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The wow effect is an e-commerce’s ability to amaze customers and convert them into admirers of the store or brand. Products for sale, services offered, or prices advertised can induce surprise or fascination. Whichever is true, the wow effect creates a much more satisfactory buying experience for customers. As prices are so important in the final buying decision, today we will explain how to achieve the wow effect with unique prices whilst remaining competitive.
Firstly, you should know that initial research is required and then you will need to implement changes to your company’s pricing strategy. However, in the medium and long term, achieving the wow effect increases clients and therefore profits. Furthermore, the volume of loyal clients will be greater, which helps to increase the e-commerce company’s reach via online reviews and word of mouth. By surprising your customers, you appeal to their emotions, not their rational thoughts. Therefore, there are fewer barriers to them buying the product, and they will be more satisfied with the purchase.
Personalised pricing:
One way to achieve the wow effect for your customers through pricing is by offering unique and attractive prices to those who have the closest relationship with the brand. You need to have a well-segmented database and then carefully analyse the characteristics and behaviours of your different buyer personas. Using this information, you can send personalised offers to the customers who are more likely to make new purchases. You can send these offers via email or push notifications.
Unique offers at any time of year
Deals and discounting campaigns can also help you create the wow effect, as long as you identify the optimal window of opportunity to launch them. Black Friday offers are no surprise, if you design a unique campaign for personal milestones, like a birthday you can surprise your customers. You can play with both discount quantities and features. You should also assess whether it is worth giving consumers exclusive free gifts to enhance their shopping experience.
It is possible to combine pricing with other factors to increase the wow effect and generate increased user engagement. Therefore, it is crucial to ensure that:
- Products meet customer expectations.
- Information about item characteristics, shipping costs and times, and return conditions is clear and transparent.
- Website design and packaging are as attractive as possible. You can even add personalised items.
- Customer service is effective and agile.
Tools for setting “wow prices”
It is a good idea to have pricing software to ensure that prices are competitive, attractive, but that they do not reduce the company’s profit margin. These automated tools help maintain pricing control depending on the e-commerce company’s needs. The ability to monitor the competition’s prices, allows you to adjust your own prices to obtain better positioning against other businesses in the sector.
The most advanced pricing suites track competitors’ prices on e-commerce sites, B2B portals, comparison sites like Google Shopping and marketplaces such as Amazon. You can get an overview of your competitors’ movements and give your consumers an optimal shopping experience.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
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