In three steps to an improved product range and sharper prices

It's a known fact that the price of your items is a crucial factor in the success of your online store. It's also true that items with a lower price end up in the shopping cart faster. However, simply adjusting your prices downwards is not a smart strategy. It's better to also consider factors such as (the purchasing of) your product range. 

To discover which items suit you and what resonates well, you can experiment with many different items. This is highly recommended. Once you know what you want to pursue, choose to define your product range. This way, you can focus on improving the sales success of these items, get to know your target audience, and research the market and pricing culture around them. More items, by the way, does not automatically mean more revenue: that revenue often comes from your fifty or even ten best-selling items. So, test, choose, and focus!

Once you have defined your core product range, you can adjust the next lever: your margin. Because you now have a defined product range, you can choose to purchase these items in larger quantities. This makes the purchase price more attractive. And if you purchase multiple items from the same supplier, there is often room for negotiation on the total price. This way, you retain a higher margin per item.

Your product range is set, and you have the best deals with your suppliers. Now it's time to look at the final component of the pricing strategy that can boost your revenue: the selling price of your items. This is crucial, as the impact of an optimal selling price is significant. But how do you determine the best price for your item? You can see it as a puzzle, where the influencing factors constantly change.Of course, you can continuously monitor and manually adjust prices to implement your pricing strategy. But you can also save yourself time and effort, as there are smart techniques for this. These so-called repricer tools help you improve and implement your pricing strategy. The tools work with a mechanism that automatically adjusts item prices based on the factors you input. So, you're still in control: you set the different scenarios, ensuring the repricer always reacts as you intend under various circumstances.

You can get started with (one of) these three steps today. Ultimately, it's about choosing a tactic that suits you and your business. Curious about the experiences of other entrepreneurs who have already taken the steps above? Bart shares his smart pricing strategies, and Mark tells you how he grew his business with the help of a repricer tool.