Pricing is vital to keep your existing customers from coming back as well as attracting new customers. This is important especially if you are an online seller since customers can easily find the same items you have online.
In order for your business to survive, you need to price your products competitively. You can check other retailer's prices for the same item. Join forums and get advice from members for pricing tips.
You can also consider other factors to be ahead of competition by providing lower shipping cost, flexible return policy and even exceptional customer service.
In addition, ensure that you market your products well by providing clear images and comprehensive product description. Be honest for any flaws so the customer will know what to expect.
Another strategy that you can consider is Everyday Low Pricing. This is a method where you customers can be assured of the lowest available price for your products without the need to wait for discount promotion. This method is likely to generate customer loyalty since you will be their first stop when searching for products knowing that they can get the lowest price in the market. Businesses engaged in this strategy opt for this method since they can save time and energy in conducting price markdowns, providing coupons and other occasional promotions.
Holding sales is another way to attract customers. You can choose to hold sales promotion during holiday seasons where customers are doing their holiday shopping. You can also hold sales if you have a new product to offer to your customers. use sales at the end of a season to reduce your remaining inventory. Income generated from season-end sale can be used to purchase items for the upcoming season.
When you consider holding sales for your business, it is important that you advertise this promotion to be successful. You can either send out newsletters or e-mail to your existing customers. You can consider other advertising methods for prospective customers to let them know of your sales promotion.