Introducing dynamic pricing adds revenue to your store. I hope I am not the first one to say this!
Many WooCommerce stores have already started providing dynamic pricing for their products.
So, I hope this is not a new term for you. But, are you using the right method of WooCommerce Dynamic Pricing?
Oh, wait! You might be using the right way to provide Dynamic pricing. But, I am here to add flavor to your WooCommerce Dynamic Pricing strategy.
I am going to cover it from scratch. If you are familiar with Dynamic pricing, you can skip the introductory part.
Let us get started.
What is WooCommerce Dynamic Pricing?
Forget about the same price for all products! Instead, retailers have become smarter with smarter plugins. The current online eCommerce and WooCommerce stores can provide different prices for the same product depending on the customer or the time of purchase.
Dynamic Pricing is also known as surge pricing, time-based pricing, bulk pricing, or demand pricing. Whatever the term may imply, the ultimate goal is to take the profit out of it.
Revenue is such a fruitful word for all professionals and entrepreneurs. Of course, for retailers too! They love to get conversions. That too, when you implement WooCommerce Dynamic Pricing in your store, rest is assured!
Say, you can also reduce cart abandonment using this Dynamic Pricing strategy.
Say, “Get up Upto 10% Off For Orders Above $380”. Here, the store owner can also add certain conditions that are easily achievable and boosts the stores’ sales simultaneously.
Remember, when you create a dynamic pricing chart, it is necessary to keep control over your inventory and stocks.
Types of WooCommerce Dynamic Pricing Discounts
As you have decided to initiate WooCommerce Dynamic Pricing in your store, here are the types of discounts that help you in your campaign.
- Price-based Discount — When the initial price of a product or service is reduced in order to boost traffic, move inventory, or drive sales, this is referred to as a price-based discount.
- Fixed-price discount – A fixed-price discount is one in which the total price of one or more products is pre-determined.
- User role-based discount — When you give discounts on WooCommerce products to customers based on particular typologies such as store managers, partners, or customers, or depending on their user role, you’re using a user role-based discount.
- Buy One, Get One Free – This form of discount gives you two things for the price of one. The customer purchases one thing and receives the second for free.
- Offer a free product if the order total exceeds a specific threshold – This indicates that if the total order value exceeds a certain threshold, the buyer will receive a free product.
- Conditional discount – Conditional discounts are pricing schemes in which customers receive a reduced price if specific criteria are met. Subtotal conditions, cart quantity conditions, purchase history conditions, and so on are examples of these conditions.
- Bulk purchase discount – When clients buy in bulk, they get a discount.
- Product Attributes-based discount – A Product Attributes-based discount is one that is established based on a price value/sales price/attribute that exists on the product.
- Purchase history-based discount – This is when a consumer receives a discount based on their previous purchases.
- Discounts based on the value of the cart subtotal — Customers are occasionally offered discounts based on the value of the cart subtotal. Cart subtotal-based discounts are what they’re called.
- Delivery address-based discount — These are discounts based on the billing city, shipping nation, shipping state, shipping city, and other factors.
- Tiered discount – The tiered discount approach is based on the idea that the more things clients buy, the larger the discount they would receive.
- Next Order discount – It is given to consumers who are granted a discount on their next purchase in order to encourage them to return to the store.
- Discount on Combo Products – A bundle discount, also known as a combo discount, is when you give your consumers a deal or an offer that includes a certain set of products in a bundle.
Which is the Right Time To Introduce WooCommerce Dynamic Pricing For Your Store?
Not every time! Experts say, providing discounts all time is not a smart decision. Instead, you can give a gap. It needs prime timing and a smart WooCommerce discount strategy.
There are certain circumstances according to experts that help you to bring WooCommerce Dynamic Pricing live to your store. Here are they,
- As a part of your Loyalty/Referral Program
- While Purchasing Bulk Orders
- To Encourage Your Visitors To Become Customers
- In your multi-product bundles
Take note of these circumstances which might help you to get good results out of the Dynamic pricing concept.
