Sometimes, simple scenarios reveal the most interesting things. How ‘Uber’ taught me ‘WooCommerce dynamic pricing’? Till then, I haven’t spent a thought in seeing the difference between my morning uber fares and late night rides. My workplace and living space are the same all day- So no change in the tour distance but definitely not the same ride fare. This triggered my ideas on WooCommerce dynamic pricing strategy.
Why is pricing so important?
People buy products and services and products need pricing. That’s the impact of product pricing on Sales and cash flow. Prices define a Sale.
Product pricing is just like rocking a seesaw.
Price it high- People see it Costly
Price it low- People judge it Cheap
Pricing isn’t just about deciding the product tag(SKU). Pricing strategies are best executed using BOGO’s and Multiple discount coupon codes. The only thing is that most people see it out of dynamic pricing context.
WooCommerce Pricing Types
When it comes to product pricing in your WooCommerce store, there is more than being just static with the prices.
Static pricing is having fixed prices and no discounted prices.
Static pricing is the condition where the price of the product remains to be the same regardless of any shopping conditions.
What happens with Static pricing- Consider, a customer finds the prices of the product remain fixed and unchanged whenever he visits our online store. What’s to be expected? We lose that Customer.
Because the customer abandons the store without shopping on seeing the unchanged product prices. Static pricing is definitely not the type of pricing for your WooCommerce store.
Customers want the prices to be flexible- Buyer Persona They look for discounts, vouchers, rewards, gifts with their shopping.
WooCommerce Dynamic Pricing
Dynamic pricing makes pricing flexible. WooCommerce dynamic pricing will allow you to set a base price and then varies product prices depending on different shopping conditions. Dynamic pricing plugin will allow creating the best pricing discounts for customers without compromising the profitability of the store. You can also offer discounts based on conditions- type of product purchase, customer role, shipping addresses, etc. WooCommerce dynamic discounts will make your store an ace in eCommerce.
Advantages of WooCommerce Dynamic Pricing
Dynamic Pricing increases Sales conversion
Why do we always analyze and improve marketing strategies with our WooCommerce store? To make more sales conversion. Isn’t it? With Dynamic pricing, we can offer flexible and fluid product prices. By fluid prices I mean to say the price of the product can change with the shopping quantity. Say, a customer can buy any one book from ‘A Song of Ice and Fire’ series for $20. If the customer looks to buy the complete ‘GOT’ book series, a 10% discount is given on the total cart value. With such dynamic discounts, we create an opportunity to increase sale conversions.
Earn Customer loyalty using WooCommerce Dynamic pricing plugin
Some customers stay with us for a longer duration and will make frequent purchases. When such a customer shops at our online store, we should gift him reward points.
We can try offering one reward point for every $50 dollar a customer spends on the purchase. The more a customer spends, the more reward points he gets. Ultimately your store makes more sales.
Later the customer can use the reward points and avail for shopping discounts or shopping gifts.
WooCommerce Dynamic pricing will make customer stay for long
What makes a customer come back and shop more?
Obviously, a customer will shop more at the store which has the best price in the market. And what happens when a customer gets a good shopping experience? You probably guessed the answer. Customers will prefer our brand in the first place. Also, when a customer gets the maximum shopping benefits such as gift vouchers, bulk discounts, reward points, he is sure to stay with your WooCommerce store.
Rank higher with Dynamic pricing Strategy
Who in the world won’t like to make more sale than a fellow competitor? Give the customers the best price in the market to win over your fellow store owners. The customer shops at the store where the prices are compatible. Remember that you are not the only one in this eCommerce community and so the business always need to overtake a lot of heads. Stand top when compared to the rest of your competitors by using dynamic pricing in WooCommerce.
Features of Dynamic Pricing in eCommerce
With WooCommerce dynamic pricing active with your online store, you can offer customers a wide range of price discounts. WooCommerce Discount Rules is one WordPress plugin which offers all dynamic pricing and discount feature. The cost of this multifunctional plugin isn’t like any skyscrapers- Probably the best thing I consider.
Let’s look briefly at what and how this dynamic pricing feature can be helpful to our eCommerce store.
1. Store Discount
Store discounts is a thoughtful idea to make more sales during special seasons. With this feature, discounts are offered for all the product categories in a store. The customer gets a discount on any product. Say, displaying ‘Store Discount’ banners during shopping season will surely bring in more customers.
2. Price based Discount
When you want your customer get convinced with the store’s discount, give them price based discounts. Is your store selling digital products or Subscriptions? Create price based dynamic discount and let your customers know the actual money they’ll be saving as they buy the product.
Transparency gains Trust!
3. Percentage based Discount
Percentage discount is the common dynamic pricing discount found across all WooCommerce stores. These discounts don’t reveal the actual discounted price unless the customer enters and shops at that particular store. Percentage discounts make the customers think they have a good bargain on even the expensive products.
“10% discount on total cart value, 5% Off with the first purchase, 20% Off with bulk buy” are all the type of percentage based discount promotions we see often.
4. Category Discount Rule
WooCommerce dynamic pricing plugin will also allow us to create discounts for one specific product category. The customer gets a percentage discount with any number of products that he shops from one particular category. WooCommerce stores with a niche product can maximize profit using this discount type. Because being a niche seller, you can do more sales with your specific and customized products.
5. Product Dependant Rule
If you want to make the customer buy more than one particular product from a particular category, create product dependant rule. We can set shopping rules for customers to buy product ‘A’ and can offer them with percentage or price discount on product ‘B’. Imagine What happens to your store’s reputation if a customer who buys a mobile phone is offered a discounted rate for headphone. The customer will definitely go for it. Word of Mouth is the best brand advertisement.
6. Cart Discount Rule
The rate at which cart abandonment happens in online shopping is 67.91%. Majority of customers abandon their shopping cart after seeing the grand total during payment. So, the chances of the customer shopping are more if he sees cart discount. The customer needs to make purchases worth satisfying the cart limit to avail the discount.
7.Shipping Address Discount
What makes customers get unsatisfied with their shopping experience? It’s about the shipping charges customers are asked to pay. When they are presented with the big summed up costs including both product cost and shipping charges, in most cases the customer abandons the cart. So, offering shipping discounts for customers with certain shipping address will make them shop more with our brand.
8. BOGO Discount
By the time you are reading this, you would have surely made a BOGO purchase at least once by now. This discount is loved the most by shoppers as it offers two products for the price of one. The best period to use a BOGO discount is when our online store’s inventory gets stocked. Setting up ‘Buy One Get One’ offer will help to turn piled stock into quick sales.
The above are the most common and profoundly used dynamic pricing features used by most successful WooCommerce stores. WooCommerce discount rules support many other discount features beyond this list as well. Add it to your WooCommerce store and see the magic it brings to your Store!
Feel free to share insights. Let’s grow the WooCommerce community together.