{"id":14388,"date":"2020-06-11T07:51:00","date_gmt":"2020-06-11T04:51:00","guid":{"rendered":"https:\/\/www.x-cart.com\/?p=14388"},"modified":"2024-08-29T17:25:08","modified_gmt":"2024-08-29T14:25:08","slug":"8-smart-pricing-tactics-for-e-commerce-retailers-to-win-against-competition","status":"publish","type":"post","link":"https:\/\/www.x-cart.com\/blog\/pricing-tactics.html","title":{"rendered":"How to Price Your Product [Step-By-Step Guide For Beginners]"},"content":{"rendered":"\n<p><em>This blog post was originally contributed by Basak Saricayir, a Content Marketing Specialist at Thread in Motion. <\/em><\/p>\n\n\n\n<p>In a Google survey, <a href=\"https:\/\/www.thinkwithgoogle.com\/data\/retail-deal-preference-statistics\/\" target=\"_blank\">87% of shoppers<\/a> said that getting a good deal is important when deciding where to buy from \u2014 proof that a good pricing strategy gives you an upper hand over the competition. Conversely, a poor strategy can be a stumbling block in your business\u2019s growth.<\/p>\n\n\n\n<p>Maybe you are already using pricing tactics, but don\u2019t seem to be working. No matter how hard you try, you end up with little or no improvements in sales or profit margins.<\/p>\n\n\n\n<p>Luckily, there is a solution. Having poor results is perfectly normal because these tactics won\u2019t work without a systematic approach to pricing.<\/p>\n\n\n\n<p>An effective pricing strategy requires:<\/p>\n\n\n\n<ul class=\"checklist darkblue gb-list__check gb-list__check--blue wp-block-list\">\n<li>A solid data collection system<\/li>\n\n\n\n<li>Data-driven planning<\/li>\n\n\n\n<li>testing<\/li>\n<\/ul>\n\n\n\n<p>These are tasks that call for at least some level of training and guidance. That&#8217;s where this step-by-step guide comes in handy.&nbsp;By following these four steps you&#8217;ll find out <strong>how to price your products the right way<\/strong>. It\u2019s incredibly effective and super-easy to follow.<\/p>\n\n\n\n<p>Before moving on, let\u2019s clear up a common misconception about pricing.<\/p>\n\n\n<h2>\n            There is no one-size-fits-all pricing strategy    <\/h2>\n\n\n\n<p>It&#8217;s likely that you&#8217;ve come across many articles advocating one pricing strategy over another. Value-based pricing or cost-plus pricing? Dynamic or freemium pricing?&nbsp;<\/p>\n\n\n\n<p>The fact is, there is no single strategy that works for every small business out there or one that you can use across your assortment. Why?<\/p>\n\n\n\n<p>First, businesses have:<\/p>\n\n\n\n<ul class=\"checklist darkblue gb-list__check gb-list__check--blue wp-block-list\">\n<li>Different fixed costs and product costs<\/li>\n\n\n\n<li>Different target profit margins<\/li>\n\n\n\n<li>Different strategic plans and business objectives<\/li>\n<\/ul>\n\n\n\n<p>All of which relate to what you should expect from and plan to achieve with your pricing strategy.<\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/cost-price.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23989\/Cost_price_module_icon_252_252.webp 1x\" type=\"image\/webp\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23989\/Cost_price_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23989\/Cost_price_module_icon_252_252.png 2x\" type=\"image\/png\" \/><img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23989\/Cost_price_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23989\/Cost_price_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23989\/Cost_price_module_icon_252_252.png 2x\" alt=\"Cost Price addon for X-Cart\" class=\"gb-iwt__img\" loading=\"lazy\" \/><\/picture>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            <a href=\"https:\/\/market.x-cart.com\/addons\/cost-price.html\">Cost Price<\/a> will automatically calculate the profit of your X-Cart store.<br><br><strong>Price: <\/strong>$99        <\/p>\n    <\/div>\n<\/div>\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/product-cost-by-cfl-systems.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23993\/Product_cost_module_icon_252_252.webp 1x\" type=\"image\/webp\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23993\/Product_cost_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23993\/Product_cost_module_icon_252_252.png 2x\" type=\"image\/png\" \/><img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23993\/Product_cost_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23993\/Product_cost_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23993\/Product_cost_module_icon_252_252.png 2x\" alt=\"Product Cost addon for X-Cart\" class=\"gb-iwt__img\" loading=\"lazy\" \/><\/picture>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            <a href=\"https:\/\/market.x-cart.com\/addons\/product-cost-by-cfl-systems.html\">Product Cost<\/a> will add costs to your products and variants to give you a better idea of your profit.