Competitive Product Pricing is the Best Policy

On a fine day (today, that is), I read a longish blog post wherein the author argued that it is important to develop and design less and pay more attention to the pricing of products. Ultimately, it is the prices of your products that help attract (or drive away) your customers.

This is Holiday season, and I am reminded of crowds of shoppers. What causes all that mess? The hunt for lower prices, discounts, deals – more for less, basically. That lesson should alone be enough for any business person with any acumen to know that competitive pricing is probably the biggest draw for all shoppers.

Price Policy
Competitive Product Pricing is the Best Policy

Sure, shoppers will pay top dollar for products that don’t come cheap. But they are looking at discounts and sale pricing on those too. They also want free or inexpensive shipping. And they won’t be really bothered about the lack of decorations on your webstore if you are offering them the most competitive prices.

Comparison shopping is a big hit with online shoppers. With the kind of competition among webstores, it makes perfect sense to stick to the basics. On this premise, I came to the following conclusions:

  • Keep it simple: A minimally designed and developed site with just the right amount of content, product images, and other essentials will do better business with competitive pricing than fancy websites that bother too much about in-store experience for customers.
  • Keep prices competitive: This is an area that requires most work. You have webstore features that can really help you keep prices competitive. Again, use only those features that are most relevant.
  • Help your customers: Webstores that make a mantra out of the previous two points see genuine value in shopping at your webstore. Any steps you take to help them in their quest of ‘more for less’ will help you attract traffic and conversions.

Should you never splurge on design and development features? That’s up to you. If you need to create branding and build visibility, perhaps those features will help. If you want to just sell more, competitive pricing is the answer.

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