Category Archives: Advanced Dynamic Pricing

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8
Nov, 2023

Top 4 best pricing rules for the Black Friday day

Black Friday is the busiest shopping day of the year when people flock to stores and websites to take advantage of the biggest discounts of the year. It’s no surprise that retailers are always looking for ways to maximize their profits on this day and one of the best ways to do this is by implementing pricing rules. Advanced Dynamic Pricing for WooCommerce is a great tool for automating your pricing and taking the guesswork out of setting your prices for Black Friday.

Here are the top 4 best pricing rules for Black Friday when using Advanced Dynamic Pricing for WooCommerce.

Organize Sitewide Discount

This is an old and proven method on Black Friday. By offering an attractive and irresistible discount, customers are more likely to visit your website and make a purchase.

How to create this type of discount in Advanced Dynamic Pricing for WooCommerce?

  1. Select the type of discount “Product discount” from the list.
  1. To apply the discount to a product, click on “Any products” in the product filter.
  1. In “Product discounts” choose persentage discount 15.
  1. Way to go!

Create Price Bundles

Price bundles are a great way to encourage customers to purchase multiple items at once. For example, a business can offer customers a discounted price if they purchase two or more items from the store. This will help the business increase their average order size and maximize their profits.

You can easily create this rule in Advanced Dynamic Pricing for WooCommerce. For example, let’s take a common option – the cheapest product with a 50% discount.

To do this rule you need:

  1. Select the type of discount “Product discount” from the list.
  1. Click on “Any products” in the product filter.
  1. Add one more position using the “Add product filter” button. Select “Select most expensive products” for one item and “Select cheapest products” for another.

Note: This feature is only available in the pro version.

  1. To add a discount for each product individually, click on the “Split” checkbox. For a cheap item, add a 50 percent discount.
  1. That’s it!

Increase your cart value

By focusing your offering on increasing basket value, you can significantly increase your profits and overcome rising costs.

Step-by-step guide on how to do this in the plugin:

  1. Select the type of discount “Product discount” from the list.
  1. Click on “Any products” in the product filter.
  1. In “Product discount” choose percentage discount 20.
  1. Add Cart Conditions by clicking button.
  1. Set “Subtotal (exc. VAT) ≥ 200” in “Cart Conditions”.
  1. Well done!

Offer free gifts

Gifts when making a purchase are also an effective tool for motivating the client. Motivate the client to buy more and thank him with a gift – a satisfied client will perceive the purchase as more profitable and will certainly become more loyal.

A rule with a free gift can be created in Advanced Dynamic Pricing for WooCommerce in the following way:

  1. Select the type of discount “Gifts” from the list.
  1. Choose Cap as a gift.
  1. Set “Subtotal (exc. VAT) ≥ 45” in “Cart Conditions”.
  1. Perfect!

Tips in BF

  • Influence the buyer with urgency messages. The principle of scarcity and the effect of urgency are the fuel for increasing sales. Display your store’s inventory at a reduced price for a limited period of time, and customers will be more willing to make purchases. The terms of such promotions may be valid for 24-48 hours, but the discount on the product can reach 80%.
  • Take advertising from influencers. Find among the opinion leaders those your audience trusts. Most often, advertising is ordered from Instagram bloggers, owners of popular YouTube channels and thousands of people on other social networks. For a certain amount, a blogger will praise your product, make a review and, of course, provide a link to the online store. If you prepare in advance, you can send the product to the blogger so that he can try it and tell his subscribers about it.
  • Develop brand values. A growing trend around Black Friday is the number of stores offering to donate some or all of their profits to charity. This marketing idea not only attracts shoppers who aren’t tempted by discounts, but it can also promote positive perception of your brand.

These are just a few of the many pricing rules available with Advanced Dynamic Pricing for WooCommerce. With this powerful tool, you can create custom discounts to maximize your sales on Black Friday.

3
Nov, 2023

Top 5 pricing plugins for WooCommerce

Introduction

WooCommerce is a powerful eCommerce platform that allows store owners to set up a store in minutes. However, setting up and running a successful store requires more than just setting up the basics. One of the most important aspects of running a successful eCommerce store is offering dynamic pricing. This ensures that customers get the best prices and store owners get more sales.

