Image from GaragePlug What is pricing strategy? To businesses, a sound pricing strategy is a critical component for success. It directly impacts a company's revenue, profits, and overall financial health. Several pricing strategies can help a business achieve its goals, such as maximizing profits,...
As price is the element earning for you, you should wisely determine it. The eCommerce world is continuously and rapidly changing, as well as product and service pricing online, on a daily basis, aiming to acquire customers searching to purchase certain products or services at...
There is no doubt that price is the most important factor for consumers when paying for a product or service. It’s no surprise that 60% of internet users in the U.S. agree that price is more important than brand when buying a product. So, the...
It’s not easy when you try to enter a new market or start selling a product or service while your competitors are already offering something similar. There are a few ways to successfully perform this task, and perhaps the most common one is by a...
If you're looking to succeed in a global market, then you'll want to use every tactic at your disposal. Competition is fierce, and you want to ensure that your company is being used over all the others out there. One way you can do this...
You may have heard of value-based pricing and dismissed it off the bat. Perhaps it seemed too complicated, and it felt easier to cost your product according to more traditional rules. With innumerable eCommerce pricing strategies available to choose from, you could be forgiven for...
Economists would say that demand dictates the price - it’s as simple as that. Apart from economists, the transportation industry has agreed with this statement for years. That’s how a surge pricing strategy kept fueling one debate since the 1950s. Is it foolish to expect fairness in...
Do you happen to have a pulse oximeter at home? If you have it most likely you bought it over the past two years. Correct? The COVID-19 pandemic gave tremendous rise to the market for medical equipment for at-home health monitoring. This rise in demand...
If we asked you who your competitors are, would you know the answer? The answer would probably be something along the lines - companies from the same branch, that are selling similar products at a similar price. That’s correct, but not completely. We can already see...
The first association with the adjective “sticky” is usually connected to food (or sticky notes if you are a student), but yes, that’s right, prices can be sticky too. Sticky prices mean exactly what they sound like - they resist moving or changing. Since the...