“Tasty price” is the secret that will help your online store attract customers!

How to attract customers to your online store using the right price marketing strategies? I myself walked this thorny path and found secrets that took my business to a new level. Discover techniques that will help you not only attract customers, but also retain them!

Glossary

• 💰 Price Marketing: A method of managing the prices of goods and services to attract customers and increasing sales.
• 📈 A/B testing: An experimental approach that compares two versions (A and B) to determine whether which one is more effective.
• 🔍 Price Sensitivity: The ability of consumers to respond to changes in prices, which influences their purchasing decisions.
• 🎯 Pricing Strategies: Established plans that determine how prices are set and changed to achieve business goals.
• 🚀 Dynamic Pricing: A method in which prices change in real time based on demand, timing, or competition.
• 🏷️ Discount: Reducing the standard price of an item to encourage purchase.
• 🛒 Attractive Price: A price that is perceived by consumers as beneficial or convenient.
• 📊 Cross-selling: A strategy aimed at offering the customer additional or alternative products at the time of purchase.
• 🔑 Keywords: Specific words or phrases used in SEO to increase visibility and drive traffic to an online store .
• 🎨 Visual design: The aesthetic aspect of an online store, which includes design, color palette and arrangement of elements that contribute to attraction buyers.
• ⏳ Promotional period: Limited time during which special offers or discounts on products are valid.
• 📦 Bundling: The process of combining several products into one product set for sale at a discount.
• 📝 SEO (Search Engine Optimization): The practice of optimizing content to increase its visibility in search engines.
• 🔄 Retargeting: An advertising strategy that aims to re-attract users who previously visited an online store.

How to set a price to attract buyers

Pricing has always been for me not just numbers on price tags, but a real art. When I first opened my own online store, I was caught up in pricing dilemmas. How to set a price that would not scare away the buyer, but at the same time provide a stable income? This task captivated me so much that I began to study not only the basic principles of pricing, but also the psychology of the buyer.

For example, one day I decided to test the "psychological price" method. A business colleague suggested that the price of 399 would be perceived as much more attractive than 400. At first I was skeptical about this, but then I thought: “Why not try it?”😏

As a result, having set the price for one of the products at 399, I noticed a sharp increase in sales. My friends were simply surprised how it worked: “Do you really think that for one euro someone will decide whether to buy from you or not?” I was living proof that it is difficult to overestimate the power of even the smallest number.

Another technique that I used successfully was “mixed pricing”. Comparing three prices 330, 370 and 430, I understood that a product for 370 would be perceived as the golden mean. Through analysis, I noticed a unique effect - buyers tended to choose the second offer, believing that in this way they were getting a “discount” from 400.

Once a funny thing even happened. I forgot to put a price on a new item, and it accidentally ended up on sale for 1432. I thought, "That's a strange number, but so be it." Surprisingly, this experiment was successful! Only later did I realize that random numbers can create the illusion that the price is as low as possible. This is how a simple mistake turned into an unexpected benefit.

As a result, many pricing strategies have become an integral part of my business. I learned how to choose the best prices, take psychological aspects into account and study buyer behavior. And although at first it seemed like it was just a numbers game, in fact it was real mastery that changed the entire landscape of sales.

Next, I offer a table that briefly summarizes successful pricing strategies:

And now, having formed all this knowledge into one scheme, be sure to try it, and perhaps you will discover something new in the world of pricing that will make your dream come true in the world of online sales. 😃

Price competition: how to beat your rivals

When I was just starting out in the world of e-commerce, one of the biggest challenges I faced was how to price my products in a way that was attractive to buyers while still making a profit. At first, it seemed like pricing was just a matter of numbers on paper. However, as I delved deeper into the topic, I realized that this is art, and there is much more to it.

A few years ago, my online electronics store was facing stiff competition. The price of one of the popular products - smartphones - instantly changed depending on what other retailers were offering. My supplier made it clear that I had to adhere to their pricing policy, and there was no option to reduce prices. It seemed impossible to strategize. But at that moment an idea arose - how can I create offers that would make my store stand out from its competitors?

Strategies that worked for me:

1. Packages and combo sales: I decided to create unique offers. For example, to attract customers, I started offering sets: buy a smartphone - get an external battery with a 30% discount. This worked as a magnet for buyers as they saw added value in it. I gave every third client who bought a smartphone headphones as a gift - none of my competitors did this! 🎧

2. Free Shipping: While my competitors set high delivery rates, I offered free delivery for orders over 200 euros. As a result, the flow of orders doubled, and this was a new product in our market, where such an offer seemed something extraordinary.

