2019-12-30

Top 5 Pricing Strategies: Get Ahead In The Dropshipping Business With Properly Planned Pricing Strategy

Getting your WordPress Wocommerce Dropshipping store alone is not enough to generate sales. There are many factors that come into play while convincing potential customers to buy from your store. Pricing strategy is one of them is a game-changing tactic to get ahead of the game and again some valuable sales and potential customer base.

In this blog, we would be focusing on different strategies that you should definitely take into consideration and apply them to your dropshipping business model. Even though some of them may appear tricky and hard to tackle, applying them would result in some fruitful results. Always try to place your pice in favor of your user, so that your potential customer won’t find your products damn expensive. Needless to say, keeping it reasonable is the key to success.

1. Market Research

The first and foremost step is to do your product research. Get into the customer’s boot and analyze the worth of your product and what price your competitors are selling for. Always pricing is lower than your customer is also not right in every situation if your brand value and service are better than your rival you can price your product marginally higher. Therefore it is very important to study the market and analyze your product’s worth before putting a price tag on it. You can also use an online survey and other similar techniques to ask your customers the right value of your product.

2. Play with the numbers

Have you seen price tags with a price like $1.99 or $5.99, have you ever wondered why are these prices placed like that. The survey suggests that this technique makes the consumer think that the product is cheaper and he/she is getting a better deal for his money. A price like $9.99 and 10$  just has a negligible difference of $0.01 but looking from a consumer state of mind he/she finds the price quite differently. And this strategy can be used on your dropshipping site to make your consumers believe that they are getting a better deal compared to your rival. 

3. Discounted rates

Show the original price that is discounted on your site helps increase your sales. This ensures the customer that he/she is getting a better deal from your store and gives a satisfactory sensation. Also showing the original price makes your site more trustworthy and transparent which is one of the main factors of getting sales. Or you can you show some random higher price which has been changed to a discounted price.

4. Discount coupon and sales

Providing additional discounts using coupons or on specific payment gateways also attract customers as they feel they are getting a better deal on the same products using the discount coupon. Also, coupons being applied from the customer’s end also impact the costumer’s mind differently compared to normal discounts. Now coming to sales, having limited time offers once in while also hugely influence customers and also helps build the brand name of your site.  

5. Provide combo offers

Suggest users combo offers at lower prices. Price your combo in such a way that buying the products individually appear expensive. In this way, you can oversell your customers with additional products. Also, this is a win-win situation for your customer as well as he/she is getting a better deal while purchasing multiple items from your store. Combining multiple products should be done keeping in relevancy in mind. Always keep relevant products in the combination offer.

 

These were some of the best pricing strategies for your WordPress Woocommerce dropshipping store, we hope adding these strategies to your dropshipping business model would help in generating sales and as well as bring huge potential traffic into your store. In order to ease your process of building a dropshipping store from scratch, you could use WooDropship to get a custom AliExpress dropshipping store to take your business to the next level.