Increasing Product Prices on Uniform eCommerce Sites
Pricing management is one of the most important, and yet most ignored processes on uniform eCommerce sites. Typically, sites, especially those who have a large amount of products, set their prices once and then largely forget about them. However, the fact remains that effective management of product pricing can result in a significant increase in profits. If you think that the only way to sell online is to have the lowest prices, we have some other options for you to consider.
Review and Refine Prices Periodically: Product prices need to be reviewed often based on a variety of factors, including the costs associated with manufacturing and packaging/shipping the product. If the review leads to a price increase and your customers express their displeasure, present the change in a manner that explains the decision while emphasizing the importance of maintaining the relationship and satisfying their needs. Everyone, including staff members as well as customers, needs to understand why this is being done.
Sell Upgraded Versions of Products: An option that may be appeasing to customers when a price increase occurs is to offer an upgraded version of a product at a higher price. The upgrade can be a small change (offering more color options) or more significant (higher quality materials), but the key is creating the perception that the customer is getting an upgrade to the previous version of the product. Doing this successfully can be an easy way to increase prices.
Sell Product Bundles: If offering product upgrades is not a viable option for your business, an alternative is to combine one or more products and make them available as a single unit in a product bundle. This works best if you introduce a new product as part of the bundle, but it can also be used with an existing product set. The best way to merchandise a product bundle is to show it as an up-sell option on your related product pages. 
Offer Value-Added Services: Offering a new service and adding a markup on the service is another way to increase product pricing. The price of the product can remain the same and customers will only pay the additional amount if they opt for the service. Doing this should decrease resistance as you are not actually increasing the product price. Furthermore, if your competitors do not offer value-added services, this could be a differentiator for your store, resulting in an increase in both traffic and profits.
Segment Customers: Segmentation allows you to manage multiple price points for a single product. An increase in price can be limited to a single segment without impacting all of your customers. This can be done using any criteria (for example, shipping distance), and if you mostly sell to other businesses, you can setup business-specific price lists that reflect their contracted price.
Increasing product prices on your eCommerce site can be a risky endeavor. But if done correctly and with the right techniques, this could prove to be a very effective measure in increasing sales and standing out amongst the competition.
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