Three Pricing Strategies to Drive Sales

[Jasmine]

Free shipping: No matter on which platform you are selling, free shipping will give you boost on the internal search algorithm. Products that come with free shipping are ranked higher than the products that do not offer free shipping. Since buyers are allowed to refine their searches by choosing free shipping option, you have the chance of getting ranked high, and thus generating sales.

Break even pricing: You price your products to just cover your production cost. This will help you generate early sales and get positive reviews. Once the product starts selling, you can add your profit margins.

Clickbait pricing: Imagine you are selling T-shirts of different sizes. You price your baby size T-shirt for $9 and your adult size (XXL) for $25. However, in your product listing you show the lowest price. You can get more people to click on your page. This is kind of clickbait but absolutely a legit selling tactics as the price you have chosen to show is related to one of the products you are selling.

 

[Mika]

When I price my products, my only considerating is to keep them lower than my competitors' prices. When the products start selling, and the product starts receiving good reviews, I increase my price slightly (add $0.50-$0.99). When the products start picking up a lot of sales, I offer the product for the regular price. When I am selling online, my main concern is to offer products for the least possible price. I believe in selling in volume for a small price compared to selling a few units for premium prices. I am also very concerned about shipping prices, I always try to offer free shipping because this is one strategy that helps to generate sales and the word free attracts a lot of people. The products that are available for free shipping tend to sell higher than the products without free shipping, even if you have included shipping cost in your product listed price.