Pricing techniques on product sales websites

Pricing techniques on product sales websites

Selling products online is a highly competitive business. And there are many people coming to take action. If you are a person who wants to sell products online You need to have good strategies and techniques for pricing your products. in order to be able to attract customers and have profit from sales

Pricing your products online isn't easy. You have to consider many factors such as costs, expenses, desired profit, market price, and customer demand. Product quality and value and buyer psychology, etc.

In this article, we will introduce pricing techniques on sales websites. That will help you set product prices appropriately, satisfy customers, and make a profit from selling products online.

Pricing techniques on product sales websites

1. Calculate costs and desired profits.

Setting product prices online You should start by calculating your costs and the profit you want to make from selling your products. Product cost is the cost that you have to pay to buy or produce the product for sale, such as product price, shipping cost, labor cost, material cost, etc. You should calculate the cost per piece of the product accurately. And don't forget to include hidden costs that may exist, such as travel costs, telephone costs, internet costs, etc.

Product profit is the difference between the selling price and the product cost. You should set a goal for the profit you want to make from selling the product. Taking into account the possibilities of the market and customer satisfaction You can use a formula for calculating the selling price that is appropriate for your business, such as a formula for setting prices from the cost of products (Markup on Cost) or a formula for setting prices from the selling price of products (Markup on Selling Price), etc.

One of the methods for calculating the selling price of a product is to use the formula for setting the price from the product's cost (Markup on Cost), which has the following steps:

-Calculate the cost per piece of product. By taking into account all expenses related to purchasing or producing the product. Divide by the number of products received.

-Set the profit target that you want to get from selling products. It is a percentage of the cost, such as 10%, 20%, 30%, etc.

- Cost per piece Multiply by the specified profit percentage. You will get a profit price per piece.

-Bring the profit price per piece plus cost per piece You will get a selling price per piece.

For example, you sell clothes online. The information is as follows:

-You buy 100 clothes from the factory for 10,000 baht, including shipping costs.

-You want to earn 30% profit from clothing sales.

2. Study market prices and customer needs.

Setting product prices online The market price and customer needs should be taken into account. Market price is the price that other traders in the same market assigned to similar products You should research and compare competitors' prices. and find the highlight of your product To be able to set an appropriate price, not too expensive or too cheap. and able to compete in the market

Customer demand is the desire or desire of customers to buy your product. You should study and understand who your target customers are. What are your needs, what are your problems, and what is your budget? You should price your products in line with your customers' needs and preferences. and let the product price reflect the quality and value of the product

Studying market prices of online products This can be done in the following ways.

-Use online search tools such as Bing or Google to find the products you want to sell. and see the prices of other merchants selling the same or similar products. You can use keywords related to your product, such as product name, product type, or product features, etc.

-Use websites or applications that are online product sources such as Lazada, Shopee, Amazon, etc. to see the prices of the products you want to sell. and compare with other products available on that website or application. You can use search functions, filtering, or sorting products by price. To find the products you want more easily

-Use websites or applications that are online product price comparison tools, such as Priceza, Pricetory, iPrice, etc., to see the price of the products you want to sell from many websites or applications that sell products online. You can enter the product name. or scan product barcodes To see the price of that product from various sources

Studying market prices of online products It will provide you with information to improve your marketing strategy. and pricing your products to suit the market and customers This will increase the opportunity to sell more products online.

If you want to study the market prices of products online through our application You can use the product search function. and see the price of the product you want to sell from other merchants selling the same or similar products in our application You can also see reviews. and product and merchant ratings, which gives you an idea of ​​the popularity, satisfaction, and trustworthiness of products and merchants.

3. Set prices according to psychological principles.

Setting product prices online Psychology should be used to help customers decide to buy your product more easily. Psychology is understanding how customers feel, think, and behave towards the price of your product. You can use psychological pricing techniques.