Dynamic Pricing for Your Online Store in NEXT BASKET
Did you know there’s a feature that allows the same products in your online store to be offered at different prices to different customers? The only condition is that the customer must have an account in the store and have made at least one purchase from it.
Implement a successful strategy to encourage purchases in your online store with the dynamic pricing feature of the NEXT BASKET platform.
Dynamic pricing changes the prices of products in your store based on specific criteria (aligned with the type of customer) and helps you sell more and increase your revenue.
What is the dynamic pricing feature on the NEXT BASKET platform?
Dynamic pricing is a feature that allows the prices of a specific product or group of products to be changed based on certain criteria.
Thus, goods in your store will be displayed at one price for one customer or customer group and at different prices for another customer or customer group.
This depends on criteria you set in advance, such as:
- How many items does the customer buy
- How often do they visit your store
- Do they have an activated individual discount
- What’s the value of their purchase
- What’s the user’s history of interaction with your store so far
Dynamic prices are a strategic way to give your buyers a discount, provided they meet one or several conditions.
Here are some examples of dynamic pricing strategies:
- The unit price of an item changes according to the number of products – for example, Buy 1 product for 10 USD, 2 items for 5 USD, 3 items for 2 USD, etc.
- Buy X number of items, get X for free.
You can also activate special price offers for loyal customers – for instance, those whose purchase history in your store has reached a particular value.
How do dynamic prices increase sales?
Below are several specific situations in which dynamic pricing positively affects your sales:
- Stimulate the sale of a specific product type – with dynamic pricing, you can direct the customer’s attention to products you want to get rid of (because they aren’t selling well, for example).
- Make the customer feel special – dynamic prices, offered only to a particular user or user group, show special attention to the customer, increasing their loyalty to the store and brand.
- Help analyze consumer behavior – by applying a dynamic pricing strategy, you can extract useful information (for example, if you notice that certain goods are being purchased in larger quantities, you can offer different package deals).
Dynamic prices aim to increase your store’s revenue by increasing the average order value of the regular customer.
With NEXT BASKET’s built-in dynamic pricing feature, you can plan better, sell better, and perform better in the competitive e-commerce landscape.