Running a smart, profitable, and sustainable eCommerce business requires owners to know competitor product offerings. You can’t stand out if you don’t know what you are standing next to. If your products are too similar with nothing extra to offer, you are at the risk of becoming...
Before customers click "Buy Now," they’ve likely compared prices, specs, and reviews across at least three other sellers. In fact, 81% of retail shoppers conduct online research before making a purchase, according to a GE Capital Retail Bank study. But when was the last time...
What Is Charm Pricing? Charm pricing is a psychological pricing strategy that involves ending prices with .99, .95, or similar odd numbers to create the perception of a lower price. For example, a product priced at $9.99 appears significantly cheaper than one priced at $10, even...
The Price Tag Isn’t Everything – It’s How Customers Perceive It Imagine two nearly identical products—one priced at $50, the other at $80. Most shoppers would assume the more expensive one is of higher quality, even without proof. This is the power of price perception—the way...
Understanding Psychological Pricing Have you ever hesitated before making a purchase, only to be swayed by an attractive discount or a price that "just feels right"? That’s psychological pricing at work. Whether you realize it or not, pricing strategies shape your buying decisions daily. As an...
When discussing price matching in eCommerce, one name inevitably comes up: Amazon. Known for its competitive pricing strategy and dominance in the retail space, Amazon has revolutionized how businesses approach pricing. But does Amazon offer a price-matching policy? And what does that mean for eCommerce...
Did you know that 95% of purchasing decisions are made subconsciously? This remarkable statistic underscores the power of understanding consumer behavior. For eCommerce businesses, tapping into the psychology of buying isn’t just a nice-to-have, it’s a must for creating compelling customer experiences, optimizing pricing, and...
Black Friday and Cyber Monday are one of the most important events for eCommerce professionals. Learn how to get the most out of it....
What is Price Matching? At its core, price matching is when a retailer agrees to match or beat a competitor’s price for the same product. This can apply to both online and in-store purchases. In the eCommerce world, where consumers can compare prices in seconds, price...
Price is not the key differentiator, it's the strategy behind price that matters, said Robert J. Dolan, the Baker Foundation Professor at Harvard Business School whose major research interests are product policy and pricing. To differentiate your business via pricing strategy you must set your...