2. Price Psychology
Applying psychological pricing techniques, such as ending prices with “9” or “99”, can subtly influence customers’ purchasing decisions. This strategy, though widely used, continues to be effective in capturing consumers’ attention, especially when presented in the context of promotions or limited offers. This technique is routinely employed by major players not only in online commerce but also in traditional brick-and-mortar models.
3. Pricing According to Value
Customers are willing to pay more for products they perceive as of higher value. Stores can highlight unique features and benefits of products, such as safety, innovation, or eco-friendliness. For instance, emphasizing that Soft Play toys from Velinda are made from safe, certified materials can justify a higher price by highlighting their value for children’s health and safety. Additionally, a noticeable portion of customers no longer wants to buy the cheapest option, as surprisingly low prices reflexively associate with surprisingly low quality.
4. Dynamic Pricing
Implementing dynamic pricing strategies that adjust prices according to changing demand, seasonality, or shopping trends can help children’s stores maximize profits. Monitoring competition and customer behavior allows for flexible market response through promotions, seasonal discounts, or exclusive offers for loyal customers.
5. Loyalty Programs and Discounts
Building customer loyalty through programs that reward regular customers with special offers, discounts, or loyalty points is a proven strategy to increase purchase repetition. Such programs can also encourage referrals to new customers, expanding the customer base without significant marketing costs. Practically all web platforms on which we can base our online store offer the possibility of general and individual discounts in the basic package. It’s worth taking advantage of such automation.