Here are the 5 best WooCommerce dynamic pricing plugins that can help you optimize your store’s pricing and discounts:

  • Advanced Dynamic Pricing for WooCommerce

  • WooCommerce Dynamic Pricing & Discounts

  • YITH WooCommerce Dynamic Pricing and Discounts

  • Discount Rules and Dynamic Pricing for WooCommerce

  • Dynamic Pricing With Discount Rules for WooCommerce

Advanced Dynamic Pricing for WooCommerce

Advanced Dynamic Pricing for WooCommerce is a powerful and easy-to-use plugin that makes pricing smarter and more competitive. This plugin also offers features such as role discounts, bulk pricing, tiered pricing, and more. With Advanced Dynamic Pricing for WooCommerce, you can easily optimize your pricing and maximize profits. You can use the plugin to set up pricing rules that are customized to meet your specific business needs. For example, you can set a discount for customers who buy a certain number of products, or you can apply a bulk discount for certain product.

Advantages:

  • Bulk discounts

  • Tier discounts

  • Role discounts

  • Category discounts

  • Certain product discounts

  • Discounts on a certain days of a week

  • Avanced advertising

  • Free support

There are free and paid (from $30) versions.

WooCommerce Dynamic Pricing & Discounts

WooCommerce Dynamic Pricing & Discounts is a powerful and flexible plugin that allows store owners to set up discounts and pricing rules for their WooCommerce store. With this plugin, store owners can create discounts and pricing rules based on a variety of criteria such as product category, user role, cart subtotal, quantity, and more. Additionally, store owners can also set up discounts and pricing rules that are triggered by specific customer actions such as signing up for a newsletter, registering a new account, or purchasing a certain product or product category.

Advantages:

  • Simple Adjustment

  • Bulk Pricing

  • Tiered Pricing

  • Groups of Products

  • Buy X Get Y

  • Exclude Matched Items

  • Restrict Purchase

Disadvatages:

  • Paid support

  • Long wait for support

There is a paid ($69) version.

YITH WooCommerce Dynamic Pricing and Discounts

YITH WooCommerce Dynamic Pricing and Discounts is a feature-rich plugin that offers a wide range of dynamic pricing and discount options for your WooCommerce store. With this plugin, you can create rules based on cart totals, user roles, purchase history, and more. You can also create bundle offers, BOGO deals, and set up discounts based on specific products or product categories.

Advantages:

  • Cart total-based discounts

  • User role-based discounts

  • Purchase history-based discounts

  • Bundle offers and BOGO deals

  • Product-specific discounts

  • Category-specific discounts

Disadvantages:

  • High price

  • Free version offers minimal features

There is a paid ($144.99) version.

Discount Rules and Dynamic Pricing for WooCommerce

Discount Rules and Dynamic Pricing for WooCommerce is a popular plugin that that allows online store owners to create various discount rules and implement dynamic pricing strategies. This plugin offers a wide range of discount options, including percentage-based discounts, fixed amount discounts, bulk purchase discounts, buy one get one free promotions, and tiered pricing. You can create rules that apply to specific products, customer groups, or even specific dates. With the ability to schedule discounts in advance, you can plan your promotions ahead of time and let the plugin automatically apply the discounts when the time comes.

Advantages:

  • Bulk pricing

  • Display quantity table on product page

  • Scheduled product

  • Cart offers

  • Order total based offers

  • Weight based shipping

  • Free shipping based on cart total amount condition

Disadvantages:

  • Doesn’t offer basic features in free version

  • Support has bad attitude

There are free and paid ($99) versions.

Dynamic Pricing With Discount Rules for WooCommerce

Dynamic With Discount Rules for WooCommerce is an amazing plugin that will help you set up discounts and promotions quickly and easily. It allows you to create discounts and promotions for specific products, categories, user roles, and customer groups. You can also set up discounts and promotions based on the user’s purchase history, cart total, and more. This plugin also makes it easier to manage and track your discounts and promotions. It allows you to create expiration dates, minimum and maximum purchase limits, and more.

