand-based pricing is one of the simplest ways to price your products in a way that maximizes their chances of actually selling. Rather than relying on industry trends, your own product history, or a gut instinct about what a product “should” sell for, demand-based pricing uses what customers think about your product as a starting point for pricing your products. Continue reading “How Automation Fulfills Demand Based Pricing”
If you think your small brand can’t compete with the big box stores, it’s time for a reality check. Consumers gleefully buy from businesses of every size. Even the smallest brands can gain a dedicated, cult-like following. To do so, you need more than just an amazing product and incredible customer service. Continue reading “5 Powerful Psychological Pricing Strategies”
Customers can’t buy products they don’t know about. And in a market heavily driven by consumer trust and brand loyalty, many consumers are reluctant to switch brands or try new products. After all, the reasoning goes, why spend money on a product that might be awful? Continue reading “5 of the Best Penetration Pricing Examples”
Price matters. In fact, it matters more than any other factor to at least 60% of consumers. More and more consumers are turning to eCommerce platforms for holiday gifts. In 2015, Cyber Monday sales alone totaled more than $3 billion. That being said, pricing your merchandise right may be the only thing standing between you and skyrocketing success. Continue reading “7 Pricing Strategies to Supercharge your eCommerce Christmas Sales”
A generation ago, the mall was an inevitable stop on the holiday shopping journey. Now, many consumers finish their shopping without ever listening to the drone of Christmas music, seeing giant sale signs, or fighting for their place in line. Cyber Monday is on track to become the new Black Friday, and the longstanding Friday shopping tradition may soon be a relic of the past. The right eCommerce pricing strategies are increasingly important for online sales, particularly in the days after Thanksgiving. Continue reading “Is Cyber Monday The New Black Friday?”
No matter if you are a novice in the eCommerce game or an expert, there is no doubt you are familiar with the splendors of bundle pricing. From McDonald’s Happy Meal option to a 2-for-1 deal of your favorite shampoo at Walgreens. Businesses around the world use it all the time and customer’s love it.
With the right bundle pricing strategies, you can use this as a marketing tool that can benefit everyone involved. Customers are getting a deal, your store is receiving business, and the consumer may be encouraged to return to this one source for a multitude of needs. In order to fully understand how bundle pricing can achieve all of that, let’s take a deeper look at the advantages that come with it. Continue reading “10 Ways to Use Bundle Pricing for eCommerce”
Regardless of what type of product you’re selling, you know you need to set a price to sell it. Knowing that you need a price is the easy part. Determining your price – well, that’s where things get tricky. It can be difficult to price your products because if you go too high, you may scare off buyers. And, if you go too low, people may doubt your products’ quality. To help you price your products, let’s explore the subject a little further, shall we? Continue reading “What is Market Price & How to Set it for Your Product”
Let’s assume you have a product you’re ready to launch. You’ve weighed all the possible pricing strategies that are out there, and you’ve opted to go with a skimming pricing strategy where your price is set high based on the value to maximize profits, and then lowered over time to attract your the more frugal shoppers.
Great, but now what? What are your best methods for success? If you are asking yourself these same questions, you’re in luck because below you’ll find some ideas on how to succeed with your skimming pricing strategy. Continue reading “How to Succeed with Your Skimming Pricing Strategy”
As the holiday shopping season looms large over the rest of the year, some retailers may be terrified to realize just how vital a role pricing plays in influencing customers’ purchase decisions. More so than ever, holiday sales like Black Friday and Cyber Monday incite consumers to become more savvy in hunting down deals.
When it comes to pricing, however, a few small adjustments could decide whether you wind up with a trick or a treat this fall. In fact, it’s so scary easy to update your approach to pricing that there’s no reason your customers shouldn’t be howling in delight this Halloween. Continue reading “10 Scary Easy Pricing Tricks & Treats”