Compared to competitive pricing and cost-plus pricing, value-based pricing typically results in higher markups and more profit, making it ideal for scaling businesses that are thinking long-term strategy. The goal is to set a fair price based on how much customers believe your product is worth....
Don’t use this strategy too often though, or you’ll find it hard to escape. Once people come to expect good bargains from you, that’s all they’ll expect. 2) Free + shipping based pricing Another ecommerce pricing strategy you can use to attract customers to your online store is to...
Competition-based pricing is a low-risk strategy where businesses set product prices based on the average price points of rival firms in their industry. The goal is to set a competitive price while maintaining profitability and meeting customer expectations. This type of pricing takes two forms: ...
In ecommerce, the right pricing strategy matters. Learn the eight most common ways ecommerce businesses price their products.
“We’ve seen significant sales and revenue growth thanks to Boostmyshop. The seamless integration with shoppingfeed and access to various marketplaces are key benefits. myPricing has truly enhanced our pricing strategy.” Toke Kristian Suhr ...
KPIs are important just like strategy and goal setting are important. Without KPIs, it’s difficult to gauge progress over time. You’d be making decisions based on gut instinct, personal preference or belief, or other unfounded hypotheses. KPIs tell you more information about your business and...
The optimal price is the price that can maximize profit. If I ever looked up the competitive price before dumping the money, I would have a smarter marketing strategy to set the optimal price. First, I scrape eBay using Octoparse and get the information about the price, number of sold, an...
These insights can further guide yourecommerce marketing strategy. Because you’ll know where your potential customers are spending their time online. Once you’ve analyzed this market data, you can start developing your website. Which you can build yourself using platforms likeShopifyorWix. Or wi...
It takes the right mix of technology, strategy, and flexibility to meet rising customer expectations and compete in a rapidly evolving market. That’s where BigCommerce comes in. With a scalable, open platform, robust out-of-the-box functionality, and the freedom to innovate through APIs and ...
Implementing a robust market research strategy helps businesses anticipate and meet their customers’ needs. Supplier relationships. Building strong relationships with suppliers is key to maintaining a diverse and high-quality product range. The brand’s extensive network of suppliers enables them to ...