Online retail pricing strategy includes all those methods which are adopted by small online businesses to promote their goods and services. There are many interesting deals available in online shopping platforms which make us happy and satisfied, without these deals the fun of online shopping is incomplete. We often attracted by deals like Flat 50% off, deal of buying One Get One Free, and up to 70% or 80% off etc.
It is the most disarming tasks for E-commerce owners is the pricing of their products. They feel their prices should be attractive so that they can beat the competition. Online retailers use a different way to decide the price of their products and to keep customers attracted towards their platform. There are numerous pricing strategy examples, visible on festive and wedding seasons on online platforms.
The top 5 E-commerce Retail Pricing Strategy
- Beat the competition
Everybody wants to save the money and search for the beat in the leas price. We all do shopping from different websites and the first parameter of selecting a particular product is price. If you will manage to provide the lowest price and for the same quality, then customer easily convinced by you.
The main advantage of online retail shopping is that it reduces your monthly expenditure. Most online stores offer more discounts, as compare to offline stores. Those customers who are not able to do the shopping because of their low budgets take full advantage of discounts or sales. The discount scheme is really very beneficial for them.
In today’s online world you have to be up to the mark to get success. There are numerous big players already in the market and in order to compete with them, you have to work on your quality, pricing as well as, range of products offered. If you are presenting an innovative product then you may get an excellent response from the customer.
- Fast-delivery pricing
Sometimes customers need products immediately, for that condition, quick delivery needed, and in such scenario seller has to quick delivery to them. Shipping charges are added with the price of the product, and quick delivery pricing is a good example of online retail pricing strategies. It is a great advantage of online shopping because if you want your product urgently and ready to pay more than you will get your product delivered in the least time.
- Real-time price optimization
Companies use different advanced technologies to know how customers will respond to different rates for their products. Such tools are also used to monitor the real-time activity of customers. If one product goes out of stock on one website then the customer will immediately search to peers and they are already prepared for that as they are using the Real-time price optimization tools.
Next time if you come across such an attractive and eye-catching offer, think prudently before making any decision regarding your shopping.