E-commerce pricing strategy could be a hard deal there could be too many approaches. “Think simple, think positive” is a good starting point. Here are some pricing strategies (from shopify blog )
- Keystone Pricing – listing products for double what you paid at wholesale.
- Manufacturer Suggested Retail Price (MSRP) – what the manufacturer recommends you sell the product for.
- Multiple Pricing – essentially bundling with other products or accessories and selling them for one price.
- Discount Pricing – creating special offers for specific seasons, inventory, and sales initiatives
- Loss-leading Pricing – Marking down a product to compete against competitors in order to get people to buy additional products in the process.
- Psychological Pricing – using specific psychological tactics to persuade people to buy.
- Based on Competition – setting prices either above or below what competitors are listing similar products for.
- Anchor Pricing – Showing the original pricing along with the discounted rate in order to show potential buyers the savings they would benefit from if they buy from you at the discounted rate.
Before Choosing your Strategies you need to define ;
- What your are selling
- Who you are selling
- What customer needs ( could be different rather than price)
- How your customer comes to your store
- What you want to sell
- In some cases you have to choose a side between >> turnover vs profit