by It is said that cost is the fact and price is a policy. Price is one of the most important elements in determining a market share of a company as it generates revenue. The customer decides to buy product if he thinks that the product cost is value for his money.
Here are some pricing strategies that you can use for your Ecommerce business that will boost your sale instantly
- Psychological pricing
The number 9 really works! We all hate when we see products that cost 49, 99, 199…. and so on. This really annoys everyone. Our brain thinks that Rs.49 means Rs.50 but our mindset the value that Rs.49 means the amount is in 40’s not in 50’s. So this type of strategy targets emotionally to the customer rather than rationally. This is the power of 9 in pricing strategy.
- Product Bundle discount pricing
Give a good discount on bundle buying and make the customer happy. If a customer buys a smart hone there is a possibility that the customer is going to buy mobile case and other accessories too. Just bundle them together with a good discount which will create a good impression. Because of this, two good things are going to happen- your products will be showcased+purchased at a time and you are going to get paid a good amount for that.
- Customer demand pricing
This type of strategy is not very useful for products but they are very much effective for services like photography, digital arts, website development, etc. let the user pick the price for services. People are normally honest and loyal when you give them freedom to pick a price for service offered to them
- Penetration pricing
When you are new in the market keep the price at floor level i.e. as low as possible. This strategy is usually used to gain the market share. A good example for this is Flipkart, Sanpdeal, Amazon, and lot more E-commerce companies are keeping their price of products as low as possible to acquire the market share.
Just keep track by applying above strategies and analyze their result. These strategies are traditional. Mix these strategies with the modern digital strategies like SEO and SMO. Combination of both will boost your business to next level.
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