The Lowest Price Isn’t Necessarily the Best Price for an eCommerce Store.
Author: Bryan Bracken – www.profitmart101.com
Today many want to sell a product on the Internet but so many under cut the price so that there really isn’t any profit in selling the product. How can you make money by selling the same product without losing your shirt? Then read this article and decide for your self if I am crazy or not.
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Here is a small secret to selling product on the Internet and I am sure most will disagree with me on this topic.
Don’t undercut your competition with your pricing. Out sell them with information about the product.
You must be saying you are nuts. The only business model I know is to undercut the lowest price on the Internet and I will have them come to my site in droves and look at all the money I will make. This is the I will build it and they will come syndrome.
Think about this. A few years back I sold a Product for $125.00 USD and the distributor that I purchased the product from also had a site that sold the same product which was a video color corrector and sold the product for $99.00.
Did you notice I sold the product for $26.00 dollars more than the distributor to the public?
How were my sales? Good, bad or indifferent.
Well I out sold the distributors website.
Why?
Because I gave the people a lot more information about the product. Remember content is king on the Internet. There were more pictures on the site, I gave a complete break down on the product on what it could do and the result was more sales and more sales then the sites that under cut my site.
The advantage of higher pricing is this you have to ship less product to make a higher profit than a store that undercuts. As an example lets use the product above. For the Color corrector a store selling the product at $99.00 would have to sell 5 units to make the same money I did when selling the same product at $125.00 and the time involved in shipping was 5 times that of my store sending one product. The advantage is that you work less for the same amount of profit as your cut throat competition.
Remember that there are price points that you need to go by and if the price is above the suggested manufacturers price your sales may be low or non existent.
Try to find a product that is unique and little competition on the internet. Um the term is find a niche product.
Once you find that golden product DON’T be afraid to sell it higher then the bottom price on the internet.
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Sincerely,
Bryan
www.profitmart101.com
www.profitmartbydesign.com
www.bgsales.com
www.altfind.com
www.uniquelycyber.com
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