Setting a price on Amazon or e-commerce in general is a skill that needs to be developed when you fully immerse yourself in the world of e-commerce.
There are amazing effects whether you move the price up or down.
Increase the price (surprising effects)
There are products that require a high price. “High” is relative to cost, competitors, branding, etc. But it is true that there are certain types of products where a product must have a minimum price. If you go below that price, the potential customer begins to suspect that such a product cannot be sold for so little and that there must be an underlying problem.
We have seen more than taiwan whatsapp number data once that a 30-50% increase in price has had an equally large impact in terms of increased sales. We have also seen that raising the price has had no impact on demand that was already at a good level, which is also positive. At very low prices, going from 10.99 to 11.99 is not going to show major changes in terms of demand, especially if you have a product with little competition, which makes comparison difficult.
Lowering the price and psychological prices
Similarly, going from 75.99 to 77.99 often external linking – mark advertising and be does not have a big impact. Another thing is going from a price close to the first digit to the next highest. Here, making a change from 59.99 to 63.49 can be problematic, especially if you are in a very competitive niche.
It seems unbelievable that lowering the aero leads price by 1 cent can make a (small) difference. It also seems unbelievable that sometimes we as a team still set prices of 17.00 for products today. Don’t you think that 16.99 is a much better price and without knowing the offer it seems more attractive to you? I’m not telling you anything new with that. Psychological prices exist and they are real.
Lowering the price used to be more important
You could make more money if it meant your product would qualify for “small and light.” This is something that Amazon has unfortunately left behind. So I’ll tell you straight up, I don’t like lowering prices.
We usually do this with new products to lower the barrier to entry for the product. Especially when you make Vines, the people who rate you also always take into account the price-quality ratio. You are not doing yourself any favors in this case by starting off high with the final (high) price.
