How to Customize Your Pricing Strategy for Ecommerce Growth

Price is the core factor where a customer stops to decide again, either to place an order or find another option. The online buyers are more sensitive to the prices as they need the best value for money, where a top-notch quality product is made available at affordable rates.

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For any eCommerce store to grow, it has to keep on customizing the pricing strategy to meet the demand and expectations of their target community and excel in the market despite giving discounts and attractive offers as well. Here is a quick list to help you personalize product pricing for better customer experience and eCommerce growth.

1. Enable Customers Own Pricing
Setting a fixed price for a standard product quality may somehow disappoint the customers as they may need customization as well. For example, you display computers or laptops for sale for pre-defined specifications. The visitors who may need to change a specific part in it may not be interested in such products.

For this, you can create product boxes with a base price plus varying prices for the variety and quality of the products they select. For example, if they choose higher storage of hard disk or a more robust process plus a graphics card, the prices may accumulate accordingly. As a result, they may place orders of a higher value, which ultimately boosts your store revenues.

With such price customization, customers are well aware of the parts they are adding to a box and forming a complete product. Therefore, the price they are paying for it is quite acceptable. They are satisfied with the amount they have to pay. You can take price discrimination further by create different groups of customers on your store and create exclusive discounts for them or you can use Magento 2 Tier Price Extension to let customer choose from per-definded purchase qualities.

For example, you can allow reduced pricing to wholesalers as they order in bulk or do the favor to your regular customers. To have such a functionality in your Magento store, you can use the set price per customer extension and assign subsidized or premium pricing to them. It helps you automate the price change to specific customer.

2. Know Your Customer’s Willingness to Pay
Have your research and find the amount of money your potential customers are willing to pay for the products you aim to sell online. The consumers now first educate themselves about a product or service before they order and consume it.

for more: https://magecomp.com/blog/how-to-cus...mmerce-growth/