We launched a new pricing option for your Ecommerce website where buyers can pay any desired amount for your creation!
Here are three reasons why you should give ‘Pay What You Want’ pricing a try.
- Your followers, fans, and customers want you to succeed more than you may realize. Allowing them to pay a little extra for your product if they want to will boost your profits, and most importantly, give your customers a warm and fuzzy feeling. You’ll also lay the foundation for a trust-based relationship with your followers.
- It removes the sometimes challenging task of setting the “right’ price. If you’re offering a new product, particularly a digital one, it can be hard to know what your ideal price point is. All you need to is set your minimum to ensure that you’re making a profit that you’re happy with and that you think will attract your ideal customers, and then use ‘Pay What You Want’ to allow your buyers to choose a price they’re happy to pay. You’ll get an idea of what the best price for your product is, and you can either move on to a fixed price product after a certain period of time, or raise your minimum to match the average sale price.
- You’ll probably make more money. Most sellers that try out ‘Pay What You Want’ find that their products sell above the minimum asking price.Why? Because, for the most part, people like to add value wherever possible. And if they choose to pay a little more, then they get to decide on the value of your product. The option of adding a few dollars (or more) to an asking price makes buyers stop, think, and then purchase with purpose. And because the concept of ‘Pay What You Want’ is still quite new, it’s also more likely that your customers will talk about it with their friends, which might result in more sales.
Ready to give it a go? Here’s how to do it.
- In the product creation or editing page click on ‘More Options’ and enable the Pay What You Want option for your item by checking the box. Set the minimum price you want for your item in the usual price field. That’s it, you’re done!
- When a buyer purchases your product they will have the option to pay any amount higher than the price you’ve specified.
Check out our video to see it in action.
Feature Image credit: CC Image courtesy of 401(K) 2012 on Flickr