When you talk about E-commerce, your focus should definitely be on the pricing. Designing the pricing strategies carries two aspects which are profit or loss. If we keep our E-commerce strategy estrange than it would be a big loss in terms of investment.
If you are selling a monopoly product on your E-commerce store the only way to increase your sales is to put some captivating offer on your product page itself. So far, one of the trending options is an offer and a movie coupon code.
There is always the best way to draw your pricing strategy in the most captivating way so that the user can buy it. However, in this article, I am going to write about 5 ideal strategies for an E-commerce website.
1. Behavioural Pricing
Creating a control section price across your product pages. This strategy will only work when you run your PPC campaign. What I mean here is to design two pages with different prices and test with A/B testing methods. Here, the test is not for the user experience or the layout or any call to action. We only need to test this similar product page to measure the number of sessions (visits) and analyze what percentage of the user is affected by a price. The data for these type of users can be derived from the sales funnel and can further be used for direct selling.
2. Discount and Promo Code Pricing
More often many E-commerce stores are having promo codes, coupon codes as well as referral options where you can get some amount which is marked down. Here are the few points which should be taken into consideration to understand the buyer’s mentality.
A. Using offers that allow promo codes
Using a promotional offer like discount codes or a promo code will help you attract more customers as they are more interested in the offers you give. This can be recursive in nature if the promotional offer is for a limited period of time.
B. Return Policy
Many customers might have some problems with their product and they might request a refund for their purchased products. In these situations, there is also a way to gain more customer trust by launching a return policy with “NO QUESTIONS ASKED”. This creates great customer assurance towards your company and they won’t hesitate to return their products next time they buy something and encounter an issue. They will most definitely come on your website and buy something as you have great customer satisfaction value and good return policy.
C. Personal Preference for promo codes
Here, personal preference plays an important role. The E-commerce site which has promo code popups and attractive offers has the potential to design their marketing channel with various tracking platforms like Google Analytics or Pardot. For example: creating a sales funnel for returning visitors on your website and running an email campaign to know the behaviour of different types of clients who are interested in buying products with promo codes. You can also create a database which showcases the typical types of users which can definitely give you a 100% conversion rate for sales.
D. Safe and secure transactions
Although it’s not so relevant when we talk about pricing, your website must have a secure SSL certificate. When it comes to making online payments, customers need to know that they are using a secured gateway.
E. Multiple offers from a single seller
Before tying with any sellers all you need to do is create an offer which can be more captivating and appealing for the sellers. For example, you can offer them some benefits such as affiliating their products with your E-commerce platform. A larger number of products can drive a great number of reviews and ratings for their selling services. The great benefit of getting a huge amount of cluster is users with multiple products along with maximizing the brand value.
F. EMIs and discount on payment modes
Your E-commerce sales are also directly proportional to the price of the product and the Easy Monthly Installment schemes. Countries like India, Philippines, Vietnam, Bangladesh, Sri Lanka and many other Asian countries are having a particular audience which is looking for purchase no matter how big or small the product is if they have the option of EMIs. Nature of the product and their cost of conversion as well as the direct sale also play a huge part when EMI offer is available. If the costly product does not have any EMIs available, then you might lose many potential buyers.
3. Suggesting the product for E-commerce
Customization for product and pricing also plays an important role to increase your revenue. For example: If a guy is willing to buy Men’s T-shirts from your E-commerce store can turn to a potential customer if you are offering him some customization by suggesting him a Woman T-Shirt with the same colour and brand. There is huge chance that he may buy both products (the first one and the subsidiary product or the suggested product) this way you can create a unique sales value for your potential users.
4. Price discount for your returning customer
This strategy can easily be implemented on your E-commerce website with your potential customers by saving the sign-up database with a scenario of purchasing “EX” number of times from your website which gives the customer a value-added point or a discount for the next purchase no matter what season it might be. These potential users are called premium customers to whom you can also give them premium sort time delivery or same day delivery option to create more loyalty towards your company. Once in a while, you can also give loyalty rewards to your online customer to make more impact on their buying intentions.
5. Discount by using Wallet
Nowadays many E-commerce platforms are collaborating with an online wallet like Paytm. You can see a huge variety of online users who really don’t care about the E-commerce platform or a portal. Nevertheless what they care about are the cashback and promotional accounts, so please don’t forget to collaborate with an online wallet and their amazing options.
Nowadays E-commerce is the biggest marketing method to earn money online. I know it is challenging and that is why I have covered in this article different ways through which you can gain the best conversion rates.