<br><br><strong>Price: <\/strong>$89        <\/p>\n    <\/div>\n<\/div>\n\n\n<p>For instance, competitive prices drive a lot of traffic to a store, but selling luxury products to high-end customers requires an entirely different approach because cheap prices alienate luxury consumers.<\/p>\n\n\n\n<p>Second, products differ from each other in several aspects:<\/p>\n\n\n\n<ul class=\"checklist darkblue gb-list__check gb-list__check--blue wp-block-list\">\n<li>The number of competitors selling the product<\/li>\n\n\n\n<li>The number of substitute products<\/li>\n\n\n\n<li>Competitor prices<\/li>\n\n\n\n<li>Demand<\/li>\n<\/ul>\n\n\n\n<p>These differences translate into distinctions in how you should price these products.<\/p>\n\n\n\n<p>For example, you can sell the most in-demand products at a loss (below-cost) to capture the largest audience possible. Once shoppers come to buy the loss-leader item, they&#8217;ll add additional items to their cart.<\/p>\n\n\n\n<p>You\u2019ll cover the loss with the profit you made from these additional low-demand items \u2014 which you sell for more than what competitors charge.<\/p>\n\n\n\n<p>In other words, pricing is a fusion of art and science, and you can utilize it for different purposes.<\/p>\n\n\n\n<p>Now that you know a bit more about the misconceptions about pricing, let&#8217;s dive into our step-by-step guide on how to price a product. Best of all, you can reference this guide each time you\u2019re setting prices until you have a stable pricing system covering your entire assortment.<\/p>\n\n\n<a class=\"anchor\" id=\"competitors\" aria-hidden=\"true\"><\/a><h2>\n            Step 1: Identify Competitors    <\/h2>\n\n\n\n<p>Let&#8217;s start with an easy but vital question: Who do you compete against? Who else sells the same product?<\/p>\n\n\n\n<p>You can probably name 10 competitors off the top of your head, although you likely have many more. How do you identify all of them?<\/p>\n\n\n<h3>\n            Start with a simple Google search    <\/h3>\n\n\n\n<p>It\u2019s as easy as it sounds. A quick Google search will yield great results.<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23903\/google_research.webp 1x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23903\/google_research.png 1x\" type=\"image\/png\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23903\/google_research.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23903\/google_research.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"336\" src=\"https:\/\/www.x-cart.com\/img\/23903\/google_research.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23903\/google_research.png 1x\" alt=\"Google research to discover prices\" loading=\"lazy\" \/><\/picture>                                        <figcaption class=\"gb-img__source\">\n                    Source: Google                <\/figcaption>\n                    <\/figure>\n    <\/div>\n    \n\n\n<p>Since the competition is online, there is no hiding from your rivals, and they can\u2019t hide from you, either.<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23901\/competition-research-p500.jpg 1x, https:\/\/www.x-cart.com\/img\/23901\/competition-research.jpg 2x\" type=\"image\/jpg\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23901\/competition-research.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23901\/competition-research.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"696\" src=\"https:\/\/www.x-cart.com\/img\/23901\/competition-research.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23901\/competition-research.png 1x\" alt=\"Competition research to define the right pricing\" loading=\"lazy\" \/><\/picture>                                        <figcaption class=\"gb-img__source\">\n                    Source: Google                <\/figcaption>\n                    <\/figure>\n    <\/div>\n    \n\n\n<p>If you\u2019re on a tight budget, you can use Google\u2019s free services for various purposes. For example, in the early stage of <a href=\"https:\/\/www.x-cart.com\/sell-online\/what-to-sell.html\">coming up with product ideas<\/a>, use Google Trends to measure the products\u2019 search volumes. A high search volume means the product is in high demand, and vice versa.<\/p>\n\n\n\n<p>Once you start selling, use Google Analytics to measure your advertising ROI and analyze your traffic sources.<\/p>\n\n\n<h3>\n            Use a keyword search tool    <\/h3>\n\n\n\n<p>Keyword research tools will help you determine who else is using and buying the keywords you\u2019re using. These tools are designed to help you build an SEO strategy, but that\u2019s a conversation for another time.<\/p>\n\n\n\n<p>You have a lot of options with SEO tools. Compare the pros and cons of the <a href=\"https:\/\/www.x-cart.com\/blog\/best-seo-tools.html\">best SEO tools<\/a> and pick one that fits your needs.