You’ve perfected your landing page, updated all keywords and meta-tags, analyzed your behavioural data and ran tests on literally everything that could and should be tested, and are currently in the whirlwind of deciding what to do next.
If that sounds like you, don’t waste another second and take a deep dive into our 10 divinely collected e-commerce growth methods for website price optimization.
Gotta catch ’em all, don’t we? 🙂
Offer multiple price packages
Provide your customers with comprehensive and diverse pricing options. This way you will not only appeal to numerous client demographics with differing budgets but will also attract clients who had a certain and very specific price tag in mind.
When you do so, do not forget to assign a higher value to more expensive packages, as customers who are presented with a “silver” plan will inevitably strive to become “platinum”.
Display prices from high to low
Latest sociological studies suggest buyers believe the old but gold “you get what you pay for” rule, and expect to pay a higher price for the higher quality items.
Induce your customers to purchase more expensive versions of your product by sorting your prices from high to low, descending the cost and not vice versa.
Convey status to premium plans
Let’s make it clear — it is not enough to simply announce your premium plans are cool now and every respectable person should strive to get ‘em first thing tomorrow.
Openly privilege your premium clients by consistently providing them with prerogatives and benefits no other clients have access to. Utilize innate human competitiveness to your advantage.
Compare prices incongruously
Especially when you’re selling something your customers have no prior experience with or, on the contrary, have a long-lasting, distinct experience with getting their needs met elsewhere.
Say you offer upscale laser hair removal services, in which case calculating and displaying the overall cost of replacing razors and shaving creams throughout a regular human lifetime.
Reduce price appearance
Okay, we’ve all seen this price optimization technique and are well familiar with how subtracting mere cents from the total price makes customers go all cuckoo for unknown reasons. Until now.
Now we know, non-surprisingly, that it’s actually not seeing the ”99”s at the end of the price that gets our clients all hot and heavy, but the decreased left digit which reads as a lesser cost and intuitively appeals in comparison to other options.
Test your prices
Okay, as a CRO agency we know how A/B testing prices can be morally ambiguous, but there are a number of cases when it is not only an acceptable but a very effective price optimization method to adopt.
When you’re launching a brand new service or testing a reaction of a new target audience, the initial price point plays a tremendous role in creating the right first impression and generating subsequent sales.
Use fractions, not percentages
When it comes to prices, numbers and decimal points, humans are wired to like it simple. Do not overstimulate your existing and potential customers by frightening them with logarithmic equations and compound formulas.
Latest studies show that people are way more likely to buy a macaroni and cheese making machine, or any other item in existence, at “⅓ off” rather than at “33% off.”
Explain price reduction
It turns out website users don’t always prefer the cheapest option per se, but they will set their eyes on a great bargain. That is if you can objectively rationalize it and cause no further questions regarding the deal and product’s eligibility.
Whether you cut costs on shipping by eliminating third-party vendors or conduct frequent store-wide sales due to inventory restocking, be honest, and make sure customers are aware of your honesty.
Make their first item gold
Another astonishing growth technique for price optimization is making sure the first item your buyers get their hands on is fire. Is gold. This way their chances of becoming a committed customer tangibly increase, and so is your conversion rate.
But be cautious. It has to be one of the most well-liked (not the best-sold) items within your whole product directory. To ensure you are betting on the right horse, conduct tests using professional customer survey equipment, which you can find in our extensive article here.
Scale a great deal
Every modern-day e-com, or e-commerce store, has run at least one advertising campaign in its lifetime, and respectively (or hopefully) still stores information on the success and failures of the past endeavours.
This information will help you fish out the juicy deals that have already brought you the highest of conversions, and after that, all you have to do is scale it website or company-wide and watch conversions flow-flow-flow 🙂
Since you have already savoured and absorbed our 10 freshest ideas for ecommerce price optimization, here’s a list of other useful optimization articles you’ll find awesome: