Every online merchant desires to make his products stand out in the heavily crowded markets. They strive persistently to come up with a Unique Selling Proposition to catch visitors’ attention and convert them into loyal customers. But loyalty at customers’ end does not come in neat packages; it’s a pretty strenuous job indeed. Even if you offer a great value to your customers they would not mind going to another vendor if they find a better deal. So the point of concern is how online retailers can actually encourage customers to spend their hard earned pennies on their products? Well, Magento Dynamic Pricing extensions seem to be the solution to this dilemma.
Dynamic pricing implies that the products displayed on web stores reflect real time market value. It involves carefully monitoring market trends so as to infer product prices accordingly. Prices of products usually fluctuate depending upon product demand and supply. The best example of dynamic pricing can be seen over auction based online store where prices vary depending on location, seasons and dimensions of products.
Getting Dynamic Pricing Right
The prerequisite for getting the right dynamic pricing is to make sure that the data you are using is accurate. If you are basing your product pricing on competitor’s ongoing prices then providing the right values is a must otherwise it is likely that you would sell your products at lower prices and make irreversible losses. However, closely monitoring pricing data is very strenuous and time consuming task due to which many companies are switching to automated price tracking software. Here are four Magento extensions for different pricing solutions:
This Cost Based extension automatically applies markup on bulk quantity of inventory. The extension make the pricing based on a simple cost + markup formula. The price markup can be applied in fixed or percentage amount of cost. It makes the online merchants’ job easier by using catalog price rules, which enables them to apply cost based prices on selective items and offer different prices for different customer groups.
Details about this amazing Magento Extension can be found Here
2. Box Calculator This Magento pricing extension is basically developed to provide carton and box pricing solutions and offers Magento Price per Quantity feature. It enables online vendors to calculate number of boxes required for shipping and their prices. Box size can be customized for each product.
For more details visit – Link
3. CVS Based Pricing This Magento Pricing extension provides two dimensional dynamic product pricing. Customers enter required sizes and dimensions on the product page and this extension calculates the price from CSV. The best part is that this extension eliminates the need to create configurable products.
For more details visit dimensional pricing extension
4. Pricing Calculator This Magento module calculates prices of products on the basis of three physical dimensions i.e. length, width and height. Centimeters, Meters, Milimeters, Inches and Feet are valid inputs to workout prices with Pricing Calculator. It creates rules to dynamically infer prices and apply discounts on different product sizes.
For more details visit Link
Rewards of Magento Dynamic Pricing Extensions
Offering lowest prices to customers can generate high volumes of sales. But at the same time it is very important for vendors to monitor competitors’ prices to watch out when they are selling products at a loss. Dynamic pricing therefore helps retailers to revise their prices at a competitive rate whenever the ever changing market trends demand it. To make the task less tedious retailers can acquire Magento Dynamic Pricing extensions, which readily provide an invaluable market overview, to help with dynamic pricing decisions.