When setting up an online store, it’s easy to get caught up in design, SEO, etc., and forget the one thing that matters most: WooCommerce price strategy.
The thing is, if you don’t get your WooCommerce pricing strategy right, you will find it difficult – if not all most impossible – to hit your financial goals. You might make sales, but you won’t have much to show for it.
But getting your WooCommerce pricing right is a mix of science and art. You have to take a lot of factors into consideration to create a balanced pricing strategy. These factors include willingness to offer coupons/discounts, inflation, shipping, etc.
Luckily, the Booster WooCommerce price plugin module can help you create a pricing strategy that works. It is easy to use and comes with a user-friendly interface.
Main Varieties of WooCommerce price strategies
There are different forms of WooCommerce pricing strategies. Here are some of the common ones:
Competitive Pricing
This form of pricing involves analyzing the pricing strategy of your competitors to come up with a better strategy. It’s the best place to start if you are just starting with WooCommerce pricing.
Product-bundling Pricing
As the name suggests, product-bundling involves bundling multiple products and selling them for a fixed price. The benefit of this strategy is that it gives you the chance to sell more and generate more revenue for your store.
Manufacturer suggested retail price
In this pricing model, you set your products’ prices based on the suggestion of the manufacturer. This model is also effective for beginner online merchants.
How to choose the right WooCommerce price strategy for your business
As much as all the pricing strategies we’ve discussed so far are effective, they might not work for your business. How then can you determine the right strategy for your business? By a taking the following into consideration:
- Your business goal: if you are more concerned about generating sales for your business and not building brand awareness, you are better off sticking to the price-bundling strategy.
- Market competition: the competitive pricing strategy is a better option if you are in a fiercely competitive niche and want to get ahead.
Which Booster WooCommerce price plugins are better to use for your strategy?
The Booster WooCommerce price plugin module makes it easy to create an effective pricing strategy that works.
It comes with an easy-to-navigate interface, is easy to use, and has a bundle of other plugin modules you will find useful.
Conclusion
Getting your pricing strategy right for your WooCommerce business is key to staying successful and making profits.
Thankfully, you don’t have to manually calculate your shipping strategy; the Booster WooCommerce price plugin module can help you with this.
FAQ
How do you update product pricing in WooCommerce programmatically?
The Booster WooCommerce Price plugin module can help you update your product pricing programmatically without you lifting a finger.