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The Pay What You Like pricing methods have become popular in the world of online shopping. How can businesses earn profit when customers can choose the price they want to pay? How do you set up pay What You Can pricing in an online store? Our experts in e-commerce are on hand with the answers to all Your questions about Pay What You Want questions.
What is Pay What You Want Pricing?
Though it could seem unorthodox, this approach can have numerous positive outcomes on your business (and the financial results). Let's take a closer look at some benefits of Pay What You Want pricing.
1) Roping Customers In A Perfect Marketing and Introductory Offer
Pricing for Pay-What-You-Want is known as a marketing strategy. Customers are offered a sample of your products with a price you are sure that they will not be able to resist (because they made the decision by themselves). Once they've had a taste the amazing products you offer and gaining your new customers hooked for the rest of their lives. The PWYW pricing technique achieves the same results with a no-cost trial, while offering additional perks for online sellers.
In contrast to a trial offer unlike a trial offer, a Pay What You Want offer will bring customers in while still bringing in some cash to you. In addition, PWYW pricing will weed out "freebie seekers" who are completely unwilling to make a payment, and will only bring in people who really want your products.
2) Helping Others with Your Online Company
Conversely, businesses also employ Pay What You Can pricing as a way to give back--making their products or services more accessible and less burdensome for people in every financial state. Giving back can have several positive impacts on your business, including:
- Connecting with the community
- The building of brand loyalty
- Simple and effective!
3) An Ideal Fundraising Sales Method
4) Boosting Digital Product Sales
Modifying your pricing approach will boost business and attract new customers. If a more flexible, lower cost results in a greater quantity of sales, then you can make more money without any additional effort. When this happens, PWYW pricing can even bring in more revenue as compared to fixed price.
5) Understanding Your Market
If you are entering the market on the internet, one of the greatest challenges some creators have to overcome is price. Naturally, you don't wish to put money on the table by undercharging the price of your product. But, on the other hand, you do not want to reduce profits by charging more than buyers are willing or able to spend.
If you are wondering, "How much should I price my goods?" PWYW pricing can help. Some online sellers use the Pay What You Want price to better understand their market and their customers. When you've got an idea of what your ideal price should be, you can relist your item with a firm price.
6) Avoiding Undervaluation
The work of your hand and the creations you create are, in some ways, priceless. Yet, designers are usually forced to sell their products for sale at an affordable price, making it simple to devalue their work in the online market.
When you launch pricing for Pay What You Want pricing, you'll be able to lower the ceiling on the value of your products. You may be amazed to see how many customers recognize your value. They may also regularly donate more than you would have paid if you had put a price tag to your merchandise. Also, you can ensure the value of your products is appropriate through setting a minimum price for PWYW.
7) Clearing Out Extra Low-Cost Inventory
Are you aware of the time you have too much inventory it takes over your work space? You could get rid of your older inventory in a hurry while profiting from Pay What You Want pricing. It's similar to placing closeout items in sale. However, you could find PWYW pricing especially intriguing to potential buyers.
Configuring Payment What You Want Pricing
makes it simple to launch the Pay What You Want price for your online store. If you are launching a new product, select "Pay What You Would Like" in the pricing type drop-down menu. This will open your Minimum Contribution box. Input the amount you will accept in exchange for the product. If you do not want to require any minimum payment then you may set the price to $0.
You can choose to further customize your listing by adding an estimated price, setting up the option of recurring payments and more. When you've got the item all set, you can create your listing and start bringing in sales almost immediately. The process is easy! We have a step-by-step PWYW help tutorial here.
Pay What You Can Pricing How do you make Profit?
You can also include a suggested price, which gives customers a look at the value estimated for your product. The suggestion feature could encourage consumers to give more of their donations, or help those in your minimum price range understand the importance and value of what you offer.