Profit is the driving force behind any retail business! The bottom line of your business is to grow your bottom line. You need to make money in order to keep your business afloat, but you also do not want to price yourself out of the marketplace by pricing your merchandise too high.

In today’s retail world, eCommerce accounts for over $3 trillion in overall sales and you can’t afford to pass up your piece of the profit pie! Digital technology now makes it possible for customers to compare prices on the items they want at many different retailers in seconds, and most customers will purchase the item they want from the retailer who is offering the most competitive price.

So, how do you ensure you are pricing your merchandise to sell?

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Remember the last time you visited your favorite shop? Let’s remember those moments together and see how it relates to e-commerce pricing.

You went into your favorite store, gazing through the stalls briefly, touching a couple of the items for the feel and texture. Suddenly, you found your perfect match. You grab it and place over your body to see if it really looks great on you. You loved the item and the only thing between owning it is the price tag. You find the price tag after a quick search, flip it, and check how much it’s worth.

Yikes!

It costs a lot. It’s not a bargain, it’s not a deal so you give up, and probably leave the shop after similar experiences.

Now, this is a quite common offline shopping story and the example here was mainly for the fashion industry, but if you think that the experience is different in e-commerce you’re wrong! The decision process is way faster than that.

Because in e-commerce pricing, the prices are right there in front of your eyes with the product name, images, and descriptions. Therefore, the e-commerce pricing of any product is one of the most crucial qualifiers when consumers start browsing that product.

Now what?

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