When you search for any product in the stores you shop in or in online stores, the price is the first thing that catches your attention. But what if the price of the product changes based on the user shopping in the store?
This is possible in the world of e-commerce. There are several strategies that can be followed, such as dynamic pricing, where the word “dynamic” in “dynamic price offer” is considered a word that indicates change, or that the price can constantly change according to several factors, such as customer preferences or the extent of demand for The product and its popularity.
In this article, we will talk about using dynamic pricing in WooCommerce stores, mentioning how to create a dynamic price offer according to membership or quantity, and the most important additions used to create a dynamic price offer.
What is meant by dynamic pricing?
Before diving into dynamic plugins for WooCommerce, you should understand dynamic pricing and its benefits for your online store. Dynamic pricing is setting prices that can be modified or changed for products based on several factors.
You should consider the best selling status of products, and you may bet on increasing prices to generate more revenue. This type of strategy is known as dynamic pricing. You can also use dynamic pricing to discount slow-moving products, while still selling the most popular products at their regular prices.
In short, dynamic pricing enables you to increase sales revenue for popular branded products, or sell a larger volume of slow-selling, overstocked products.
Advantages of dynamic pricing
1- Increase sales and profits
Dynamic pricing is a powerful tool for increasing profits, as it allows you to obtain greater profits by increasing the prices of products that are in high demand within your online store, which helps you achieve more sales and profits.
Although this is the perfect use for dynamic pricing, you can also use it to significantly boost sales for products in your online store overall.
2- Adapting to competitors
Dynamic pricing can help you dramatically outpace and adapt to competition, as you can use your customers’ pricing preferences to provide a better shopping experience at lower prices than your competitors.
Dynamic pricing allows you to attract more customers and increase sales even in the presence of many competitors in the market, allowing you to benefit from a strong and distinctive competitive advantage.
3- Better inventory management
Dynamic pricing can be a powerful tool to improve inventory management for your online store, by offering discounts on the products you have accumulated to reduce their quantity and sell them faster, or increasing prices on products in high demand to maintain the continuity of the supply chain and achieve more profits.
This idea can be simplified by saying that dynamic pricing can be used to adjust inventory levels based on actual demand. This reduces waste and ensures continuity of inventory flow even in difficult economic conditions. Hence, dynamic pricing can help you improve inventory management and reduce associated costs, resulting in desired profits and improved performance of your online store.
4- Flexibility in pricing:
Dynamic pricing can be used to set prices flexibly according to actual demand and supply, providing the opportunity to explore additional sources of public revenue. It can also be used to break down business processes and achieve flexibility and freedom at the same time.
With these advantages, dynamic pricing can help you support the success of your online store and improve its overall performance.
Top Dynamic Pricing Plugins for WooCommerce
1- ELEX WooCommerce Dynamic Pricing and Discounts
The Elex add-on is one of the most popular add-ons for woocommerce dynamic pricing, which allows you to easily create a dynamic price offer within your online store. It enables you to create discounts and coupons for individual products or for product categories and shopping pages for your online store.
Through Elex extension, you can also manually change the prices assigned to your products without having to put in much effort.
Features of Elex extension:
- The extension allows you to create discounts on product categories.
- The extension allows you to create discounts for a specific product group or bundles of products.
- Compatible with WPML and Currency Switcher.
- You can view the price table on the product pages.
- It enables you to add an offer such as: buy one item and get the second free.
Subscription packages to add Elex extension:
- Subscription for one site: $79 US.
- Subscription for up to 5 sites: $119 US.
- Subscription that allows you to add 25 sites: 199 US dollars.
2. YITH Dynamic Pricing and Discounts for WooCommerce
YITH is an upgrade for the popular Woocommerce, and includes a premium plugin for creating a dynamic quote.
It allows you to create dynamic prices for your online store products through price rules and conditions.
It also enables you to create a dynamic price offer based on the quantity purchased or the number of products added to the shopping cart, or create a dynamic price offer for specific users, which is called the dynamic price based on membership.
YITH add-on features:
- It allows you to schedule showings with ease.
- Enables you to create three different discount types.
- Offering free products to customers using BOGO.
- Add free shipping service based on your shopping cart.
- Allows you to display the price table horizontally or vertically.
Annual subscription to add YITH:
– 139.99 US dollars annually.
WooCommerce Dynamic Pricing-3
You can use the official WooCommerce plugin to create a dynamic quote to set up product prices on your online store.
This plugin comes equipped with advanced product pricing, allowing you to set prices based on a number of variables, such as the quantity of products customers purchased or the number of customers who purchased your products.
You can also assign customer roles, such as “Gold Members” or “Silver Members,” for example, to make it easier to identify loyal customers to your online store. Then, you can assign special discounts to these roles, to indicate your gratitude for their loyalty and to encourage them to continue shopping from your online store for a longer period.
Here are some WooCommerce features:
- The official Woocommerce plugin gives you 7 different discount types.
- Assign multiple customer roles based on the amount of purchases they make from your online store.
- Woocommerce provides you with technical support through experts from their site.
Wocoommerce annual subscription:
- 129 US dollars annually.
4- WooCommerce Dynamic Pricing and Discounts by RightPress
RightPress is a popular developer and is listed on codecanyon, which is one of the largest WordPress plugin marketplaces.
WooCommerce Dynamic Pricing and Discounts by RightPress is also one of the best-selling add-ons, with sales reaching 17,000 subscribers, and its rating is also high, as the add-on received an average rating of 4.5 stars.
Although RightPress is simple, it is effective in managing dynamic pricing for your online store.
You can use this add-on to create scheduled promotions, add price packages, exclusive discounts, and many more advanced and distinctive uses.
RightPress features:
- Create prices for large quantities of products.
- Allows you to provide a free product for every purchase.
- Select multiple product packages.
- Create tiered pricing for products.
- Create product groups based on the quantity purchased.
RightPress Subscription Packages:
- Standard license: USD 69 (6 months support).
- Extended License: USD 299 (6 months support).
As we mentioned, dynamic pricing is of great importance in the world of e-commerce, as it increases your awareness of your customers and gives you a greater perception of the competitive market in your field of commerce. It will also increase your store’s future revenues and make you more interactive with customers’ insights and requests.
Since choosing the most appropriate price is based on your analysis of competitors, this will allow you to track the performance of your competitors and measure their progress, which will provide you with a more comprehensive and accurate overview of your competitors. It will also allow you to modify your pricing plans and make them more flexible, which will increase your sales according to customer requests if you create the price correctly.
