The Internet gives consumers unprecedented power to quickly and easily compare prices and find the best promotions for the products they require. Online pricing transparency, therefore creates the need for brands to closely monitor prices across their categories and against their competitors.
It can be a complicated business getting your ecommerce pricing right - online products and services are basically worth whatever people are willing to pay for them. So, how do you find out what your customers will think is a reasonable price?
No surprises here! Your end goal is to make money with your ecommerce store! Well, that's all fine and dandy but it's not always easy to decide how to price your ecommerce products in a way that will maximise your profits whilst being fair to your customers.
Product pricing for your ecommerce store can be the most powerful tool in your toolkit when it comes to improving your bottom line but a fine balance is always required - and determined by the products you’re trying to sell.
The job of getting our pricing right never seems to get any easier. Just how do you figure out what
Perhaps now is the time to start experimenting in small ways to find a strategy which has the most beneficial effect on your conversion rate.
In 2015, ecommerce in the United Kingdom was worth a whopping £133 billion, with economists predicting an increase of 11%. The rate of growth surpassed this prediction, as 2016 saw an increase in ecommerce of 16% across the year - and intellectuals predict a further 14% increase for 2017.
The ecommerce world can be tough so getting your pricing strategy right will be one of your most important tasks. Get it right and potential customers will be all too happy to open their wallets and buy. Get it wrong and it could be "Good night Vienna"!!
Do you actually know how much your products are worth - and just how low would you be willing to price your items in order to compete with rivals?
If you truly want to be successful in ecommerce it should all start with an effective pricing strategy. By applying various pricing approaches, your business will be more efficient, profitable and sustainable in the market.
There are several ways to arrive at pricing for your online business, but many pricing strategies leave money on the table and can even damage your customer’s view of your brand; this is the case whether your prices are too high or too low.
Finding the right formula for retail markup is one of the most important decisions you will have to make and is vital to the success of your ecommerce business.
Amazon has made a swoop on the grocery market and is set to buy Whole Foods for $13.7bn (£10.7bn). The US-based organic foods specialist currently has nine UK stores, of which 7 are in London and the other two are located in Cheltenham and Glasgow. Although the deal is still subject to shareholder and regulatory approval, it is expected to be completed towards the end of this year.
To be a successful Ecommerce retailer you need to pay close attention to your pricing strategy/pricing strategies.
Feeling downhearted that you can't compete with the "major players" in the Ecommerce world? OK, so you're not going to take on Amazon anytime soon but there are other canny ways to compete - and it all starts with thinking about, then developing, a competitive ecommerce pricing strategy.