With peak buying periods like Cyber Monday on the horizon, we wanted to spend some time this week discussing pricing strategies. Here’s a look at how one can enhance an e-store’s pricing strategies:
Let’s take a tier pricing strategy for example. Used to stimulate demand throughout a supply chain, it frequently involves wholesale pricing and quantity discounts. Therefore, it is imperative that e-store owners utilize a shopping cart that is capable of accepting multilevel pricing information and vendor options. Otherwise, the pricing strategy is apt to be ineffective.
A tier pricing strategy isn’t the only one that can be used effectively with the right shopping cart. The use of incentives to attract new buyers is another one. In order for an X-cart shopping cart to improve or compliment an incentive based pricing strategy, it should contain features like the ability to create special promotions, customized banner ads and limited time offers.
It is also beneficial if X-cart shopping cart has wish list, saved cart and personalized, return visitor greeting capabilities. That’s because such features can help the e-store owner develop customized incentives for reluctant buyers and potentially reduce cart abandonment rates.
E-commerce site owners that prefer to adopt a value-based pricing strategy should also be judicious in selecting an X-cart shopping cart because it features that tend to compliment a value-centered pricing strategy include, but are not confined to the following:
- Order history/account management
- Large image product viewing
- Gift registries/gift certificates
- In-depth product search
- Product reviews/ratings
- Product comparisons
- Customer reviews
Those are just a few examples of how an X-cart shopping cart can impact an entrepreneur’s e-commerce pricing strategies. To continue the discussion further, please contact us at (800) 675-0162.
To your success!
Anton Pachkine
FinestShops E-Commerce Management
Hosting | Customizations | Design | Marketing
www.finestshops.com | 1-800-675-0162
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