In recent years, analytics, business support tools, and pricing methodologies have grown by leaps and bounds. As such, traditional retailers are struggling to compete with the digital-first businesses of the future. There’s no denying that advances in big data, mobile, and omnichannel commerce are shaping the face of the e-commerce industry—but do you have what it takes to keep up and craft the best pricing strategy for your business?
Price list management is more complex than simply pricing your products to make a profit. For a pricing strategy to be effective, you need to take into account custom pricing for different channels and customers. This step is essential to maximize value perception and performance, such as site traffic, order values, sales, and margin, and to increase customer engagement and loyalty. As you grow your e-commerce business, it’s important that you take the time to refine your approach to price list management to remain competitive and optimize growth.
In this article, we’ll look at some of the different pricing strategies you can use to make sure that prices for your products are set properly the first time around. Use the links below to learn more about a specific pricing strategy.
- Why price list management matters
- Potential pricing strategies for your business
- Strategy 1: Manufacturer suggested retail price (MSRP)
- Strategy 2: Multiple pricing
- Strategy 3: Keystone pricing
- Strategy 4: Above/below the competition
- Strategy 5: Loss-leading pricing
- Implementing your pricing strategy
- Manage your pricing strategy in QuickBooks Commerce