<\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/miniature.css?var=1646812809\" \/><div class=\"gb-mini\">\n            <div class=\"gb-mini__image p-blog__image-shadow\" aria-hidden=\"true\">\n            <a href=\"https:\/\/www.x-cart.com\/blog\/best-seo-tools.html\" target=\"_blank\" tabindex=\"-1\" class=\"gb-mini__image-link p-blog__image-link\"  >\n                <span class=\"visually-hidden\">11 Best SEO Tools to Instantly Improve Your Marketing in 2020 [+ How to Get Started] (opens in new tab)<\/span>\n                <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p500.webp 1x, https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p760.webp 2x\" type=\"image\/webp\" media=\"(max-width: 499px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p500.jpg 1x, https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p760.jpg 2x\" type=\"image\/jpg\" media=\"(max-width: 499px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p760.webp 1x, https:\/\/www.x-cart.com\/img\/15065\/seo-tools.webp 2x\" type=\"image\/webp\" media=\"(min-width: 500px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p760.jpg 1x, https:\/\/www.x-cart.com\/img\/15065\/seo-tools-raw.jpg 2x\" type=\"image\/jpg\" media=\"(min-width: 500px)\" \/><img decoding=\"async\"  width=\"1520\" height=\"550\" src=\"https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p760.jpg\" srcset=\"https:\/\/www.x-cart.com\/img\/15065\/seo-tools-p760.jpg 1x, https:\/\/www.x-cart.com\/img\/15065\/seo-tools-raw.jpg 2x\" alt=\"Post thumbnail\" class=\"gb-mini__img\" loading=\"lazy\" \/><\/picture>            <\/a>\n        <\/div>\n        <div class=\"gb-mini__content\">\n                <a href=\"https:\/\/www.x-cart.com\/blog\/best-seo-tools.html\" target=\"_blank\" class=\"gb-mini__title\"  >11 Best SEO Tools to Instantly Improve Your Marketing in 2020 [+ How to Get Started]<\/a>\n                    <\/div>\n<\/div>\n\n<a class=\"anchor\" id=\"track\" aria-hidden=\"true\"><\/a><h2>\n            Step 2: Track Competitor Prices    <\/h2>\n\n\n\n<p>Over the past ten years, competitor price tracking has become the industry standard because:<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity-p500.jpg 1x, https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity.jpg 2x\" type=\"image\/jpg\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"480\" src=\"https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23904\/price-sensitivity.png 1x\" alt=\"Price Sensitivity\" loading=\"lazy\" \/><\/picture>                                <\/figure>\n    <\/div>\n    \n\n\n<ol class=\"ol-numbers wp-block-list\">\n<li><strong>Modern shoppers are price-sensitive. <\/strong>They are price-conscious simply because they have little discretionary income. Business owners have to compete on price to entice these shoppers.<\/li>\n\n\n\n<li><strong>Prices are transparent.<\/strong> Shoppers easily compare prices using comparison shopping engines (like Google Shopping).<\/li>\n\n\n\n<li><strong>Price changes increased in frequency. <\/strong>With Amazon setting dynamic prices to always have the cheapest deals, online retailers realized that the price competition is inevitable.<\/li>\n<\/ol>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23905\/montly-price-change-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23905\/montly-price-change.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23905\/montly-price-change.png 1x\" type=\"image\/png\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23905\/montly-price-change.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23905\/montly-price-change.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"500\" src=\"https:\/\/www.x-cart.com\/img\/23905\/montly-price-change.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23905\/montly-price-change.png 1x\" alt=\"Monthly price change\" loading=\"lazy\" \/><\/picture>                                        <figcaption class=\"gb-img__source\">\n                    Source: <a href=\"https:\/\/www.hbs.edu\/faculty\/Publication%20Files\/Cavallo_Alberto_J2_More%20Amazon%20Effects-Online%20Competition%20and%20Pricing%20Behaviors_61ab3273-d446-4dd5-9e71-469c54c46662.pdf\" target='_blank'>Harvard Business School<\/a>                <\/figcaption>\n                    <\/figure>\n    <\/div>\n    \n\n\n<p>In other words, knowing competitor prices is vital for an online retailer\u2019s survival. It\u2019s the only way to make sure you\u2019re offering competitive prices.<\/p>\n\n\n<h3>\n            Learn how to track competitor prices    <\/h3>\n\n\n\n<p>You have three commonly used methods of price tracking:<\/p>\n\n\n<h4>\n            Manual tracking    <\/h4>\n\n\n\n<p>It takes 12.5 hours to collect 20 product prices from 50 websites. It\u2019s incredibly time and money-consuming. But that\u2019s not even the worst part.<\/p>\n\n\n\n<p>By the time you finish, the data points will change and your data will be outdated.