5 Online Retail Pricing Strategy Examples Worth Copying

5 Online Retail Pricing Strategy Examples Worth Copying · Basket-based pricing. We give top marks to basket-based pricing for the innovative method in which ... Skiptocontent SHARE BuyOneGetOneFreedeals,Flat50%off,Minimum70%off&othercrazy deals!Withoutthem,where’sthefuninshoppingonline?ForeCommerceowners,pricingtheirproductsisoneofthe mostdauntingtasks.Theyfeelthatnotonlyshouldtheirpricesbeattractiveforshoppers,butsalesfiguresshouldalwaysbeinthepeak ofhealth.Onlineretailersuseavarietyofstrategiestopricetheirproducts tokeepshoppersintriguedandcomingbackformore.Herearethetop5retailpricingstrategyexampleswethinkareworthcopying.Basket-basedpricingWegivetopmarkstobasket-basedpricingfortheinnovativemethodinwhichproductsarepricedtoenticecustomersintobuyingmore.AnexcellentexampleofhowthismechanismisdeployedisthewayJet.comdoesit.TheseeCommerceshoppersareincentivizedforbuyingrecommendedproducts.Anintelligentreal-timepricingalgorithmrunsinbackgroundofthestore.Coinedas‘smartcart’,thealgorithmmatchestheircustomers’deliverylocationforselectedmerchandisewiththeclosesttrustedsupplierthatstocksthem.Thecloserthedistancebetweensupplieranddeliverylocation,thecheapertheproduct.Thispricingstrategyisasmartwayofpricingproducts,sincediscountscanbeappliedwhilestillmaintainingprofitability.AlwayslowerthanthecompetitionShoppingaroundforthesameproductondifferentsitesisapracticemostofusareguiltyof.Inlightofthefactthatwebroomingandshowroomingarebecomingmoreandmorecommon,it’sevenmoreimportantforretailerstokeeptheirpricescompetitive.Thispricingstrategyworksespeciallywellwhencustomersareshoppingforthesameorsimilarproductsacrossonlinestores.Keepingthousandsofproductscompetitivelypricedisahugechallenge,however,it’sachallengethatcanbeaddressedwithsmartuseoftechnology.IntelligenceNode’sSaaSbasedpricingintelligencesuiteprovidesoneofmanysuchavenues.Withourproducts,youcanchoosetobepricedbelowthecompetitionatdesiredabsoluteorpercentagelevels.Withourrules-basedfeaturesyoucansetautomaticpriceadjustmentstocounterthecompetitioninreal-time.LossleaderpricingThelossleaderapproachisafantasticwaytoget yourcustomerstoregularlyshoponyouronlinestore.GenerallypracticedbyretailerslikeAmazonandWalmart,theideabehindthispricingstrategyistokeepcertainitemssignificantlylowerthanwhatisavailableoncompetingsites.Superlowpricesofferedbytheseretailers notonlydrivestraffictowardstheirstore,buttheyalsoachievethreebenefits:WindowshoppersconvertintopayingcustomersBuildingloyaltyCustomersarelikelytobuyhigherpriceditemsThemotivebehindthispricingstrategyistokeeptheaveragecartspendhigh.Quick-deliverypricingOneretailerwhoisusingthisstrategyeffectivelyisAmazon.Themarketplaceleadermakesfulluseofitsstateoftheartlogisticsnetworktonotonlyserveitscustomersinrecordtime,butalsotouseitasaprofitmakingstrategy.Customersaregivenquickdeliveryoptionssuchassameday,nextdayor2dayshipping,inreturnforanadditionalpremium.SowhileAmazoncankeepitspriceslowerthanmostofitscompetitors,itusesthequickdeliverypricingmodeltodriveprofitability.Real-timepriceoptimizationstrategyUsingreal-timepriceoptimizationtechnologytodeterminethepriceatwhichyourproductsaresoldistheidealwayofensuringprofitability.Beinglowerthanthecompetitionatalltimeshowever,isnotanadvisableretailpricingstrategy.Instead,youcanuseout-of-stocksituationsidentifiedinreal-timebyaretailanalyticsproductlikeIncompetitortopumpupprices.Out-of-stocksituationsareopportunemomentsforraisingpricesascustomerslookingfortheseout-of-stockproductsoncompetingsiteswillsurelynavigatetoyou.Ifyouwouldliketoexplorethemanypossibilitiesofusingretailanalyticstopriceintelligently,checkoutourfreeeBook,“A ComprehensiveGuidetoCompetitiveOnlineRetailPricingStrategies.” BLOGHOMEPAGE MostPopular 5oftheBestPenetrationPricingExamples CompetitivePricingStrategy-SeeHowProductsArePriced HowAmazonUsesSixSigmaandYouCanToo HowtoUsethePriceQualityMatrixtoOptimizeYourProductPricing 8BestWaystoMarketYourProductOnline RecentPosts TheRoleofCompetitivePriceAnalysisinAcceleratingeCommerceGrowth StockoutsandOver-StockingAffectingYourRevenue?Here’stheSolution