High-quality pricing can not only greatly increase conversion rates, but also allow consumers to have a higher repurchase rate! However, how can we find the right pricing and use pricing strategies to maximize profits? Use 4 key strategies and techniques for pricing to make your product win at the starting line.
1. Pricing psychology
Psychology plays a key role in pricing strategies. Many products are priced at xx.99 instead of integers. What effect can this cent bring? In fact, people will pay more attention to the numbers before the decimal point because our brain processes digital information very quickly, completely subconsciously, and even before the digital information is interpreted, the size of the number is immediately positioned first, subconsciously thinking that 2.99 yuan is much smaller than 3.00 yuan.
2. Specific holiday price adjustment
There are some specific holidays every year. Sellers can launch promotional products according to different holidays and adjust pricing. During this period, small profits and quick turnover are aimed at attracting and attracting some loyal fans, and Amazon can pay attention to the store, which is very helpful for the development of the store.
3. Bundling pricing strategy
Bundling pricing strategy involves bundling two or more products together and setting a slightly lower price than when they are sold separately. Usually, consumers have no intention of purchasing all the products in the bundle. For example: If you sell a series of skin care products (each product is priced at 10 yuan), sellers can consider offering a group of 3 products at a price of 25 yuan to show consumers your perceived value.
4. Category-plus pricing
Category-plus pricing is also common in cross-border e-commerce operations. For example: The sales volume and profit of 3C products may not be high, but accessories such as charging cables, software, and computer bags are subject to frequent wear and tear and updates, so a higher profit point can be set for such consumable products. Adding related product recommendations can also help increase product sales.