Retailer Web Services Digital Advisor Fall 2017 - Page 12

FEATURE 5 T STEPS TO A SMARTER ONLINE PRICING STRATEGY here are few things as important as your pricing strategy. Get it wrong and your business won’t survive. Get it mostly right and reaching your goals will be more difficult than necessary. Get it right and you will pave a smooth path to success. The internet and smartphones have enabled consumers to easily compare prices across dozens of retailers in mere seconds—even while standing in your store. But don’t despair! While it’s true the prices you advertise will be compared, you don’t always have to have the lowest price to win. You just have to have the smartest one. At Retailer Web Services (RWS), customers ask for direction on this topic daily. It’s not surprising given that the WebFronts platform has dozens of different options to customize the e-commerce experience with upsells, cross-sells, delivery calculators, out-of-cart pricing, zip code restrictions, discount codes, packages and more. Furthermore, given increasing price volatility in the marketplace and ever more intricate Online Pricing Policies from product manufacturers, setting a digital pricing strategy becomes a complex task. Every challenging task your business faces, however, is an opportunity to do it better than your competition. In the spirit of opportunity, here are five important considerations to keep top-of-mind when devising your online pricing strategy: Commit to price as many products as possible. RWS’s end-consumer research found 85 percent of online shoppers will leave an appliance store’s website and go to another if pricing isn’t displayed. And if you’re afraid to show a price on your website because it might be too high, you can set down that worry once and for all. Consumers report they automatically assume the price is too high when prices aren’t displayed. While showing prices online is extremely important, it doesn’t have to be all or nothing. You can begin in increments, e.g., one brand at a time, knowing that showing some prices is better than none. You can earn returns on your efforts as you go. 1 12