How you price your products has a tremendous impact on your business bottom line. Thats why you, as an online seller, need to find the pricing strategy that works for your web store and allows you to achieve your business goals.
Costly Mistakes
Bad pricing can have serious repercussions in the form of lost business and lost revenues, yet many e-tailers disregard its importance. Many new, and not so new, sellers seem prone to certain common mistakes:
Not tracking the consequences of pricing decisions. Says Frank Luby, of http://Simon-Kucher.com, In a lot of cases, people are making pricing decisions very information-starved. You should be able to defend your prices with market research. Monitor the affect of pricing changes on your profit margins, so you know how to adjust your prices in the future.
Trying to match or beat the lowest prices. A lowest price strategy is only practical if you have a sustainable cost advantage over your competitors. If you cant maintain those super-low costs, you cant afford to maintain super-low prices either.
Using standard markup pricing. The problem with simply adding X dollars to your cost to determine your...
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