The art of Pricing for Prestashop websites
How to stay competitive while remaining profitable? Pricing is both an art and a science that requires an experimental attitude coupled with an intuitive feel for how you want your brand and by extension your products to be perceived.
Keeping product pricing competitive and profitable is the new challenge most Prestashop stores face
This is mainly because there are a huge number of online stores selling the same category of products. Moreover, we see online customers making price comparisons before making the final purchase.
Price your products too low? Well, you might get a ton of sales but you might find yourself going under when you tally up your expenses at the end of the month.
If you price your products too high, you might give off an aura of luxury, prestige, and exclusivity thereby attracting a more well-off clientele which is smaller in number but makes up for volume by purchasing your products at the higher price. However, what if you're in an area where the demographic is especially price-sensitive, then what will you do?
Let us look at a few tips for your Prestashop ecommerce website that can help you price your products profitably, even in the face of huge competition!
Employ Dynamic Pricing
It’s no secret that consumers love sales, vouchers or Christmas outlet campaign, and that’s exactly what this refers to. You can offer different product prices, based on customer demographics, behaviour, and the overall demand and supply of a product.
You also offer some vouchers for a group of customers. Prestashop Discounts Rules is the best and only module allow you to manage and create the Prestashop Discounts rules & Vouchers.
Keep costs down
Lowering your product’s selling price just to stay competitive may yield losses for your business. Instead of undercutting the competition’s prices at every chance, Merchants should analyze their costs to achieve enduring and sustainable competitiveness.
Never undervalue your products
Customer are more likely to buy your product if they know about you. There are many online stores about which people don’t know and they do not appear in the top ten search engine results, either. Do the right thing to show your brand on Search result : improve Prestashop SEO.
In shopping comparison engines, and in the minds of online shoppers, these price increases doesn’t make a difference. However, it will bring increased profit margins that lift up the balance sheet. Best of all, this price increase will not cost your company anything.
Show Customer Reviews
Great customer reviews generate trust among potential buyers, ultimately working in your favour.
In order to place your product better than your competitor products, you can show favorable customer reviews on your store.
There’s never a black and white approach to pricing, it’s a moving target, and these are just a few options to consider when deciding on what will work for your business.