As you start making sales, you will realize that pricing is a lot more than just a simple calculation.
When you set up shop and start selling your items, your pricing strategy is usually straightforward: you factor the cost of selling the item, add shipping costs, top it up with the profit you want over the product and you have your total price.
But the real world is seldom simple. You have stiff pricing competition. You have geographical considerations. And most importantly, people trying to buy things are always trying to get them at lower prices.
Pricing has a direct impact on:
- Your shop’s conversion rate
- The way people perceive your brand/business
This is why pricing – and pricing strategies – are so important for a shop to go to the next level.
There are a few ways in which you can tweak your pricing to increase conversions:
- You can offer discounts for specific groups of customers (based on their purchase history)
- You can offer discounts based on where your customers are from (geo-targeting)
- You can offer volumetric discounts – that offer discounts if X quantity is purchased etc.
Handling pricing for a huge catalogue of products is another thing. If you do this manually, it might take away all your time.
In this article, we will talk about some of the best apps that will help you manage the pricing of your products – introduce targeted offers, bulk edit prices, and generally, increase conversions on your store with a smart pricing strategy.
Take a look:
Shopify apps For wholesale and customer specific pricing
- This app makes it easy to set customer-specific pricing. You create tags (like VIP, Wholesale etc) and then declare what sort of a discount should apply on these tags.
- The groupings/tags can be made based on how many times the customer has purchased from your store, how much $$$ of products they have purchased from your store or even things like if they bought a membership product (the purchase of which can trigger the addition of a tag on a specific customer).
- You can also add discounts for individual products for each tag/grouping you have.
- With the help of product tags, (like tagname-HIDE), you can easily hide specific products from even displaying on your store (and only displaying them for specific customers).
- This is a very minimal version of the first app on this list (Customer Pricing). With this app, you can set global discounts for your store products and add them to customer tags.
- Unlike the first app, there is no automated customer-tagging – you have to manually tag the customers whom you want to offer the discounts.
- Features include: individual prices per variant, setting minimum product requirements for the discount to work, setting minimum cart requirements etc.
- It’s easy to work with and configure.
- This is another easy-to-use discount pricing app where you can set discount on your whole store (or on specific collections).
- You will be creating tags for customers based on which you can set the discounts and then using them to create the offers.
- You can add individual product discounts too (for all the customer tags) but the process could be simpler (you have to first apply a global discount rule before you can do this to individual products).
- Also, update for these things takes about 10 minutes to sync and show up on your shop. Not a big deal for most shops.
- You can also set minimum order quantities: most notably, MOQ for product, or collection or variant within a product. This ensures that the discount gets applied only on when the minimum criteria is met.
- Another pet-peeve is the discount information on the UI (on your shop) could use better design / styling.
- One more simple app to apply volume discounts with multiple variations (discount tiers). What I particularly like about this is the neat interface. It is almost intuitive to use the app.
- With this app, you can easily manage dozens of offers – pause them, edit them, remove them quickly.
- The app adds a nice “Buy at discounted prices” section to the products for your potential customers to quickly know what they can get if only they added a few more items or value to their cart.
Apps for creating location based pricing
- Many store owners who would like to sell internationally are hindered by the complexity of working out international pricing. Besides the obvious shipping costs, there is also the currency problem.
- This app makes it easy to set different prices in different countries whereby you can even set lower prices for specific countries where you have lower shipping overheads.
- If you have a store with international sales going on (or want to open up internationally), this app can save a lot of time for you in calculating and managing prices for different countries that you cater to.
- Coupon boxes are too common. But most stores offer a flat, one-size-fits-all coupon (10%, 20% off etc) for all their visitors. This is not optimal. (For instance, in some cities, you could do just as well with a 10% discount instead of a 20% discount because no one else is offering 10% off).
- Darwin Pricing is the only app I’ve seen that makes it easy to have a smarter coupon box system where the discount you offer is not a global one-size-fits-all number but calculated smartly based on geo-location.
- It runs on the principle that the average price and discounts being offered in New York City is different from that offered in a town in Asia.
- Unlike all plugins in this list, this one does a lot of things in the background: it runs split tests on the coupon value, it picks data from PPP and Consumer Price Index, and even AI algorithms to figure out the best discount value to show to a customer from a specific location.
Apps for bulk price editing
- As the name suggests, this app makes it easy to bulk edit prices of products where you select products to be edited via filters.
- Updating the price can be global (a single value applied to all selected products) or you can increase/decrease the mark-up or the margin.
- Filtering has several options: collection, product type, vendor, tags, search (via title), etc, so it’s quite comfortable to find a decently-matching set of products to edit.
- You can apparently create custom lists too (for future changes). This comes in handy when you have an entire custom collection on discount for a limited time.
- This is another app like the previous one but unlike that here you can also schedule the price change.
- Scheduling price changes help you to run discount based promotions with ease.
Some Other pricing apps
- Price match is extremely popular. But letting your customers negotiate (or make an offer) for a product you sell is uncommon.
- PriceWaiter app makes it easy for your potential customers to negotiate a price (“Make an offer”) for a product they feel is pricey. With this option, the idea is to avoid losing customers and instead turn them into actually communicating with you to initiate a price negotiation.
- You need a PriceWaiter account to use this but it’s one of the most unique (and not-so-popular) ways of improving conversions.
- You still get to decide whether to accept or deny an offer – or provide a counter-offer. All control is with you.
- One undeniable fact seems to be that the app is hugely popular, well-tested in the wild and has proven to be an asset for many medium- to large-scale shops.
- Perhaps the most simplest of all apps on this list.
- Login to View Price makes it easy to implement an extremely simple technique to get signups on your store (as a way to collect emails)
- According to the app listing, a developer will work with you to set it up (for free, of course). This ensures that the price information on the selected products will be removed and replaced with “Login to view price” or “Register as a wholesaler to view price” etc.
Hopefully, you are now armed with the tools and the knowhow to create a robust, smart, winning pricing strategy for your store.