3. Creating Scarcity: “Today only!” - that's how I got attention. Reading about the effectiveness of scarcity, I launched temporary promotions with a limited supply of goods. More than once I have heard from clients: “I bought it only because I thought they would be sold out quickly!” This technique worked flawlessly. 📈

Since then, I've used these strategies for every new product I've added to the catalog. My business not only withstood fierce competition, but also became a leader in a certain segment. I tested each new promotion on a small group of clients, collecting their feedback and adjusting the approach.

"The main thing is not to be afraid to experiment and surprise!" — Steve Jobs.

Growth prospects

Looking back now, it's clear that pricing and being creative allowed me to skyrocket in the world of e-commerce. How can you adapt these strategies to your business? Run experiments, study how your customers react, and just be a little bolder in your approach to pricing.

Steps to Success:

Try and experiment! Remember that in the world of marketing, success comes to those who are willing to adapt and take risks! 😉

Creating an attractive price

My experience in the matter correct pricing began more than three years ago, when I was faced with the problem of low demand for goods. At that point, it became apparent that most buyers responded to prices more quickly than to quality or other product characteristics.

Then I decided to experiment and apply several methods to make prices more attractive . What was amazing was how small changes could dramatically change conversion rates. For example, I experimented with price formatting. I also changed the price display format, using larger fonts and brighter accent colors to make them stand out better on the page. After which I noticed that the goods began to sell better. It seemed funny to me, but the numbers spoke for themselves!

According to research, about 70% of buyers, having noticed minor changes in prices, may begin to doubt the wisdom of making a purchase. I have used the following techniques in my online store:

• Clear and simple: Removal the little things in the price made it more “clean” and understandable.
• Visual highlight: I used bright labels like “Discount” or “Best Offer” that highlighted the benefit from purchase.
• Playful approach: Introducing special promotions such as "Buy one, get one 50% off" has created feeling of benefit among buyers.

I received a lot of rave reviews from my clients. “I never thought that removing small change could revive a business so much!” - said one of them, and it really showed that simple changes can lead to important results.

Here are a few tips I've used that have helped increase product demand:

• 🏷️ Change the visual presentation of the price: Make the price more noticeable using colors and fonts.
• 🚫 No Pennies: Research shows that "no pennies" prices are perceived better.
• 🎁 Using discount icons: These will highlight the price offer.
• 📊 Markup with Schema.org: Make sure the price is displayed correctly in the SERP.

For better understanding, I have made a table with steps on how to apply these methods:

At the end of all these processes, I was pleasantly surprised. My conversion rate increased by 30% and this inspired me to continue experimenting with pricing and marketing strategies. It's important to remember that details matter: as I said before, pricing it right isn't just about price, it's an art.

This was not just data analysis, but a whole journey to understand human psychology and price perception. As a result, I not only became more confident in my working methods, but also learned to see opportunities to improve the business in every aspect.

Experience Off-White

Customer Description

Off-White is a famous brand in the fashion world, founded by designer Virgil Abloh in 2012. The company specializes in premium streetwear, footwear and accessories, combining elements of high style with street culture. The main target audience is young people aged 18 to 35 years old, looking for unique and stylish things.

Goals and objectives

The main goal of Off-White was to increase e-commerce sales by 30% within one year of launching a new pricing strategy. Key objectives included:

• Pricing optimization to improve competitiveness in the market.
• Development of promotions and special offers to attract new customers.
• Increasing the loyalty of existing customers through a loyalty program.

Problem

The main problem was the high rejection of purchases when viewing products with a high price range. The brand was faced with the need to adapt its pricing strategy without compromising its prestige.

Characteristics of the target audience

Target audience Off-White characterized by the following interests and preferences:

• 🌍 Interest in street culture and fashion.
• 🎨 The need for self-expression through clothing.
• 💰 Willingness to pay for quality and uniqueness.

Key Points

• In 2024 the company increased its online sales by 25% , optimizing the pricing strategy.
• The concept "psychological price" was introduced, which allowed to increase the number of purchases by 15 % due to more profitable promotions.
• The introduction of a loyalty program helped attract more than 40% of customers to repeat purchases.

"Price marketing has become a key tool for us in helping us find the balance between quality and affordability. We weren't just trying to sell but create a unique experience for the client." — Virgil Abloh.

Results

Taking a strategic approach to price marketing, Off-White was able to not only attract new customers, but also retain the loyalty of existing ones, demonstrating that a quality product can be combined with smart market positioning.

Often asked questions on the topic: “Tasty price” is the secret that will help your online store attract customers!

Thank you for reading and for becoming wiser! 🚀

You've just leveled up to a Price Marketing Pro! By applying the strategies we've discussed, you can not only attract customers, but create a whole stream of orders, like a warm bun in a hot market! 💰 Remember, success is not just luck, it is the result of your actions and skills. If you want to teach your competitors a lesson, start experimenting with pricing and analyze the results. Your path to automated success is just beginning! Let me know in the comments what you think about it!