<\/p>\n\n\n<h4>\n            In-house pricing engine    <\/h4>\n\n\n\n<p>You can build an engine that automatically tracks competitor prices. On the bright side, you can customize your engine according to your needs, but keep in mind that it requires technical expertise and regular maintenance.<\/p>\n\n\n<h4>\n            Price tracking software    <\/h4>\n\n\n\n<p>Using price tracking software doesn\u2019t require technical knowledge or maintenance. Also, it\u2019s far more affordable than the first two options, but you can only customize the software to a limited extent.<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software-p500.jpg 1x, https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software.jpg 2x\" type=\"image\/jpg\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"674\" src=\"https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23906\/price-tracking-software.png 1x\" alt=\"Price tracking software\" loading=\"lazy\" \/><\/picture>                                <\/figure>\n    <\/div>\n    \n\n\n<p>No matter which one you choose, these three distinct methods of collecting competitor prices can save you time while providing valuable insight.<\/p>\n\n\n<a class=\"anchor\" id=\"strategy\" aria-hidden=\"true\"><\/a><h2>\n            Step 3: Build a Strategy    <\/h2>\n\n\n\n<p>Consumers\u2019 perception of a price is more important than the price itself. Before diving deep into pricing strategies, let\u2019s figure out how consumers perceive price.<\/p>\n\n\n<h3>\n            Price has two reciprocal roles in our minds    <\/h3>\n\n\n\n<p>The negative one comes as a perceived sacrifice: the amount of money we have to sacrifice for a product or service. On the brighter side, it\u2019s a reflection of quality.<\/p>\n\n\n\n<p>The ultimate duty of a marketer is to make sure the perception is balanced on the positive side. If it is, it\u2019s more likely that they\u2019ll purchase the product.<\/p>\n\n\n<h3>\n            Learn how to pick a strategy    <\/h3>\n\n\n\n<p>You can either emphasize the superior quality\/features of the product or sell it at a good price.<\/p>\n\n\n\n<p>Use your findings from the previous steps. Which scenario below matches your findings?<\/p>\n\n\n<h4>\n            Scenario 1: The product is sold on a billion websites    <\/h4>\n\n\n\n<p>Think of a pair of Nikes. You can\u2019t possibly alter people\u2019s perception of their quality.<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy.png 1x\" type=\"image\/png\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"696\" height=\"470\" src=\"https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23907\/nike-pricing-strategy.png 1x\" alt=\"Nike pricing strategy\" loading=\"lazy\" \/><\/picture>                                        <figcaption class=\"gb-img__source\">\n                    Source: PriceRunner                <\/figcaption>\n                    <\/figure>\n    <\/div>\n    \n\n\n<p>Below-average or average prices is your go-to strategy. Believe it or not, a $16 difference can cost you a lot of sales.<\/p>\n\n\n<h4>\n            Scenario 2: It\u2019s a niche product sold on a few other stores\u00a0    <\/h4>\n\n\n\n<p>Work on knowing your customers better. Learn their pain points and improve their shopping experience. Average or slightly below-average prices are your safe zone.<\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/market-price.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23990\/Market_price_module_icon_252_252.webp 1x\" type=\"image\/webp\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23990\/Market_price_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23990\/Market_price_module_icon_252_252.png 2x\" type=\"image\/png\" \/><img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23990\/Market_price_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23990\/Market_price_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23990\/Market_price_module_icon_252_252.png 2x\" alt=\"Market Price addon for X-Cart\" class=\"gb-iwt__img\" loading=\"lazy\" \/><\/picture>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            <a href=\"https:\/\/market.x-cart.com\/addons\/market-price.html\">Market Price<\/a> shows the difference between the price offered in your store and the average price of the same product on the market. <br><br><strong>Price:<\/strong> Free        <\/p>\n    <\/div>\n<\/div>\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/price-match-request-by-cfl-systems.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23992\/Price_match_request_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23992\/Price_match_request_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23992\/Price_match_request_module_icon_252_252.png 2x\" alt=\"Price Match Request module for X-Cart\" class=\"gb-iwt__img\" loading=\"lazy\" \/>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            <a href=\"https:\/\/market.x-cart.com\/addons\/price-match-request-by-cfl-systems.html\">Price Match Request<\/a> allows your customers to request a lower price based on your competitors&#8217; prices.