{"id":54408,"date":"2022-10-16T23:00:14","date_gmt":"2022-10-16T20:00:14","guid":{"rendered":"https:\/\/iconicerp.com\/?p=54408"},"modified":"2022-10-16T23:44:38","modified_gmt":"2022-10-16T20:44:38","slug":"10-retail-pricing-strategies-that-get-customers-to-buy","status":"publish","type":"post","link":"https:\/\/iconicerp.com\/ar\/10-retail-pricing-strategies-that-get-customers-to-buy\/","title":{"rendered":"10 Retail Pricing Strategies that Get Customers to Buy"},"content":{"rendered":"\n\n\n
Pricing is one of the most important activities for retailers. But it can often feel like guesswork. That\u2019s because pricing is tied up in much more than a number, for your customers. It can touch on ideas like value, status, gratification, \u2014and (don\u2019t laugh), even joy. Look at 10 Retail Pricing Strategies that Get Customers to Buy<\/span><\/p>\n

Everybody loves a bargain. And people can have some very emotional reasons and reactions to what they buy. It\u2019s why there is\u00a0an entire culture around unboxing products<\/a>\u00a0and the satisfaction that can bring.<\/span><\/p>\n

As a retailer, your prices may give people a whole range of emotions about your store, your product range, and your company\u2019s brand.<\/span><\/p>\n

3 ways to price a product for retail<\/b><\/span><\/h2>\n

\u201cPricing is one of the main levers that can be pulled to control profit margins, but on the other hand price levels that are too high will alienate customers and drive them to the competition,\u201d says Josh Pollack, a pricing expert at\u00a0Parker Avery Group<\/a>, a retail and consumer goods consultancy.<\/span><\/p>\n

One way to start thinking about pricing is to think about whether a given product is something that is a repeat purchase or a one-time purchase, explains CPA and eCommerce consultant Abir Syed of UpCounting<\/a>.<\/span><\/p>\n

\u201cIf something might only be purchased once like a pool table, you\u2019ll need to make back your money after taking into consideration the customer acquisition cost. But if something is a repeat purchase\u2014like a protein bar\u2014then you can price lower knowing that you\u2019ll make back your money off the customer\u2019s lifetime value,\u201d says Abir.<\/span><\/p>\n

On top of this, different products need different pricing strategies based on your customers\u2019 attitudes and their price sensitivity to that type of product.<\/span><\/p>\n

Pricing traffic drivers and margin enhancers<\/strong><\/span><\/h3>\n

Here\u2019s where it becomes more strategic.<\/span><\/p>\n

\u201cSome items can be classified as \u2018traffic drivers,\u201d says Josh, of Parker Avery Group.\u00a0 \u201cPrices and promotions on these items can be deployed to increase unit sales and customer traffic.\u00a0 Other items are \u2018margin enhancers\u2019. Customers are much less aware of the relative prices of these items, so those prices can be [moved] to improve profitability. Retailers can establish a range of pricing strategies to apply to different product categories.\u201d<\/span><\/p>\n

There are a few main approaches to pricing.\u00a0 You can:<\/span><\/p>\n

    \n
  1. Price is based on your costs.<\/b> This means having an accurate understanding of the cost of your product, and marking it up as profitable (we\u2019ll talk more about markups later). To do that well you have to have a good understanding of your sales and marketing costs, overhead, and the volume of stock you can realistically sell.<\/span><\/li>\n
  2. Price based on your competition.<\/b>\u00a0Research your competitors in the market and look into the similarities in your product ranges. Are you much more expensive than others who sell similar products, or are you losing margin by discounting too heavily?<\/span><\/li>\n
  3. Price a product range.<\/b>\u00a0This is where common practices like loss leaders come in. This is when you sell a given product at a lower price, to attract customers to purchase higher-priced products elsewhere in the range.<\/span><\/li>\n<\/ol>\n

    A quick word about wholesale vs retail pricing<\/b><\/span><\/h2>\n

    But hey, not every retail business is selling directly to consumers \u2014 some are selling to other retailers. With wholesale pricing, you mostly need to factor in a different set of overheads, suggests Abir Syed of UpCounting. Your sales and marketing cost structure will be very different from selling retail, and each customer will buy much larger volumes, notes Abir.<\/span><\/p>\n

