Download our informative white paper here: Five Quick Tips For Ecommerce Pricing Strategies.
The price of your product is an essential part of your business. If the price is too high, people won’t buy it; if it’s too low, you’re leaving money on the table.
So if you’re unhappy with the conversion rates for your checkout process and shopping cart, you might consider a deeper look into how you price your product.
But what are some of our industry’s best practices for improving your pricing strategy?
Five Quick Tips
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Figure 1. Psychologically Unattractive Price The first tip is to use psychologically attractive prices to persuade visitors to convert. Keep your prices clean – no one wants to see a product priced at $47.54.
- Secondly, be flexible. Use split testing tools to offer customers different price points and monitor which ones perform best.
- Next, use customized pricing for overseas customers. It’s important that you don’t dissuade customers in other countries from completing a purchase, so don’t use a fluctuating exchange rate to price products in foreign currencies. Doing that will inevitably cause your shopping cart to display “ugly” prices (as in Figure 1).
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Figure 2. Who doesn’t love a discount? Our fourth pricing strategy tip is to offer discounts. Displaying two prices (as in Figure 2) – a higher, slashed-out price and a lower discounted price below it can persuade hesitant customers to convert. If you’re offering a discount to only a certain segment of your customers, those on your email list for example, it’s crucial to protect your URLs. Otherwise, those prices can scatter across the Internet and decrease your expected revenues.
- Lastly, drive volume with volume pricing – this strategy sweetens the deal for customers buying bulk. As the white paper explains there are many ways to skin this cat, so investigate all your options fully before settling on one. And don’t be afraid to change horses in midstream.
Get this complimentary white paper for straightforward pricing strategies in a global marketplace.
