Should I Lower My Prices To Compete?
Most people shop online to find lower prices, right?
I mean, let’s look at the research.
If competitor’s prices have been dropping & your cart abandonment rates have been getting higher, don’t panic. It’s not time reconsider your pricing strategies, or ask questions like, “Should I lower my prices to stay competitive?” yet.
Before you run a fire sale and torch your profits for the sake of staying competitive, you need to read this.
Most Shoppers Do Not Cite “Lower Prices” As Their Primary Motivation For Shopping Online
(Trust me, I was surprised too. )
Back in October 2013 Simon-Kucher & Partners, a global marketing & sales consultancy, published a survey that found 33% of shoppers did not name prices as the primary driver for online shopping.
In another study, Granify, a CRO software company, conducted a real time behavior analysis of 20+ million visitors over 5 different verticals and also found that “lower prices” was not as pervasive as we may …read more
Article Curated From…: Conversion XL