    \u201cAnother significant difference would be to your warehousing and distribution setup when doing fewer large shipments, as opposed to many small ones direct to consumers. If you have brick-and-mortar locations, then that can bring in a whole other overhead consideration,\u201d he said.<\/span><\/p>\n

    10 retail pricing tactics\u00a0<\/b><\/span><\/h2>\n

    Let\u2019s run through some of the different pricing structures for retail products.<\/span><\/p>\n

    1. Manufacturer suggested retail price (MRSP)<\/b><\/span><\/h3>\n

    \u201cManufacturer suggested resale price (MRSP) \u00a0is the price a product maker suggests vendors sell the product for,\u201d according to\u00a0Meaghan Brophy<\/a>, a retail and e-commerce analyst at\u00a0FitSmallBusiness<\/a>. \u201cThough according to antitrust law, manufacturers cannot dictate the prices at every stage of the resell process, they can choose what vendors they distribute products to. It is a common practice, particularly for manufacturers that sell to companies that sell on Amazon, to only work with retailers that agree to abide by the MSRP.\u201d<\/span><\/p>\n

    2. Keystone pricing<\/b><\/span><\/h3>\n

    This usually applies to prices set at double the wholesale price.\u00a0 This used to be the convention for pricing clothing but is less common nowadays.<\/span><\/p>\n

    3. Multiple pricing and discount pricing<\/b><\/span><\/h3>\n

    Multiple pricing and discount pricing occur when items are priced at a discount if multiples are purchased at one time. Think of buying one pair of socks for $5, two pairs for $8, and so on. Straightforward discount pricing doesn\u2019t need too much explaining. Customers love good old-fashioned discounts and they can be a great way to shift stubborn inventory or late-season items.<\/span><\/p>\n

    4. Penetration pricing<\/b><\/span><\/h3>\n

    Penetration pricing is another form of discounting\u2014with a twist.<\/span><\/p>\n

    One way to explain it is through the competitive world of video-on-demand streaming services.\u00a0 Think Netflix, Amazon Prime, Hulu, and any other streaming services you use at home regularly. Because this market is so competitive, many new entrants will use penetration pricing to attract and hopefully retain new customers.<\/span><\/p>\n

    This involves offering a lower price for an initial period, to hopefully get the customer \u2018hooked\u2019 on the service so that they will be willing to pay full price moving forward. As more products move towards subscription pricing, it\u2019s a pricing approach worth considering.<\/span><\/p>\n

    5. Value pricing\u00a0<\/b><\/span><\/h3>\n

    Value-based pricing<\/a> is truly customer-focused pricing, as Investopedia explains. That\u2019s because it is based on how much your customer believes a product is worth. This pricing strategy attempts to strike a balance between a product\u2019s cost and its quality. The reason value pricing can be so effective is that it\u2019s based on something hugely valuable to all businesses: a great understanding of the customer. But it\u2019s not easy to achieve. Value-based pricing isn\u2019t based on guesswork, it\u2019s based on the slow and detailed investigation to understand your customers, the products they truly want, and what is valuable to them below a surface level.<\/span><\/p>\n

    6.\u00a0 Psychological pricing<\/b><\/span><\/h3>\n

    As we explained earlier, much of pricing is based on what people think, want, and feel. This is why pricing is often hard to untangle from psychology. In many senses, pricing is<\/i> a form of marketing\u2014and the best marketing positively draws on psychology. There have been hundreds of studies over the years about why consumers buy more goods that are priced at odd numbers, instead of even or round ones.\u00a0It\u2019s part of our brain’s wiring<\/a>.<\/span><\/p>\n

    A popular example of psychological pricing is charm pricing. Have you ever wondered why most products are priced at $5.99 instead of $6.00? This is because just the simple difference of lowering it one cent to a price that ends with the number 9 or 99, causes customers to interpret it as having a completely different value and being more attractive.<\/span><\/p>\n

    Ending prices at \u201c.99\u201d is one of the oldest tricks in the pricing playbook. Numerous studies have shown that prices ending in .99 outperform those that end in .00. Why? Because consumers have been conditioned to associate 9-ending prices with bargains or deals.<\/span><\/p>\n

