As consumers, we know that one of the main factors that influences us at the time of buying a product is the price. We constantly try to find the most attractive offer, which meets all the requirements we seek at the best possible price. But is it the only thing we have in mind when making an online purchase?
From the retailers point of view, the most widespread belief is that the absolute value of the price is the only factor that interests the customers, that the cheaper the product, the better. But the truth is that there are elements that influence the perception of the price before the decision to buy online.
The key is in the image that the user has of an ecommerce through their prices and competitor´s prices. In the digital environment there are 3 factors that directly influence this perception: the discounts and promotions, the value for money and the transparency of the ecommerce.
· Discounts and promotions
Always be the cheapest or to have the best offers? It is important to know from the outset what position the brand wants to achieve with its pricing strategy. In many cases, a timely offer from an online store that has become a reference for the user can be much more attractive than the 'always lower' price of other ecommerce.
· Value for money
Offer the lowest price or show the best quality-price? These two options do not have to be at odds with each other, although experience shows that an excessively low price of a product can generate mistrust, especially in users who land for the first time in an ecommerce. In addition, if these users have already purchased similar products in other online stores, they will have a price reference and will doubt the large difference, unless the price has a reasonable explanation as a wholesale price or a specific promotion.
The customer seeks maximum savings, but does not leave aside the confidence factor or the quality of the product. And to verify the value for money they will use previous experiences, tracking competitor´s prices and comments and ratings of other customers.
· Ecommerce transparency
The honesty of ecommerce in terms of its prices is a determining factor in the user's perception before making a purchase decision. Stores that are looking to increase sales with very low-priced deals that then skyrocket at the time of payment are not the model to follow. In fact, this type of strategy is one of the most rejected by potential buyers, not because the final price of the product may seem very high, but because they feel cheated by the brand.
A practical solution is to break down the prices on the product sheet itself, indicating, for example, shipping costs. They can also be included directly in the final price, or you can clarify in a conspicuous place what the expenses associated with the purchase are: by the shipment, by the selected payment method, etc.
The pricing strategy
The price, obviously, affects the image that the user has of the brand and the trust that it conveys. And if the pricing strategy is one of the fundamental pillars of any online store, even more important, if possible, consistency and honesty.
In the digital environment, saturated with options, tools such as price comparators are increasingly used by users, who follow in detail the products they want to buy. There is nothing that escapes them, so you have to be always alert not to make mistakes.
Properly plotting your pricing strategy is a complicated process, but the effort is worth it if you take your ecommerce to success. By having and transmitting security through the prices of your products can be the factor that makes the difference between you and your competitors.