The internet and digital media control the world we live in today. You know that well if you are already into dropshipping. However, most online sellers are unfamiliar with the role of Price Protection in eCommerce, which benefits and expands their opportunity to earn more.
We have heard many customers complain that while they understand the basic ground on which eCommerce functions, they find it difficult to evaluate its merits. Having worked as dropship sellers, we have gained experience in understanding the way the market functions. This has given us an edge to understand how eCommerce services lead to profits.
Before we move into the specificities, it is important to remind you about two objectives that you must keep in mind–
- Profitable selling
- Optimizing your supply-chain management
These two goals are your be-all and end-all. The dropshipping industry does not always work on selling the commodity at a price higher than the cost. But you must consider the margins and try to achieve a higher selling price. To achieve a better supply, you will have to assess the prices of rival products to reach a new price tag.
That being said, let us look at the tips using which you can make money easily and quickly. Let’s make selling through eCommerce services lucrative. We will also find out how online supporting services like Price backers is a good pick if you are looking for a price match and Price Protection.
❖ Calculate The Total Cost
Now, this point is entirely under your responsibility. You can not afford to fix the price of your product if it does not cover your expenses. Big brands like Walmart and Target, when selling online, can afford to ignore the margins because they have a pool of money to rely on. But as a developing business, you should not take the risk of making zero profit only to reach Lowes price match or Target price match.
When you are deciding upon a price, consider the additional costs that need to be hidden beneath your final call. Your final price should cover the following charges-
- Cost of shipping
- Cost of supporting or additional services
- Salary of employee (if any)
- Emergency fund
- Marketing and website cost
❖ Anchor And Give Incentives
That is the mechanism our eCommerce company capitalizes on. If you would have seen how the big-name Home Depot works, you would know that Home Depot’s price match is based on offering discounts as incentives. They assume that by giving multiple incentives, you can gain the customer’s attention and increase the ‘perspective-value’ of that commodity.
For example, an eCommerce website catalogs a commodity at $35 providing easy online shipping of that product. There is another eCommerce website that sells the same product at $40 but it gives additional accessories or coupons along with the product. The market research proves that customers will more likely go for the higher cost product because they feel they are receiving much more by paying a mere $5 extra.
Any eCommerce business works better with anchoring, provided that the additional incentives are of negligible cost to you. It is a strategy you can see in Home Depot Price Match. They bring down the price to a lower rate than other retailers might have and provide an additional 10% discount. Well, you understand the strategy now. More incentives, more selling. Let’s find out about the price match now.
❖ Beat Others By Guaranteeing Price-Match
As online sellers, you must assert that your online store or company promptly matches the lower cost of a commodity that different retailers or online services might be selling it at. You know that all the big brands from where you source your items already provide a price match. That makes it imperative to provide price matching as it is fundamentally an important asset of online shopping.
Lowes price match and such other companies are looking for making up strategies that win them the highest customers. Price match is a must, in this scenario.
These benefits below will highlight the importance of price matching:
- Researchers say that customers always compare prices, which is one of the reasons why eCommerce skyrocketed. The customers prefer to choose a company that tells them they have the best prices out there.
- Using the Walmart price match guarantee, this popular name maintains its traction even after so many years. Your objective is to convince the customers that you are the best.
- When you convince the customers, they are more likely to revisit your website and hence make a purchase from you again. That means you have gained the loyalty of customers and also long-term benefits for your business.
- If you guarantee the lowest rates of a commodity, customers will automatically place trust on you and not switch to other places.
That brings to the interesting point why you need the external help of eCommerce services that support the dropshipping business.
❖ Get the support of eCommerce services
As integral as the guaranteeing price match is, you can achieve the most profitable results only if you are a pro in analyzing the competitors across the global market and come up with strategies to gain customer’s attention.
It often causes a lot of stress to move from websites to websites analyzing the costs and incentives of identical items to get the most effective pricing strategy for your online service. It also means constantly checking the rates across websites and retailers to ensure that your prices match the lowest rate prevailing in the market.
Sounds tedious? Of course, it is not a one-person job. That is why we are here.
Many times, there is a risk of losing money when other companies rapidly sell the same commodity at a higher cost than you. You alone have to bear that loss. Now here is where we offer our services. We, at Price backers, are determined in achieving the following:
- Guaranteed price matching, in par with the efficiency of guaranteed Home Depot price matching, Walmart price matching, Lowes price matching, and Target price matching for entrepreneurs by use of automatic assessment mechanism to compare prices across retailers.
- Innovative strategies to support price match by introducing incentives that attract customers. Our purpose is to give you the most profitable solutions.
- The security of Price Protection so that when rates go low, you have your funds and our refund to fall back to. That means stability.
Our eCommerce services are Data-driven to expand the business of our customers and make it more inclusive of the market strategies. You can let yourself free while we help you earn benefits for your dropshipping business.