By Abdullah Khan, Marketing, Analytics, eCommerce, Data Analyst
eCommerce Pricing Strategy to get customers & revenue
Many people are conducting eCommerce business without thinking about the potential that variations in prices brings; Are they doing it correctly? Where's the opportunity?
This is where you will learn about different pricing strategies to grow your sales. It has given multiple price changing techniques you can implement on WooCommerce, Magento, Shopify and other eCommerce CMS or custom websites either through Free or Paid Plugins or manually without paying additional cost. What about the bundle pricing where you create a deal of multiple, similar or complimentary items and sell it through coupon or through email marketing strategy? What about priority pricing where you prioritize the old customers or customers who have newly joined or who have bought in specific categories to promote your products? Choosing the good and correct pricing strategy for your online e-commerce store is vital, you’ll have to test mixtures of a few ideas before selecting the best option that will work best. Is this a good strategy to base your prices on production costs or based on competitors? How about different market factors that matter or customer value? In this training program, you will learn about different techniques to grow your sales through the roof and getting newly acquired customers. Not all the pricing strategies are same, even for the same product, you could add different mixtures e.g. selling products individually and bundling it with different complimentary products as well.
What you learn here will change how you think about procurement (buying), supply chain but more importantly marketing and sales of your online business.
Course overview - 11
Pricing Strategies Overview (How many types?) Part 1
5 pricing strategies with definition Part 2
Dynamic Pricing Strategy
Price Skimming Strategy
Bundle Pricing Strategy
Penetration Pricing Strategy
Value based pricing
Premium based Pricing