    Check out this neat chart by\u00a0Gumroad<\/a>, a platform that enables creatives to sell directly to their audience.\u00a0Gumroad analyzed the purchases made on its site<\/a>\u00a0and compared the conversion rates of items in whole dollar prices with those that ended in .99.<\/span><\/p>\n

    As you can see, products with prices ending in .99 outperformed the ones with whole numbers across the board \u2014 and in one case, the conversion rate was twice as high.<\/span><\/p>\n

    The reason for this? Consumers experience the \u201cleft-digit effect<\/a>,\u201d which is the brain\u2019s tendency to pay more attention to digits on the left side of the decimal point. What happens is people base their purchase decision on the first digits they see, rather than the price as a whole.<\/span><\/p>\n

    The same thing can be said about prices ending in .97. Most retailers running deals end their sale prices at .99 or .97 to make them more enticing.<\/span><\/p>\n

    So should you start eliminating whole numbers from your price list? Not quite. The left-digit effect may work well when you\u2019re selling to bargain hunters, but if you\u2019re catering to a high-end or exclusive market, you\u2019re better off using whole numbers.<\/span><\/p>\n

    Research<\/a>\u00a0has shown that \u201cthere is a perceived relationship between prices ending in 0 and overall quality, and prices ending in 9 and overall value.\u201d In other words, it appears that people associate whole-number prices with higher quality.<\/span><\/p>\n

    Take a look at the examples below. The top one is a screenshot from the upscale department store Nordstrom\u2019s website. Notice something about the prices on the page? Yup, they\u2019re all whole numbers, indicating that the products are for customers willing to spend more.<\/span><\/p>\n

    But if you head to Nordstrom Rack, the company\u2019s outlet store that\u2019s known for price cuts and sales, you\u2019ll find that almost all the items are priced at xx.97.<\/span><\/p>\n

    7. Luxury and premium pricing<\/b><\/span><\/h3>\n

    Some brands and businesses\u2013think Cartier, or Gucci\u2013price their products to make customers perceive value. Again, psychology is at play. High-end retailers know that customers who buy their products are purchasing a feeling of status, as much as they are purchasing, say, a handbag or a bracelet. Pricing your goods in the highest tiers is effective, only if every aspect of your product, customer experience, and loyalty services can match the price tag.<\/span><\/p>\n

    \"10<\/a>8. Bundle pricing<\/strong><\/span><\/h3>\n

    Bundle pricing can be useful for retailers if they want to package and market their products into an experience for customers. For example, a deli could bundle crackers, meats, cheeses, and wine to suggest customers have a picnic experience. Or a butcher could bundle certain products to suggest a barbecue. With bundle pricing, you offer a range of products that are normally priced individually at one single price. With some creativity, bundle pricing can help retailers shift inventory that would not be appealing alone.<\/span><\/p>\n

    9. Markup pricing<\/b><\/span><\/h3>\n

    Let\u2019s not forget markup. \u201cThe predominant pricing strategy for retailers is to do a 100% markup,\u201d says Meaghan, at FitSmallBusiness. \u201cThat means if they purchase a good from the supplier or manufacturer for $20 they sell it to shoppers for $40.\u201d<\/span><\/p>\n

    \u201cAmazon and its sellers are notorious for driving down prices and retail margins. To stay competitive, retailers sometimes price a product with margins smaller than 100%. It can make sense for retailers to compete in this way if they are selling a high volume of products or trying to clear through seasonal or perishable items.\u201d<\/span><\/p>\n

    \u201cHowever, there are also scenarios where a retailer can price a product above a 100% markup. This is common with private labels and custom products, cosmetics, jewelry, electronics, and alcohol, for example,\u201d explains Meaghan.<\/span><\/p>\n

    10. Dynamic pricing<\/b><\/span><\/h3>\n

    Dynamic pricing is the practice of adjusting your prices in real time in response to market demands, trends, or even the prices of your competitors.<\/span><\/p>\n

    Consider, for example, the dynamic pricing battle between Amazon and Best Buy, which were both selling a GE microwave oven.<\/span><\/p>\n

