Become A Pricing Guru With Wiser’s New eBook

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Running an online store doesn’t have to be as intimidating as many speculate. One aspect in particular that stresses some retailers out is pricing strategy. Setting prices for products can be a daunting task for any online retailer. Price too high and you could scare away customers, price too low and you could lose profits. Not to mention some competitors change their prices every 10-15 minutes, so what’s an online retailer to do?

Well, the WiseGuys have your back, and have explained different strategies in their new eBook, “The WiseGuy’s Guide to Online Retail Pricing Strategies.” Our new eBook covers everything you need to know about pricing. With 11 different strategies for retailers to read up on, Wiser’s new eBook is chalk full of all the information retailers need to set and update their prices.

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Pricing is big deal in ecommerce. Approximately 84% of consumers cite price as the most important factor in their purchase decision, so you know it’s important to have the right price at the right time. It’s ok, though. We’ve assembled the top pricing strategies used by online retailers every day.

Take psychological pricing, for example. Did you know that a person’s subconscious affects their purchase decisions on a daily basis? As an online retailer, you should consider different psychological pricing tactics to attract the consumer’s psyche. Charm pricing is a prime example of this. Did you know that people are more attracted to prices with 9s in them? Studies done by MIT and the University of Chicago prove that 9 is a magic number to include in your prices.

Ever worried if a customer will see your price, scoff, and leave your site in search of a better price? It’s a legitimate concern, but wouldn’t even be a problem if you could just hold ridiculously low prices and killer deals all the time. Of course, anyone will tell you that’s a bad idea, but limited time only pricing provides a temporary solution. By notifying customers about discounts, you can create a sense of urgency. And since 73% of shoppers are influenced by discounts, you’ll be sure to attract them to your store at the sight of low prices.

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Of course, you can make sure you have the best price at the best time with a dynamic pricing strategy. When demand increases, price should too. Looks like that econ 101 class you took in college was actually on to something! Many dynamic pricing strategies take numerous factors into effect, such as competitor prices, seasonality, traffic rates, and more. When paired with a repricer, a dynamic pricing strategy can keep you ahead of the competition.

Pricing can be complex and intimidating, but our new eBook breaks it down. If you’d like to learn more about pricing strategies and how retailers can apply them to their online stores, download your free copy of Wiser’s latest eBook here.

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Angelica Valentine

Angelica Valentine is the Content Marketing Manager at Wiser, a dynamic pricing and merchandising engine for online retailers, and a contributor to VentureBeat, Business Insider, The Future of Commerce, and more. She holds a BA from Barnard College of Columbia University.