<br><br><strong>Price:<\/strong> $65        <\/p>\n    <\/div>\n<\/div>\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/products-map-pricing-by-cfl-systems.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23995\/Products_MAP_pricing_module_icon_252_252.webp 1x\" type=\"image\/webp\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23995\/Products_MAP_pricing_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23995\/Products_MAP_pricing_module_icon_252_252.png 2x\" type=\"image\/png\" \/><img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23995\/Products_MAP_pricing_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23995\/Products_MAP_pricing_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23995\/Products_MAP_pricing_module_icon_252_252.png 2x\" alt=\"Products MAP Pricing addon for X-Cart \" class=\"gb-iwt__img\" loading=\"lazy\" \/><\/picture>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            With <a href=\"https:\/\/market.x-cart.com\/addons\/products-map-pricing-by-cfl-systems.html\">Products MAP Pricing<\/a> you&#8217;ll be able to display MAP pricing while at the same time sell the product at a lower price.<br><br><strong>Price:<\/strong> $55        <\/p>\n    <\/div>\n<\/div>\n\n<h4>\n            Scenario 3: It\u2019s a new technology product (can\u2019t be found elsewhere)    <\/h4>\n\n\n\n<p>Early adopters of new products are <a href=\"https:\/\/prisync.com\/blog\/willingness-to-pay-a-metric-for-better-pricing-decisions\/?_thumbnail_id=16841\" target=\"_blank\">willing to pay<\/a> a lot. Start selling at a higher price and lower it gradually.<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology-p500.jpg 1x, https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology.jpg 2x\" type=\"image\/jpg\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"420\" src=\"https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23908\/pricing-new-technology.png 1x\" alt=\"Pricing a new technology\" loading=\"lazy\" \/><\/picture>                                        <figcaption class=\"gb-img__source\">\n                    Source: <a href=\"https:\/\/vaonis.com\/stellina\" target='_blank'>VAONIS<\/a>                <\/figcaption>\n                    <\/figure>\n    <\/div>\n    \n\n\n<p>This is Apple\u2019s iPhone strategy. It\u2019s a fairly effective way to target different segments at different price levels.<\/p>\n\n\n<h4>\n            Scenario 4: It\u2019s a luxury product    <\/h4>\n\n\n\n<p>Regardless of the number of competitors, don\u2019t sell a luxury product too far below its market average. Luxury consumers seek exclusivity, not cheap prices. However, if you price your product too high, you\u2019ll still lose customers.<\/p>\n\n\n\n<p>Some merchants consider hiding prices as the best strategy for selling luxury products. <\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/request-a-price.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23996\/Request_4_price_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23996\/Request_4_price_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23996\/Request_4_price_module_icon_252_252.png 2x\" alt=\"Request a Price &amp; Hide prices\" class=\"gb-iwt__img\" loading=\"lazy\" \/>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            With the <a href=\"https:\/\/market.x-cart.com\/addons\/request-a-price.html\">Request a Price &amp; Hide prices<\/a> addon for X-Cart, you&#8217;ll be able to hide your prices and &#8220;Add to cart&#8221; button for particular products and show a customized message instead.<br><br><strong>Price:<\/strong> $69        <\/p>\n    <\/div>\n<\/div>\n\n\n<p><strong>Note: <\/strong>Before changing your pricing strategy, make sure it aligns perfectly with your business objectives.<\/p>\n\n\n<a class=\"anchor\" id=\"test\" aria-hidden=\"true\"><\/a><h2>\n            Step 4: Test    <\/h2>\n\n\n\n<p>If someone asked \u201cWhat\u2019s the most common pricing mistake?\u201d Without hesitation, the answer would be sticking with the same price for too long.<\/p>\n\n\n\n<p>Test different price points regularly for two reasons:<\/p>\n\n\n\n<ul class=\"checklist darkblue gb-list__check gb-list__check--blue wp-block-list\">\n<li>Sticky prices damage your competitive strength. This is what I mean:<\/li>\n<\/ul>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23909\/testing-pricing-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23909\/testing-pricing.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23909\/testing-pricing.png 1x\" type=\"image\/png\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23909\/testing-pricing.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23909\/testing-pricing.