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Define your objectives

The best pricing strategy is largely contingent on what you perceive your brand to be—and what you envision it will look like in the future. 

• Is your goal to increase your profit margins or AOV? 

• Do you want to retain current customers or focus on attracting new buyers? 

• Do you just want to offload excess warehouse stock? 

• Do you plan on launching your online business internationally? 

If the latter is true, you may want to consider employing different pricing strategies according to the regions you’re selling in. 

 

Know your customers

Understanding your market demographic, what they value, and how much they’re willing to spend for products is integral to setting the best price and choosing an appropriate pricing strategy.

 

Consider hiring a pricing analyst

For scaling an e-commerce store, creating the right e-commerce pricing strategy is often far more complex than just relying on competitor-based pricing alone. 

If your business is growing, it may be time to consider hiring an e-commerce pricing analyst, who can assist you in assessing your production costs, analyzing consumer and market behaviour, and monitoring the prices of the competition.