ProductMatchingAI:TheSecretWeaponPoweringSuccessfuleCommerceTeams 6RetailTrendsThatWillDominatethe2021HolidayShoppingSeason HowcanNextGenerationDigitalShelfTechnologyhelpyouGrow? Categories ArtificialIntelligence(8) BigData(5) Brand(11) Competitivepricing(6) ConsumerBehavior(18) Covid-19(6) Ecommerce(24) FashionTrend(3) FutureRetail(10) MarketingStrategy(11) Merchandising(15) PriceIntelligence(8) PricingStrategy(49) ProductPricing(11) RetailAnalytics(3) RetailBusiness(8) RetailPricing(1) RetailSales(8) RetailStrategy(10) RetailTrends(3) SeasonalSales(9) SupplyChain(9) Real-TimeMAPmonitoringtoidentify&trackviolationsinstantlyTagsassortmentoptimizationblackfridaysaleblackfridaysale2019competitivepricingcovid19dynamicpricingEcommerceecommercebusinessecommerceconversionecommercepricingeCommercePricingStrategieseCommerceStrategyeCommerceSupplyChainholidaysalesholidaysales2019holidaysalestrackerholidayshoppinginventorymanagementMAPcompliancemappolicyMAPviolationsmarketingstrategyOmniChannelonlinegroceryonlineretailonlineretaileroutofstockPredictiveAnalyticspriceintelligencepriceoptimizationPricingpricinganalysisPricingIntelligencePricingStrategyproductassortmentRetailRetailAnalyticsretailbusinessretailmarketingretailpricingstrategyretailsalesretailstrategyshopifyshopifyappTechnology Tags ecommece,priceoptimization,pricingstrategies,retailpricingstrategy,retailstrategyRelatedblogposts PricingStrategy6minread HowDynamicPricingisDisruptingOnlineRetail Withtheeraofonlineshoppingcametheconceptofdynamicpricing.Thisisanaturalturnofeventsthatmightnotbeworkingaswellasexpected.WhatisDynamicPricing?Dynamicpricingisastrategybasedonwhichretailerschangethepriceoftheproductbasedonsupplyanddemand.Learnmore Brand4minread WhatIKEACanTeachYouAboutRetailCashFlow Haveyoueverwonderedwhatarethesecretsofefficientback-endoperations,seamlesssupplychainsandalmostinexhaustiblecashflowsoflargeretailcompanieslikeIKEA?Well,wehave,andwhatwefoundoutwillexpandyourhorizonsandhelpyougraspwhatittakestohaveanefficientcashflowmechanism.Elementsofan[…]Learnmore Ecommerce3minread WhatYourStoreCanLearnfromUber’sSurgePricingMethod Theretailworldoftodayisradicallydifferentfromwhattheindustrylookedlikejustafewyearsago,thanksinlargeparttotheincreasingprevalenceofeCommerceasmanyconsumers’preferredwaytoshop.Somanyinnovativeapproachestomarketingproductsandserviceshavearisenthatitismoreessentialthaneverbefore[…]Learnmore MostPopular 5oftheBestPenetrationPricingExamples CompetitivePricingStrategy-SeeHowProductsArePriced HowAmazonUsesSixSigmaandYouCanToo HowtoUsethePriceQualityMatrixtoOptimizeYourProductPricing 8BestWaystoMarketYourProductOnline RecentPosts TheRoleofCompetitivePriceAnalysisinAcceleratingeCommerceGrowth StockoutsandOver-StockingAffectingYourRevenue?Here’stheSolution ProductMatchingAI:TheSecretWeaponPoweringSuccessfuleCommerceTeams 6RetailTrendsThatWillDominatethe2021HolidayShoppingSeason HowcanNextGenerationDigitalShelfTechnologyhelpyouGrow? Categories ArtificialIntelligence(8) BigData(5) Brand(11) Competitivepricing(6) ConsumerBehavior(18) Covid-19(6) Ecommerce(24) FashionTrend(3) FutureRetail(10) MarketingStrategy(11) Merchandising(15) PriceIntelligence(8) PricingStrategy(49) ProductPricing(11) RetailAnalytics(3) RetailBusiness(8) RetailPricing(1) RetailSales(8) RetailStrategy(10) RetailTrends(3) SeasonalSales(9) SupplyChain(9) Real-TimeMAPmonitoringtoidentify&trackviolationsinstantlyTagsassortmentoptimizationblackfridaysaleblackfridaysale2019competitivepricingcovid19dynamicpricingEcommerceecommercebusinessecommerceconversionecommercepricingeCommercePricingStrategieseCommerceStrategyeCommerceSupplyChainholidaysalesholidaysales2019holidaysalestrackerholidayshoppinginventorymanagementMAPcompliancemappolicyMAPviolationsmarketingstrategyOmniChannelonlinegroceryonlineretailonlineretaileroutofstockPredictiveAnalyticspriceintelligencepriceoptimizationPricingpricinganalysisPricingIntelligencePricingStrategyproductassortmentRetailRetailAnalyticsretailbusinessretailmarketingretailpricingstrategyretailsalesretailstrategyshopifyshopifyappTechnology