Strategies for setting product prices in your e-commerce

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If you are going to open an e-commerce, without a doubt, one of the most important points, in addition to doing good marketing, is to set the selling price of your products. To do this, you must study and implement a strategy that will boost customer interest and make them choose your items over those of the competition. As experts in helping companies grow and optimizing their digital channels, in this article we will give you some guidelines so that you can apply the right prices and achieve success more easily.

Some types of strategy.
There are different types of strategies for setting the price of products. In this case, we will divide them into three different strategies: according to market, according to value, and according to cost.

Market-based: Product prices are set based on supply and demand. This type of strategy does not take into account any other value, it is simply based on the market. It is usually applied in sectors where products can be quickly replaced by new ones, such as retail.
In this type of strategy, prices are determined by the market, that is, the price of the product cannot be changed unilaterally. If you raise the price of that product too much, you would break the market and lose sales.

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Value-based: In this strategy, you set the prices and the profit you want to make based on your product and the added value you offer with it. This type of strategy is based on market value, but the price you set can be higher because it provides added value to the product that the competition does not have.
In the value-based strategy, you must be very clear about who your customers are and what they are willing to pay for that product or service that differentiates you from the competition.

By cost: you must take into account the costs and the profit margin. To implement this strategy you must take into account all the costs of your product or service, from production to delivery. Don't forget to include all the costs, otherwise this system will not work. Then, determine the profit margin you want to obtain. To complete this step, you can look at the competition to guide you on the prices they have for the same products.
In this strategy, the main thing is not to forget to include any costs and to be clear about the benefit we want to obtain.

Factors to correctly determine the price of a product in your online store.
In the following lines, we explain the important points that you should consider in order to set attractive prices that attract users, but that, at the same time, allow you to make a profit.

Set an appropriate base price.