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"396\" src=\"https:\/\/www.x-cart.com\/img\/23909\/testing-pricing.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23909\/testing-pricing.png 1x\" alt=\"Sticky pricing\" loading=\"lazy\" \/><\/picture>                                        <figcaption class=\"gb-img__source\">\n                    Source: PriceRunner                <\/figcaption>\n                    <\/figure>\n    <\/div>\n    \n\n\n<p>What we see here is a missed opportunity. When others are out of stock, raise the price to improve profit margins. When the item is in stock again, lower it.<\/p>\n\n\n\n<p>You can also try setting a countdown to create a sense of urgency:<\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/price-countdown.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23991\/Price_countdown_module_icon_252_252.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23991\/Price_countdown_module_icon_252_252.png 1x\" alt=\"Price Countdown addon for X-Cart \" class=\"gb-iwt__img\" loading=\"lazy\" \/>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            <a href=\"https:\/\/market.x-cart.com\/addons\/price-countdown.html\">Price Countdown<\/a> shows the number of days\/hours\/minutes left till the end of the offer.<br><br><strong>Price:<\/strong> $85          <\/p>\n    <\/div>\n<\/div>\n\n\n<p>In other words, there is always room for improvement in profit margins. Don\u2019t stick with the same price when market conditions change.<\/p>\n\n\n\n<ul class=\"checklist darkblue gb-list__check gb-list__check--blue wp-block-list\">\n<li>Different levels of demand at various price points<\/li>\n<\/ul>\n\n\n\n<p>This is a hypothetical demand curve.<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23902\/demand-curve-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23902\/demand-curve.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23902\/demand-curve.png 1x\" type=\"image\/png\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23902\/demand-curve.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23902\/demand-curve.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"710\" src=\"https:\/\/www.x-cart.com\/img\/23902\/demand-curve.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23902\/demand-curve.png 1x\" alt=\"Product demand curve\" loading=\"lazy\" \/><\/picture>                                <\/figure>\n    <\/div>\n    \n\n\n<p>There are countless price points on this curve, and each generates different levels of demand.<\/p>\n\n\n\n<p>A $5 increase in price can boost demand. You can always sell more or at higher profit margins. That\u2019s why you must continue testing.<\/p>\n\n\n\n<p>Or you can try selling your products or services in bundles, at a lower price tag, for example. <\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/bundle-products.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23988\/Bundle_products_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23988\/Bundle_products_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23988\/Bundle_products_module_icon_252_252.png 2x\" alt=\"Bundle Products for X-Cart\" class=\"gb-iwt__img\" loading=\"lazy\" \/>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            The <a href=\"https:\/\/market.x-cart.com\/addons\/bundle-products.html\">Bundle Products<\/a> addon is another clever way to level up your revenue by selling items as a single package at a bargain.<br><br><strong>Price:<\/strong> $99        <\/p>\n    <\/div>\n<\/div>\n\n\n<p>Or instead of selling only a few items, you can try selling products wholesale.<\/p>\n\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/wholesale.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23997\/Wholesale_module_icon_252_252.webp 1x\" type=\"image\/webp\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23997\/Wholesale_module_icon_252_252.png 1x\" type=\"image\/png\" \/><img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23997\/Wholesale_module_icon_252_252.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23997\/Wholesale_module_icon_252_252.png 1x\" alt=\"Wholesale addon for X-Cart \" class=\"gb-iwt__img\" loading=\"lazy\" \/><\/picture>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            <a href=\"https:\/\/market.x-cart.com\/addons\/wholesale.html\">Wholesale<\/a> addon for X-Cart allows for selling products in bulk.<br><br><strong>Price:<\/strong> Free        <\/p>\n    <\/div>\n<\/div>\n\n<link  rel=\"stylesheet\" href=\"\/wp-content\/themes\/miniflat\/build\/css\/elements\/post\/img-with-text.css?var=1642495270\" \/><div class=\"gb-iwt\">\n            <div class=\"gb-iwt__image p-blog__image-shadow\">\n                <a href=\"https:\/\/market.x-cart.com\/addons\/product-variants.html\" target=\"_blank\">\n                    <span class=\"visually-hidden\"> (opens in new tab)<\/span>\n                <img decoding=\"async\"  width=\"300\" height=\"300\" src=\"https:\/\/www.x-cart.com\/img\/23994\/Product_variants_module_icon_252_252-raw.