YouTube icon
Pay What You Want pricing options have been gaining popularity on the marketplace online. How do businesses make profit when customers can choose the price they want to pay? What is the best way to set up pay What You Can pricing in the online shop? The experts from e-commerce at's are here with the answers to Your pay What You Want questions.
What is the Pay What You Want Price?
Although it may seem odd but this strategy can bring a variety of positive impacts on your business (and your overall bottom line). Let's review of the benefits of Pay What You Want pricing.
1) Engaging Customers The perfect marketing and introduction Offer
Pricing for Pay-What-You-Want is known as a marketing strategy. Customers are offered a sample of your products at a cost you're sure that they will not be able to resist (because they made the decision themselves). After tasting the amazing products you offer and gaining people who are new to your brand hooked for life. PWYW pricing method PWYW pricing strategy gives the same outcomes with a no-cost trial, while providing additional benefits for online sellers.
In contrast to a trial offer unlike a trial offer, a Pay What You Want offer will attract customers while bringing in some cash for you. Furthermore, PWYW pricing will weed out "freebie seekers" who are completely unwilling to make a payment, and will only bring in those who are interested in your product.
2.) Returning the favor with your Online Company
Conversely, businesses also use the Pay What You Can pricing as means of giving back, making the products or services they offer easier to access and less costly for individuals of any financial state. Giving back to the community can have many positive impacts on your business for example:
- Connecting with the community
- Brand loyalties
- Good job, simple and clear!
3) An Ideal Fundraising Sales Method
4) Boosting Digital Product Sales
Modifying your pricing approach could boost your sales , and also attract new clients. If a lower discretional cost results in a greater volume of sales, you will earn more without having to put in extra effort. When this happens, PWYW pricing can even generate more income as compared to fixed price.
5) Understanding Your Market
If you are entering the market on the internet among the most difficult problems that creators have to have to overcome is price. Of course, you don't want to leave money on the table by undercharging for your services. On the other hand it is not a good idea to restrict profits through charging higher prices than customers can afford to afford.
If you are wondering, "How much should I be charging for my services?" PWYW pricing can aid. Some online sellers use PWYW pricing to gain a better understanding of their marketplace and customers. If you are aware of what your ideal price is and you are able to relist the item and put a price tag.
6) Avoiding Undervaluation
Your work and hand-crafted items can be, in a way valuable. Yet, designers are usually forced to sell their products with a lower price--making it simple to devalue their contribution to the online market.
If you decide to launch the Pay What You Want pricing, you can open up the ceiling on the value of your products. You might be surprised by how many buyers are aware of your worth. They may also regularly donate to your account more than what you charged had you put the price for your products. Also, you can ensure the value of your products is appropriate through setting a minimum price for PWYW.
7) Clearing Out Extra Low-Cost Inventory
Do you remember having so much extra inventory that it begins overrunning your workspace? You are able to get rid of old inventory quickly while still profiting from Pay What You Want pricing. This method is similar to placing closeout items in sale. However, you could consider PWYW prices to be particularly appealing for potential customers.
Set Up of Payment What You Want Pricing
It is easy to set up Pricing for Pay What You Wish is easy to launch for your online store. When launching a new item, select "Pay What You Would Like" in the pricing type drop-down menu. The selection you make will result in an Minimum Contribution box. You can enter the minimum amount that you are willing to pay in exchange for the product. If you do not want to have any minimum payments You can set this price to $0.
You can choose to further modify your listings by adding the suggested price, establishing a recurring payment option, and many more. When you've got the item ready, you are able to create your listing and start bringing in sales almost immediately. The process is easy! You can find our step-by-step PWYW assistance tutorial here.
Pay How Much You Can Price How do you make money?
You can also include a suggested price, giving customers an insight at the potential value of your products. The suggestion feature could encourage consumers to make more generous contributions their donations, or help those in your price-point to appreciate the worth and the generosity of your offering.