Advantages:

  • Discount Rules

  • User Restrictions

  • Schedule

  • Pricing Table

  • Sale Badges / Timers

Disadvantages:

  • Some features such as BOGO, Discount timers, advanced discount rules are only available in the pro version

  • Compatibility issues

There are free and paid ($199) versions.

Conclusion

These are some of the best WooCommerce dynamic pricing and discount plugins that can help you optimize your store’s prices and discounts. With the right plugin, you can set up discounts that will help you boost your sales and get more customers.

11
Mar, 2024

Types of Pricing Models

The pricing model of a product or service is mostly a question of balancing two objectives, acquiring more customers and retaining the existing ones. The second objective is to keep customers happy and retain them for longer, which reduces the churn rate.

What is a Pricing Model?

A pricing model is a system for pricing the same or similar products or services. Typically, the pricing model of a product or service is set by the company itself, but this is not always the case. There may be some third-party vendors who also may be involved in setting the pricing models. In general, the pricing model is generally defined as the process for pricing products and services.

7 types of Pricing Models

  1. Cost-plus Pricing Model: The cost-plus pricing model is one of the most common pricing models used by businesses. It involves calculating the total cost of producing a product or service and adding a markup percentage to determine the final price. This model is relatively simple and provides a guaranteed profit margin for the business. However, it does not take into account factors such as market demand and competitor pricing, which could result in overpricing or underpricing the product.

2. Value-based Pricing Model: The value-based pricing model is based on the perceived value of a product or service to the customer. It involves setting a price that reflects the benefits and value that the product or service provides to the customer. This model is more customer-centric and allows businesses to capture the maximum value from customers who are willing to pay a premium for high-quality products or services. However, it requires extensive market research and a deep understanding of customer needs and preferences.

3. Competition-based Pricing Model: The competition-based pricing model involves setting prices based on the prices of similar products or services offered by competitors. This model is commonly used by businesses in highly competitive markets, where they need to stay competitive to attract customers. It is relatively easy to implement and provides a benchmark for pricing. However, it can lead to price wars and reduce profit margins if not carefully monitored.

4. Penetration Pricing Model: The penetration pricing model is used to enter new markets or gain market share. It involves setting a low price for a product or service to attract customers and gain a foothold in the market. Once the business establishes itself, it can gradually increase prices. This model is effective in creating a buzz and attracting new customers. However, it requires the business to have a strong marketing strategy to sustain the initial low prices.

5. Skimming Pricing Model: The skimming pricing model is the opposite of the penetration pricing model. It involves setting a high price for a new product or service to target early adopters and capture maximum profit. As the demand for the product decreases, the price is gradually reduced to attract more price-sensitive customers. This model is commonly used for innovative products with a unique selling proposition. However, it can limit the customer base and may not be sustainable in the long run.

6. Freemium Pricing Model: The freemium pricing model is commonly used for software or online services. It involves offering a basic version of the product or service for free, and charging for advanced features or premium versions. This model allows businesses to attract a large user base and upsell to paying customers. However, it requires a significant investment in marketing and customer acquisition.

7. Dynamic Pricing Model: The dynamic pricing model involves adjusting prices based on demand, supply, and other market conditions. This model is commonly used in industries such as airline tickets, hotel rooms, and ride-sharing services. It allows businesses to maximize revenue and respond to changes in the market. However, it requires advanced pricing strategies and technology to implement.

How to choose the right Pricing Model?

Now that we have discussed the different types of pricing models, the question is, how do you choose the right one for your business? Here are some factors to consider:

  1. Target market Understanding your target market is crucial in determining the right pricing model. For example, if your target market consists of price-sensitive customers, a cost-plus or penetration pricing model may be more suitable. On the other hand, if your target market is willing to pay a premium for quality or uniqueness, a value-based or skimming pricing model may be more effective.
  2. Competition It is essential to research and analyze your competitors’ pricing strategy before determining your own. If your competitors are using a particular pricing model successfully, it may be worth considering adopting a similar approach. However, if your business offers unique features or benefits, a different pricing model may be more appropriate to differentiate yourself from the competition.
  3. Cost of production The cost of production plays a significant role in determining the right pricing model. If your business has high production costs, a value-based or skimming pricing model may be necessary to cover these costs and earn a profit. On the other hand, if your costs are low, a cost-plus or penetration pricing model may be more suitable.
  4. Product or service offering The type of product or service your business offers also influences the choice of pricing model. For example, a freemium pricing model may be more effective for software or app-based businesses, while a value-based pricing model may be more suitable for luxury or high-end products.

