{"id":352,"date":"2023-05-07T07:54:23","date_gmt":"2023-05-07T07:54:23","guid":{"rendered":"https:\/\/ecomvivid.com\/blog\/?p=352"},"modified":"2024-04-15T12:48:11","modified_gmt":"2024-04-15T12:48:11","slug":"competitive-pricing-strategy","status":"publish","type":"post","link":"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/","title":{"rendered":"The Competitive Pricing Strategy Guide for eCommerce Stores"},"content":{"rendered":"\n<p>What is the thing that every customer loves or demands? Without a second thought, it\u2019s getting products at the best possible price. Yes, customers always prefer products or services that suit their budget or are available at the best price. If you and your competitor are offering the same product at different prices, certainly customers would opt for the one that is priced low. But as a seller or retailer, you will always think that would pricing low than your competitors affect your profit. This is when the competitive pricing strategy comes into the picture.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#What_is_competitive_pricing\" >What is competitive pricing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#Competitive_pricing_analysis\" >Competitive pricing analysis<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#Using_competitor_price_tracking_software\" >Using competitor price tracking software<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#3_options_for_competitive_pricing_strategy\" >3 options for competitive pricing strategy<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#How_to_use_competitive_pricing_to_maintain_a_regular_flow_of_customers\" >How to use competitive pricing to maintain a regular flow of customers?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#Pricing_as_per_your_brand\" >Pricing as per your brand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#Pricing_as_per_your_customers_want\" >Pricing as per your customer\u2019s want<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/ecomvivid.com\/blog\/competitive-pricing-strategy\/#Play_with_numbers\" >Play with numbers<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_competitive_pricing\"><\/span>What is competitive pricing?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It is the price of the product or service set by the business based on the price set by the competitor. It is the closest price. Since the business considers the market price instead of figuring out its own price, competitive pricing is also called as market-oriented pricing.<\/p>\n\n\n\n<p>A competitive pricing strategy usually comes into action when the market is competitive especially when the on stores are offering common products. And that is why a competitive pricing strategy is most effective for eCommerce business as there is cut-throat competition among online sellers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Competitive_pricing_analysis\"><\/span>Competitive pricing analysis<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The best and time-tested way to conduct a comprehensive competitor pricing analysis is by finding answers to some most vital questions which are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Who are the top 3 competitors of your business?<\/li>\n\n\n\n<li>What are the niche products and services your competitor deal with?<\/li>\n\n\n\n<li>What is the type of pricing strategy they follow?<\/li>\n\n\n\n<li>Are your competitors making a profit?<\/li>\n\n\n\n<li>If yes, how much profit do they make?<\/li>\n\n\n\n<li>Since when are they in the online business?<\/li>\n\n\n\n<li>What are their positive and negative traits?<\/li>\n\n\n\n<li>What is their growth rate?<\/li>\n\n\n\n<li>What makes their business different from yours?<\/li>\n<\/ul>\n\n\n\n<p>Answering these questions will certainly help you gather the required data that is essential for effective competitive pricing.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Using_competitor_price_tracking_software\"><\/span>Using competitor price tracking software<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Smart pricing is definitely going to grab the attention of your potential customers. The effective and foolproof way to attain such prices is by making use of competitor price tracking software. These web apps gather the prices of the tracked products from your competitors\u2019 websites, analyze and come up with a smart price for your product. It monitors and effectively compares the price and makes sure both the business and customers are benefiting from it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_options_for_competitive_pricing_strategy\"><\/span>3 options for competitive pricing strategy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you have decided to adopt a competitive pricing strategy, then here are 3 options that you can consider:<\/p>\n\n\n\n<p><strong>Low pricing<\/strong> \u2013 This means reducing the price of goods or services as compared to your competitors. So if you are considering this option make sure you don\u2019t run into a loss. The better way for you would be to produce products in bulk as it will reduce production costs and accordingly, you can lower the price of the products without hampering the <a href=\"https:\/\/ecomvivid.com\/tools\/profit-margin-calculator\" target=\"_blank\" rel=\"noreferrer noopener\">profit margin<\/a>.