We’ve talked about it before, but there is no question that price is a major factor in conversion. In fact, we believe that it is one of the 3 major pillars of conversion along with site trust and product selection. So, how often are you checking your prices with your competitors?
As ecommerce owners, there are hundreds of things you have to do. You have to split your time in site maintenance, customer service, product fulfillment, shipping, social marketing, real life marketing and about a thousand other chores. It’s easy to lose site of your prices and let this task slip, but it’s critical! If your prices aren’t competitive, you are losing out on sales. It’s pretty simple.
So, how do you check? Are your products selling on other sites? If they are, then just do a Google search for your product title. Take a look at all of the companies on the first page. What are their prices? Don’t forget to check the sponsored links as well. Next, compare in Google Base (Shopping) and Amazon. Are you competing?
One mistake that is easily overlooked here is your shipping cost. Buyers want to feel like they are getting the best deal. Internet shoppers, who are notoriously price sensitive, will drop you like a bad habit if they can get the same product for a lower price elsewhere. So, don’t forget to include the cost of your shipping when you are comparing to other sites. One extra tip here is to offer flat rate of free shipping and if necessary, increase your price. You can still compete with other sites, but this makes it easier for customers to calculate the total cost without having to take the bothersome time to go through a checkout process. You’ll be rewarded by this effort. Trust me.
So ecommerce owners, get out there and make sure you are implementing routine price checks.