Do you want to implement pricing model now?

Perhaps you have already decided on a pricing model, but still think that implementing it is a difficult process. This is where the Advanced Dynamic Pricing for WooCommerce plugin comes in. This powerful plugin allows you to create and manage multiple pricing rules for your products with ease. You can set up discounts, bulk pricing, special offers, and much more, all within a few clicks. So why wait? Install Advanced Dynamic Pricing for WooCommerce plugin now and take your pricing strategy to the next level!

11
Dec, 2023

Winning the Holiday Season: Pricing Tips for WooCommerce Christmas

As the holiday season rolls around, ecommerce stores often battle against each other for the biggest slice of the pie. The competition can be fierce, and pricing plays a huge role in the success of your store.

But don’t worry! If you are using Advanced Dynamic Pricing for WooCommerce plugin, then this Christmas will be the best for you. However if you’re new to it or confused about pricing strategies, then feel free to read about some of plugin’s lifehacks that will help you this season.

Offer Gift Wrapping

Gift wrapping is a nice touch that customers appreciate. You can charge a nominal fee for it, or even offer it for free. Wondering how to do this in the Advanced Dynamic Pricing for WooCommerce plugin? Listen carefully!

Add a rule (Gift type). Choose gift wrapping as a gift. And the condition of the cart is Large Santa figure (Products).

Note: pay attention to the Can be applied setting. If it is left as default, then each Santa has his own packaging.

Utilize Free Shipping

If you’re able to offer free shipping, do it. Free shipping is one of the most attractive incentives for customers during the holiday season. Do free shipping for a specific region or country in Advanced Dynamic Pricing for WooCommerce.

Add a rule (Cart discounts type). Choose Zero cost for all shipping method in the Cart adjustments. And the condition of the cart is Alabama State.

Create Limited-Time Offers

Creating limited-time offers can be an effective way to incentivize customers to buy during the holiday season. You can offer a discount on a specific product, or you can even set up a special promotion with a limited quantity of products.

You can create a limited promotion and set up a message about it on the product page in the Advanced Dynamic Pricing for WooCommerce plugin.

Add a rule (Product discounts type). Select date. Choose Tags in the Filter by products. And add the discount.

All you need to set up advertising is:

Add an Advertising block. Tick Enable timer option. Write timer message and short and long messages. In Advertising settings, specify where you want your ad to show (Product page, Cataloge page, Cart totals and etc.).

Offer Gift Cards

Gift cards are a great way to boost sales during the holiday season. Offering gift cards can help encourage more sales and keep customers returning for more.

Good news – Advanced Dynamic Pricing for WooCommerce is compatible with YITH WooCommerce Gift Cards. This means you can easily sell gift cards in your store and apply different pricing strategies to them.

Let’s create the following rule – when purchasing 3 caps, the user receives a gift card worth $10.

Add a rule (Gift type). Choose gift card as a gift. And the condition of the cart is 3 caps (Products).

Note: pay attention to the Can be applied setting. If it is left as default, then each cap has his own gift card.

Give a Discount on Limited Products

When offering discounts on limited products, it’s important to choose the right items. Consider offering discounts on items that are popular with your customers or on items that are in high demand during the holiday season.

What if you need to configure a rule so that it applies to two categories rather than just one of them? Then you need to create a Product Collection. With its help, you can set up a filter by categories, attributes, tags, products and etc.

For example, you have a new Christmas arrival. You want the discount to apply to the New tag and the Christmas category. First of all, create a collection. Go to Product Collections tab. Add a collection and name it. Then add two Filter by products (by Tags and by Categories).

Add a rule (Product discounts type). Choose your collection in the Filter by products. And add the discount.

By using these pricing tips, you can make sure your WooCommerce store is ready to win the holiday season. With the right pricing strategies, you can maximize your sales and reach the top of the Christmas tree. Good luck and happy holidays!

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