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9 Pricing Hacks for Retailers: How to Make Customers Choose You

Business Development

Have you ever wondered how consumers choose one retailer over another if the prices for the same products are similar?  

Being the cheapest in the market won’t always get you a sale. At some point, you will have to increase your prices to remain competitive and keep your business alive.  

When this inevitably happens, how do you convince your customers to remain loyal and stop them from switching to a competitor without resorting to discounting?

The key here is to offer more product information, the best customer service/support possible, an easy-to-use website design in West Palm Beach for online ordering, fast delivery, and a good return policy.  

Aside from this, here are some pricing hacks that can help make your business more attractive.  

9 Pricing Hacks for Retailers

1. Emphasize Value Instead of Price

Customer shopping online holding credit card.

Price is only one of the many factors that customers consider before making a purchase decision. But, some of your customers don't know this.  

Instead of focusing on price, divert their attention by emphasizing the value they’re getting, specifically on the following qualities:

  • The durability of your products and services
  • The convenience of your after-sales support or a wide range of payment options and terms
  • The technical expertise of your employees
  • Testimonials from customers
  • How your products or services will save them money in the long term
  • Unique features that only you offer

By focusing on the benefits of your products and services and the offering’s total value instead of just the price, customers will see that your products are superior.

Some customers are willing to pay more for products they perceive to have greater value. However, just know that "value" can mean different things to different people, so figure out what your target audience wants.  

Once you know what’s valuable to the audience you serve, you can craft a marketing message that resonates with them and convinces them to buy from you.  

When designing your West Palm Beach website, make sure that your product’s value is emphasized more than its price.

2. Say Price in a Different Way

The terms price, amount, bill, and cost all sound like an expense to customers. Although buying is indeed spending money, you don't want to make consumers feel like it's a waste of money or it's for the vanity of spending.

You want to help your customers turn off the logical part of their brain and let their emotions decide by helping them reason out why they need to buy your products or services.    

Instead of just putting a dollar sign beside your price in your website design in West Palm Beach, say it in a way that increases your product's perceived value.  

For example:

Instead of saying "Get this entire skincare set for $399 only!" say something like "Invest in a youthful, glowing skin for only $399." Something like this is more convincing to consumers.  

3. Use Every Day, Inexpensive Items to Price Your Goods

Picture of yellow ripe bananas.

Buying is more of an emotional experience than it is logical. People reason with themselves to defend their purchase.  

Help your customers a little by replacing monetary values on price tags with images of coffee, bananas, and other everyday, inexpensive items on your website design in West Palm Beach.  

Doing this is an effective way to prompt your customers about how affordable your items are.  

4. Offer a Wide Range of Payment Options or Terms for Expensive Items

A customer will likely choose you over other retailers even though your prices are slightly higher if you offered a wide range of payment options and terms, especially for expensive items.  

This makes your business more accessible and convenient to buy from, which is a major plus for consumers!

5. Develop Various Payment Methods Appropriate for Different Market Segments

Do you offer a wide range of products? Attract more customers by developing various payment methods that are appropriate for each target group.  

For example, Apple offers special pricing for students and educators that wants to buy their laptops.  

This is a great way to attract customers who are always looking for steal deals and are more sensitive to pricing compared to others.  

To give you an idea of how to come up with irresistible deals for your various customers, group them according to how they spend money and the ways they prefer to save money.

You can gather insights on what value-added elements to remove from deals and replace them with things that they’re willing to pay for. By customizing your prices, you’re making it seem like your customers are in control.  

Some examples of this are offering special discounts to students or giving free delivery for customers who spend a minimum amount.  

6. Price Your Items in “Bulk”

Get your customers to buy more from you by pricing your items in bulk.  For example, instead of selling your tissue rolls for $1/ piece offer them for $10 for 10 pcs.  

Doing this will make it seem like they’re getting a deal out of this purchase when in reality they could just buy 1 roll of tissue paper for $1.  

7. Offer Your Customers a Couple of Options

eCommerce website design in West Palm Beach making it easier for online shoppers to choose and buy.

When selling a product, make sure you always offer a “one-up” option to give your customers a choice.  

If you only have a single option, it’s like you’re telling them to take it or leave it. And you don’t want your customers to feel this way.  

It’s also a great strategy to get your customers to “size up” or spend more for what seems like a better deal. This is why fast-food chains and other restaurants offer regular, medium, and large options.  

The logic behind this here is that by pricing the medium-sized item slightly higher than the regular one, customers will be motivated to upgrade, and then when they compare the price of the medium item to the large one, the small price difference will motivate them to size up to large.  

Without the third option, which in this case is the medium, there’s a huge price gap between small and large and people will feel demotivated to size up.  

Aside from small, medium, and large, you can group your items into “classes” instead. For example:

  • Light, standard, bulk
  • Budget, regular, luxury
  • Bronze, silver, gold

It’s all about being flexible and giving your customers more options. Consumers appreciate choices.

8. Price Rare and Common Items Accordingly

People are willing to pay more for rare, high-value items. They also expect to pay less for something very common.  

Make sure to price your products with high stock levels and high demand slightly lower compared to your competitors to attract more sales. For rare products, make sure to price them slightly higher or match other retailers' prices.

9. Product Bundling

Bundle together your best-selling products with new items or less popular items to promote them and get your customers to try them.  

Aside from this, bundling together multiple products or services also allows you to price the package at a unique, competitive price, benefiting both you and your customers.  

For example, electronic retailers can offer a bundle deal of Microsoft Office, antivirus software, and mid-range laptops or computers. You can use this to motivate your customers to buy mid-range level computers instead of entry-level ones.  

Product bundles are also a great way to get your customers to buy more in one go. Plus, they appreciate it when they can buy the items they need at a lower price than if they were sold individually.  

Take Your Business to The Next Level with These Pricing Hacks!

Always let your customers know that they’re getting a great deal every time they buy from you, not because of your pricing but because of the value your brand offers.  

Be sure to let them know by conveying your value in your website design in West Palm Beach. Yes, your website matters! A professionally designed website instills trust and confidence in users. It also plays a crucial role in telling your brand story and helping to convey your value.

At Digital Resource, our team of digital marketing specialists and website designers in West Palm Beach to create a custom web design that will convey your value and make your company more attractive compared to other retailers!  

Contact us today to put your retail business ahead of your competitors.  

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