Why Choose The WooCommerce Dynamic Pricing In Your Store?
If you question me, I would list out many benefits. As a WooCommerce store owner, you might definitely have extra benefits than my list. I assure you that!
Here comes the benefits,
- WooCommerce Dynamic Pricing, a unique Pricing strategy, helps you to define your pricing rules, total order values, and roles of your store.
- Using WooCommerce Dynamic Pricing, you can gradually improve your average order value by triggering the customers to round off their purchase to the amount they haven’t planned for. So, both the store owner and the customer will benefit from it.
- You can calculate bulk discounts for products in each category through a table of discount amounts and quantities. You can also rely on role-based pricing in this case.
- WooCommerce Dynamic Pricing combines different pricing methods followed in the particular WooCommerce store. You can make it convenient with the right plugins that help you manage bulk pricing, promotions, bundle pricing, special offers and discounts, individual pricing, and other location-based pricing too.
- WooCommerce Dynamic Pricing also helps in retaining your customers and improving your brand awareness. When you provide a considerable discount for dynamic products, the average purchase value will also hit the peak.
- The store owner can also increase or decrease the prices of the products through WooCommerce Dynamic Pricing at any time if needed.
I hope I have covered a few benefits of WooCommerce Dynamic Pricing. When used in the right way, WooCommerce Dynamic Pricing will become your cart-savior of your WooCommerce store.
How To Use WooCommerce Dynamic Pricing In Your Store?
Introducing WooCommerce Dynamic Pricing is as easy as installing an app on your smartphone. As we all rely on the plugins, the WooCommerce Discount Rules plugin is a handy solution for the WooCommerce store owners to create Dynamic pricing in their store.
Firstly, upgrade your WordPress website into a WooCommerce store that helps in easy activation of the plugin.
From the plugin repository, download “WooCommerce Discount Rules” and activate it on your WooCommerce site. ( Dashboard -> Plugins -> Add New -> WooCommerce Discount Rules)
Once installed, now it’s time to customize your Dynamic Pricing campaign according to your requirement.
Let me explain to you in a step-by-step manner.
Step 1: Once you have activated the plugin, get into its dashboard. You will get a screen similar to the image.
1. Name your campaign for easy identification in the future
2. As discussed earlier the discount types, you can also select the discount type as per your need.
After filling in the basic details, it’s time to move on to the Conditions section. Once you choose the discount type, you will get the list of Conditions to be filled in.
I have selected the Bulk Discount type for this demonstration. In the filter section, you can filter the category/product as you wish.
I have chosen to provide bulk discounts for Hoodie. So, here comes the representation.
It includes the enlisted factors.
- Apply to: From the menu, pick All items / Specific products / Specific categories and then the required products or categories. You can choose as many products/categories as you desire.
- Customers: Select if you require All Customers (preferred) or Only Given Customers.
- Purchase History: Leave it blank because this discount has nothing to do with the customer’s previous purchases.
Coming to the discounts section, you need to provide the exact discount percentage and the quantity eligible for the Bulk discounts for the customers.
This is how it works.
And, now, you can save this rule that might be helpful for you in the future. Make sure that you analyze your WooCommerce store’s results and revenue once the Dynamic Pricing has been live.
If you wish to boost your WooCommerce sales, dynamic pricing is a great method to achieve it. You can drive greater orders, establish brand loyalty, and even attract new consumers by offering conditional sales rates to your customers.
It’s as easy as following these two steps to set up dynamic pricing:
- Set the parameters for your discount, including the type and amount.
- To activate the discount, enter the dynamic pricing rules you want to employ.
And, it is as easy as that! Hope you have planned to implement WooCommerce Dynamic Pricing right away in your store. Cheers!
Monisha Thangavel is an ardent writer and a blogger carrying years of experience in different realms including eCommerce, Tech, and SEO. Her brevity-rich writings flash a light upon the uncovered yet important points about WordPress and eCommerce plugins. Apart from content, Monisha spends her free time learning calligraphic writing.