<\/p>\n\n\n\n<p><strong>Matched pricing<\/strong> \u2013 This means keeping the product price, the same as the competitor. It is challenging as you may have to convince your customers enough that your product qualities or features are much better. Focus more on quality. If the customers get convinced, they will automatically choose your product.<\/p>\n\n\n\n<p><strong>High pricing<\/strong> \u2013 This means the cost of your products or services is higher than competitors. To ensure the customers choose your online store to make the purchase, offer additional features and benefits that will attract them. Highlight what your competitors are missing and what you have.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_use_competitive_pricing_to_maintain_a_regular_flow_of_customers\"><\/span>How to use competitive pricing to maintain a regular flow of customers?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Customers like never before are smart enough to compare product reviews and prices and make the purchase. Especially when it comes to online shopping, customers can easily open various sites selling similar products compare their prices, refer to earlier customer reviews, and accordingly make a wise choice. Unlike before now, there is no need to run up and down a hundred stores and get the desired product at the best possible price, eCommerce has made everything a cakewalk.<\/p>\n\n\n\n<p>So if customers are thinking smart then online businesses need to think much smarter to maintain their regular flow of customers. Compared to other pricing strategies, competitive pricing relatively helps online stores to have a stable customer base. This pricing technique allows the customer to compare prices before making the purchase.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pricing_as_per_your_brand\"><\/span>Pricing as per your brand<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Sometimes you want to price your product higher than your competitors. Only by indicating your USP, you can convince the customers that you are the best choice. Customers would definitely consider alternatives that are less priced but if you succeed in convincing your customers that your brand product is more useful and valuable then they might consider you as a better choice.<\/p>\n\n\n\n<p>You need to understand your competitors completely, particularly their positive and negative traits, and then come up with a compelling pricing strategy.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pricing_as_per_your_customers_want\"><\/span>Pricing as per your customer\u2019s want<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>Ever thought about why your potential customer prefers your competitor\u2019s product rather than yours? Unless you don\u2019t understand what your customers want, you can\u2019t sense their willingness to pay. As a seller, you have to understand the needs of your customers and price the products as per their desires. Make sure the customers find the price acceptable and make the purchase.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Play_with_numbers\"><\/span>Play with numbers<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>It\u2019s human psychology how they react to numbers. Expensive tags never tend to attract shoppers. Here the arrangement of numbers in the pricing plays a significant role. We\u2019ll explain how. For example \u2013 if your competitor is offering a certain product at $200 and you are offering the same product at $199, your product is likely to catch more attention because of the digits and arrangement of numbers. Though the difference is just $1 still it can have an impact on their buying decision.<\/p>\n\n\n\n<p>Similarly, if you have decided to sell a product at a price less than your competitor, instead of directly displaying the reduced price on your website, try to show it at a discounted price. If the competitor is selling a product at $100 and you are selling the same product at less price say $90 then instead of directly displaying the price you can show like \u201cABC product \u2013 $100 is now available at 10% discount.\u201d this will grab more attention. If you directly showcase the lowered price, the quality of your product can be questioned. So it is better to play safe, understand human psychology, and use the numbers effectively.<\/p>\n\n\n\n<p>So if you are planning to undertake a competitive pricing strategy for eCommerce business, follow the above guidelines for your business advantage.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the thing that every customer loves or demands? Without a second thought, it\u2019s getting products at the best possible price. Yes, customers always prefer products or services that suit their budget or are available at the best price. If you and your competitor are offering the same product at different prices, certainly customers [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":353,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ecommerce-guides"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Competitive Pricing Strategy Guide for eCommerce Stores<\/title>\n<meta name=\"description\" content=\"Master the art of competitive pricing in eCommerce with our comprehensive strategy guide. 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