The fashion world is very dynamic in nature and keeps on changing all the time. If we particularly talk about the online fashion world then it is further advanced and one can saw new trends every day.
When you visit an online fashion platform then you will find something new and exciting on every visit. It is very attractive and feelgood experience from the customer point view but what about the online retailer? The margin of error for the seller is really very small. In such a case the pricing of products becomes the bone of contention for all the retailers.
Advanced techniques of pricing
In ancient times a merchant can comfortably decide the retail price of the offered product after calculating a profit of 10% or 20%. But the equation is completely changed now if your pricing strategies are not up to date and competitive then you could be out of the market within a few days. In such a scenario, we have some advanced software like eBay repricer, which are based on artificial intelligence that can help you to enhance your revenue by providing competitive prices based on the current situation of the market and upcoming trends of the market.
5 Most Prevalent Strategies to Attract Maximum Customers are-
The Competition
While deciding the retail price of any cloth or accessory, the first thing which must be taken into consideration is the prices offered by other platforms for the same product. If you manage to keep your prices at the lowest, then only you can attract the maximum customers.
Shipping charges
Shipping charges are a very significant element of online pricing strategies. Usually, customers have to pay high amounts on the shipping of products. Often customers like to purchase those products which offer free shipping. The free shipping tool is very effective to attract those customers who are addicted to online shopping and keep searching for some kind of offer all the time.
Festive seasons
Different countries have different cultures and traditions, and all of us celebrate our festivals by exchanging expensive gifts and clothes to our dear ones. All the online retailers use the festive season very prudently to enhance their sales. Even they offer extra discounts on combo purchases of products.
The discount coupons
All of us love to purchase those products which look extra beneficial to us. At present tradition of discount coupons is quite prevalent in the online fashion world. If a customer purchases some clothes or accessories from a particular platform then he or she will get a discount coupon which would be applicable on the same platform to their future purchase.
Sale
The word sale is a very small four-letter word but it can make the butterflies of your stomach active in few seconds. It is the normal behaviour of customers of the whole world that they cannot resist any kind of sale and this human behaviour is exploited very well by all the retailers of the fashion world.