5 Steps to a Smarter Online Pricing Strategy
There are few things as important as your pricing strategy. Get it wrong and your business won’t survive. Get it mostly right and reaching your goals will be more difficult than necessary. Get it right and you will pave a smooth path to success.
The Internet and smartphones have enabled consumers to easily compare prices across dozens of retailers in mere seconds — even while standing in your store. But don’t despair! While it’s true the prices you advertise will be compared, you don’t always have to have the lowest price to win. You just have to have the smartest one.
Retailers ask me for direction on this topic daily. It’s no wonder, as durable home goods retailers using our WebFronts® platform have dozens of different options to customize their E-Commerce experience. Options include upsells, cross-sells, delivery calculators, out-of-cart pricing, Zip code restrictions, discount codes, packages and more. Combine this with increasing price volatility in the marketplace and ever-more intricate online pricing policies from product manufacturers, and setting a digital pricing strategy becomes a complex task.
Jennie Gilbert is COO of Retailer Web Services, a Scottsdale, Arizona-based company whose mission is to help independent retailers realize their dreams through the promise of technology. Gilbert is a frequent speaker at durable goods retail conferences and the co-author of RE:THiNK: 11 surprising things you should do now to win retail customers in the digital age (Retailer Web Services, 2015), available on Amazon and at www.retailerwebservices.com.