    According to the\u00a0WSJ<\/a>:<\/span><\/p>\n

    Sellers on Amazon.com Inc. changed its price nine times in one day, with the price fluctuating between $744.46 and $871.49, according to data compiled by consumer-price research firm Decide Inc. for The Wall Street Journal. Best Buy Inc. responded by lifting its online price on the oven to $899.99 from $809.99 after the Amazon prices rose, then lowering it again after Amazon prices for the oven dropped.<\/span><\/p>\n

    So how does dynamic pricing work? Retailers typically use algorithms or dynamic pricing platforms that automatically factor in trends and crunch the numbers to determine the best prices to serve up on a website. In some cases, shopper behavior also becomes a factor, and customers see prices based on their likelihood to convert.<\/span><\/p>\n

    For instance, if a store\u2019s marketing or pricing platform determines that a shopper is more likely to convert at a discount, then the retailer might offer a lower price to that customer. Conversely, if the technology determines that a shopper would purchase a product at full price, then they wouldn\u2019t be offered a discount.<\/span><\/p>\n

    Some retailers take a different approach. David Mercer, at Smart Modern Entrepreneurs, says that they monitor sales and price performance of competing products on Amazon using a price tracker tool, and they get alerts about pricing and sales.<\/span><\/p>\n

    According to Mercer, \u201cThis helps us monitor the pricing changes\u2026 and helps inform decisions on how to price our products, along with a bunch of other benefits \u2014 like knowing when competitors\u2019 products are selling well and being able to work out what marketing they used to drive those sales.\u201d<\/span><\/p>\n

    Note: it\u2019s not for everyone.<\/b><\/span><\/p>\n

    Dynamic pricing can be a good way to automate and optimize your retail prices, but exercise caution when implementing this strategy. A survey by Retail Systems Research found that consumers generally aren\u2019t fans of the practice.<\/span><\/p>\n

    In her article on Forbes<\/a>, Nikki Baird, the managing partner at RSR, shared that \u201c71% of U.S. consumers surveyed didn\u2019t like the practice, and another 23% thought it was merely \u2018okay.\u2019\u201d Not surprisingly, the survey also found that millennials are more likely to accept price matching, with 14% indicating that they \u201clove it.\u201d<\/span><\/p>\n

    Bottom line? Consider what you\u2019re selling, the market you\u2019re in, and who your customers are before implementing dynamic pricing.<\/span><\/p>\n

    As Baird notes, \u201cthere are use cases where dynamic pricing makes sense \u2013 during intensely competitive shopping times, like on Black Friday, or for items with short life spans, like coleslaw at the end of the day. But as far as a general strategy for retail, it appears that consumers don\u2019t appreciate it \u2013 and that retailers are getting the message.\u201d<\/span><\/p>\n

    How to lower your prices the right way<\/strong><\/span><\/h2>\n

    While slashing prices certainly attracts customers, executing discounts the wrong way could end up killing your profits or enticing the wrong types of shoppers (i.e. those who\u2019ll only buy from you when you lower your prices.)<\/span><\/p>\n

    That\u2019s why if you\u2019re looking to run sales or discounts at your store, it\u2019s important to plan your promotions well and craft thoughtful offers to meet your objectives. Go through the pointers below for some tips and ideas on how to implement discounts correctly.<\/span><\/p>\n

    Segment shoppers and tailor your price-cuts accordingly<\/strong><\/span><\/h3>\n

    Creating discounts or offers based on different customers\u2019 preferences or purchase histories can greatly increase conversions. Take the time to segment your customer base so you can market and sell to them accordingly.<\/span><\/p>\n

    One way of doing this is to set up customer profiles. Create profiles outlining the price sensitivity and shopping habits of different customers and use them as tools to determine the kinds of discounts to offer each shopper type.<\/span><\/p>\n

    Sending out tailored offers may sound tricky, but it\u2019s quite doable if you have the right tools. Make use of a robust customer management system that gives you a history of what shoppers buy from you. That way, you\u2019ll be able to easily see who\u2019s buying what, and how much each customer has spent.<\/span><\/p>\n

    Make sure the timing is right<\/strong><\/span><\/h3>\n

    When it comes to discounts and offers, timing can be just as important as relevance. Sending out deals at just the right time (i.e. when customers need them) will greatly increase your conversion rates.<\/span><\/p>\n

