Pricing your products is a vital process you need to take into consideration in you b2b e-commerce. Most buyers purchase products based on price. In this essence, you need to come up with the best price to make customers choose you over your competitors. If you overprice your products, you may lack customers and underpricing them can lead to losses. Due to this, you need to look for ways to set a competitive price and enable buyers to differentiate you from competitors. Here are ways of establishing a competitive price:
Research to see how competitors of the same niche are pricing their products
Coming up with a different price will make customers differentiate you from your competitors. The best way to set a competitive price is to learn your competitors’ price. You can compare the quality of your products and theirs to enable you to set a firm price. If you competitors set a high price for low-quality products, you can set higher for your high-quality products. With this, you will get an opportunity to create your distinctive price.
Know your b2b buyers
Knowing your buyers is crucial as you will get an opportunity to interact with them. With this, you will know what drives them from making a purchase. If quality drives them to buy your products, you can set a higher price. If the price drives them to purchase, you can set a lower price and still get a profit.
Create a professional online store
The way you present and market your store will matter. If your store has a poor design, customers will view your products as of low quality. However, if you present it as a luxury store with value-based services, b2b buyers will be willing to purchase your products at a high price.
In this case, you should select a b2b e-commerce platform that will enable you to create a professional store and offer the best customer service. By doing this, you can easily convince buyers that your products are of high quality and can set a higher price for the products.
Provide offers in your b2b e-commerce
Providing offers in your online store will make b2b buyers purchase products regardless of the price. You can offer free shipping which will enhance their purchasing decision. With this, you can set a higher price for your products and still get more buyers.
Having a competitive price can drive traffic to your site and increase sales. Hence, you need to implement these 4 ways to enable you to set a price that will make your b2b e-commerce stand out.