Aug 23

Pricing Strategies That Can Set Your e- Commerce Sales Counter On Fire

Pricing is still one of the most concerned matter for the people who are making purchase through online store and is driving the conversion rates for several e- commerce organizations. It is important to make your products within the range of every common man so as to increase the product sales of your organization. Further, setting of an effective pricing is very important to divert the attention of your targeted customers from your rival business organizations. An attractive pricing strategy will invoke the interest of your potential customers and will increase the conversion rates for your e- commerce store to a great extent. Some of the tips that can help you in implementing the smart pricing strategy for your organization is given as follows.

Paying as per your choice- This is one of the latest pricing strategy that has found acceptance among numerous business organizations due to its crowd puller abilities. By providing flexibility to customers about deciding the payment amount, business organizations are doing a great marketing strategy by influencing a large number of potential customers. Further, business organizations can take the help of various heat map tools to understand the mindset of their customers for setting product pricing. Some of the 5 best A/B testing tools that can help in this direction are Optimizely, Mocking Fish, Unbounce, AB tasty and Maxymiser that are known worldwide for their exceptional test results.

Free Pricing- It is used by various online software companies that offer plugins, licensed softwares and other such products. It is often seen that software organizations first provide their basic services for free during the trial version and then charge an amount if the customer further asks for an advanced licensed product service. In other situations, software is given as free and the companies charge technical support and assistance given to these customers while using that product. This practice has been highly successful in the software industries and this pricing model has been embraced by numerous business organizations around the world.

Flat pricing- In this pricing strategy, customers can ask for a range of products that fall under a particular pricing category. This type of pricing is extensively used by e- commerce book stores, toy stores, gift shops and other such e- commerce organizations. The major benefit of this pricing is that customers don’t have to do repeated pricing related negotiations with the store owners and can easily select the product based on their specified price range.

Personalized pricing- Often e- commerce organizations provide the facility of personalized pricing for their loyal customers who have been purchasing product from their site for a long time. By allowing discount and shopping rebate according to the choice of the customers, organizations can keep customers loyal to their store and can promote their business organization effectively by the appreciation and good will of the targeted customers.

So, in order to shine among your business rivals, e- commerce organizations need to learn the art of effective price setting for their advertised products so as to make them more attractive to your potential customers. By allaying the price related concerns of your customers, business organizations can easily improve their conversion rates and product sales on their e- commerce store.