    This is why you also have to pay attention to when shoppers are buying from you. For instance, if you have a lot of customers who buy at the end of the month, then schedule your offers around that time.<\/span><\/p>\n

    Also, remember that the question of when a customer looked at a product or bought something can provide insights into what they might buy next and when. For example, the Blue Nile, an online jewelry retailer, times its wedding band emails based on its estimates of when customers got engaged.<\/span><\/p>\n

    See if you can do something similar in your business. Let\u2019s say you sell baby clothing and merchandise, and a customer just bought some clothes for her three-month-old son. Using that data, you might be able to predict what she\u2019ll need in six months or a year, and you can make relevant product recommendations or offers.<\/span><\/p>\n

    Offer discounts to select consumer groups<\/strong><\/span><\/h3>\n

    You can also consider offering exclusive discounts to specific groups of consumers (ex. students, military, senior citizens, etc.). According to Marci Hansen, CMO of eligibility verification solution SheerID, this strategy allows retailers to leverage discounts without hurting their margins or being defined as a discount brand.<\/span><\/p>\n

    One company that does this well is The Great Wolf Lodge, a resort and waterpark in North America. Great Wolf has a program called \u201cHowling Heroes,\u201d which exclusively gives an all-year 30% discount to military (active, retired and veteran), fire, emergency medical service personnel, 911 dispatchers, and police and correctional officers.<\/span><\/p>\n

    \u201cStrategically offering exclusive discounts instead of site-wide price reductions or coupon codes gives retailers more control over their margins and the growth of their core customer base,\u201d said Marci. \u201cBy offering special discounts or perks to educators and members of the military community, marketers can attract new, loyal customers without diminishing their overall brand.\u201d<\/span><\/p>\n

    \u201cExisting customers don\u2019t begrudge retailers who offer military, student, or educator discounts, the way that they do if a company offers new customer discounts. Most consumers look favorably upon businesses that honor military service and value education,\u201d she added.<\/span><\/p>\n

    Which retail pricing strategy is right for you?<\/b><\/span><\/h2>\n

    \u201cIn today\u2019s retail environment, retailers have to consider multiple factors in their pricing approach,\u201d says Josh, at Parker Avery Group. \u201cCompetitive price positioning, customer response, and financial targets all come into play.\u00a0 Also, differences in customer behavior in different geographic markets, as well as price sensitivity by channel (brick and mortar versus an online store) are complicating factors.\u201d<\/span><\/p>\n

    Ultimately, no one pricing tactic will be enough. You\u2019ll likely need to combine the tactics above, and if your retail business is young, you\u2019ll need to experiment. Much will depend on the category of product you sell, too. With a\u00a0cloud-based point of sale, you\u2019ll be able to make pricing adjustments in real-time to different products and test out the best strategy for you.<\/span><\/p>\n

    Rely on smart and updated POS software<\/a>\u00a0and the right people to manage your business operations smoothly while you prepare for the next steps of your business.<\/span><\/p>\n

    Don\u2019t forget to follow us on\u00a0Instagram<\/a> for more restaurant trends and updates! 10 Retail Pricing Strategies that Get Customers to Buy, 10 Retail Pricing Strategies that Get Customers to Buy,10 Retail Pricing Strategies that Get Customers to Buy, 10 Retail Pricing Strategies that Get Customers to Buy, 10 Retail Pricing Strategies that Get Customers to Buy.<\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    Pricing is one of the most important activities for retailers. But it can often feel like guesswork. That\u2019s because pricing is tied up in much more than a number, for your customers. It can touch on ideas like value, status, gratification, \u2014and (don\u2019t laugh), even joy. 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But it can often feel like guesswork. That\u2019s because pricing is tied up in much more than a number, for your customers. It can touch on ideas like value, status, gratification, \u2014and (don\u2019t laugh), even joy. Look at 10 Retail Pricing Strategies that Get Customers to Buy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iconicerp.com\/ar\/10-retail-pricing-strategies-that-get-customers-to-buy\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Retail Pricing Strategies that Get Customers to Buy - IconicERP Cloud\" \/>\n<meta property=\"og:description\" content=\"Pricing is one of the most important activities for retailers. But it can often feel like guesswork. That\u2019s because pricing is tied up in much more than a number, for your customers. 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