Jumat, 04 Mei 2018

4 Pricing Strategies That Can Boost Your Online Sales Fast

When sales are low there are various things that can be done. You can use many strategies and make so many site modifications. A part of the strategies that can be used are connected to pricing.



When your storefront is attractive and sales are slow, although traffic is good, you can use various pricing strategies to increase sales. It does not matter if you sell textbooks online or if you sell something more expensive like refrigerators.

Try these strategies.

1. Cover All Price Ranges
The customers that visit the online store have different price points and objectives. This is why you want to offer both the low end products and the high end products.

Covering an entire range of customer price ranges will increase sales as you take advantage of psychological pricing. For instance, if product A gets you the best profit but you put it at the same price level as product B, sales will not increase. If the price for product B would be increased, product A will look like a steal and will be bought more, thus getting more profit for the site.

2. Cheap Low Margins Used To Attract Customers
Many customers just buy the cheap items and then leave. However, most of them will buy extra items as they are visiting a website.

You want to basically entice customers with attractively priced products. Then, you have to convince them that all the money that is spent as extra is worth it. You can do this by having one product in every category that would be set to move at a discount when another one in the same category is purchased together with it. By offering this bundle you add much more value in the mind of the customer and sales would be increased.

3. Free Shipping When Orders Go Over A Specific Amount
This is the most common pricing strategy that is used by online stores because it works really well. After the store is run for some months you will get to see the average order size. This amount is usually consistent.

You can bundle projects, of course, but you can also add free shipping thresholds. That will entice the customers to buy one extra item. Just make sure that you do the math and that you are still generating a good profit. After all, increasing sales without increasing profits is not a good idea. If free shipping is not possible, you will need to adjust prices since the margins you have are most likely bad for an online store in the first place.

4. Future Redeemable Coupons
Really big online stores like Old Navy or The Gap often do this. Smaller site owners think that it is not a good idea but that is definitely not the case.

You can give out a coupon code that would be redeemable in 2 weeks from the first purchase. This can easily increase current repeat sales, which is always great for a sustainable online store. Discount dates can be set in the future so your pricing strategies can actually adapt for the future sales.

This strategy is great when you raise some best seller prices during sales periods and then want to make extra sales in the future through the coupon discounts.