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23994\/Product_variants_module_icon_252_252-raw.png 1x, https:\/\/www.x-cart.com\/img\/23994\/Product_variants_module_icon_252_252.png 2x\" alt=\"Product Variants addon for X-Cart\" class=\"gb-iwt__img\" loading=\"lazy\" \/>    <\/a>\n        <\/div>\n        <div class=\"gb-iwt__content\">\n                <p class=\"gb-iwt__text\">\n            Wholesale pricing for variants is also supported if you activate the <a href=\"https:\/\/market.x-cart.com\/addons\/product-variants.html\">Product Variants<\/a> feature. <br><br><strong>Price:<\/strong> Free        <\/p>\n    <\/div>\n<\/div>\n\n<h3>\n            Learn how to test price points    <\/h3>\n\n\n\n<p>Use dynamic pricing software to automatically adjust prices against competitor prices via smart rules:<\/p>\n\n\n    <div class=\"gb-img__figure-container\">\n        <figure class=\"gb-img__figure\">\n                            <picture><source  srcset=\"https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product-p500.webp 1x, https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product.webp 2x\" type=\"image\/webp\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product-p500.jpg 1x, https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product.jpg 2x\" type=\"image\/jpg\" media=\"(max-width: 420px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product.webp 1x\" type=\"image\/webp\" media=\"(min-width: 421px)\" \/><source  srcset=\"https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product.png 1x\" type=\"image\/png\" media=\"(min-width: 421px)\" \/><img decoding=\"async\"  width=\"710\" height=\"157\" src=\"https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product.png\" srcset=\"https:\/\/www.x-cart.com\/img\/23910\/how-to-price-product.png 1x\" alt=\"How to price product\" loading=\"lazy\" \/><\/picture>                                <\/figure>\n    <\/div>\n    \n\n\n<p>So even when you\u2019re sleeping, the software collects competitor prices and reacts to changes immediately. No one will catch you by surprise again.<\/p>\n\n\n\n<p>Also, try different smart rules and measure how the changes affect demand. As I said, there is always room for growth.<\/p>\n\n\n<h2>\n            A Smart Pricing Strategy Equals Results    <\/h2>\n\n\n\n<p>Profitable pricing requires a solid strategy. Given the crazy number of competitors and the competitive nature of the e-commerce market, you can\u2019t succeed without a data-driven pricing strategy.<\/p>\n\n\n\n<p>In this article, you\u2019ve learned:<\/p>\n\n\n\n<ul class=\"checklist darkblue gb-list__check gb-list__check--blue wp-block-list\">\n<li><a href=\"https:\/\/www.x-cart.com\/blog\/pricing-tactics.html#competitors\">How to identify the competition<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.x-cart.com\/blog\/pricing-tactics.html#track\">How to track competitor prices<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.x-cart.com\/blog\/pricing-tactics.html#strategy\">How to pick a pricing model<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.x-cart.com\/blog\/pricing-tactics.html#test\">How to test price points<\/a><\/li>\n<\/ul>\n\n\n\n<p>Hopefully, this comprehensive guide to eCommerce pricing clears up all of your questions.<\/p>\n\n\n\n<p>Follow the steps through the end and tell us what has changed!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This blog post was originally contributed by Basak Saricayir, a Content Marketing Specialist at Thread in Motion. In a Google survey, 87% of shoppers said that getting a good deal is important when deciding where to buy from \u2014 proof that a good pricing strategy gives you an upper hand over the competition. Conversely, a [&hellip;]<\/p>\n","protected":false},"author":129,"featured_media":23977,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11663,11667,11734],"tags":[10603,11588],"class_list":["post-14388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payments-and-taxes","category-marketing","category-platform","tag-marketing","tag-payments"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.2.1 (Yoast SEO v19.6.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Price Your Product [Guide For Beginners + 4 Easy Steps Inside]<\/title>\n<meta name=\"description\" content=\"Don\u2019t worry if you don\u2019t know how to price a product efficiently. Follow this super easy to follow guide to make effective and profitable pricing decisions\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.x-cart.com\/blog\/pricing-tactics.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Price Your Product [Step-By-Step Guide For Beginners + 4 Steps]\" \/>\n<meta property=\"og:description\" content=\"Don\u2019t worry if you don\u2019t know how to price a product efficiently. 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