To optimize prices with consideration of market conditions and customer expectations is a complex discipline.

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We all know the problem: If your prices are too high, you will most likely lose customers to your competition. If your prices are too low, you will miss out on profits and your customers may perceive your items as cheap, poor quality or low value or even think your prices reflect a poor service. 

In most cases, customers focus on the price of an item. But also benefits such as special offers, strike-through prices or similar tactics may influence a buyer’s decision. As a rule, customers visit websites more frequently whenever there are promotions or special offers. On the other hand, if a potential buyer visits your website without having been attracted by a special promotion or deal, he or she has probably first compared prices between several online shops. 

Researching prices to find the best deal has become the standard procedure for consumers interested in buying a product. So how can you gain and maintain a competitive edge? There are many different product-pricing strategies. This step-by-step guide will provide you with an overview of the various approaches you can take to create a reliable pricing structure for your product.

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