Amazon is a very price-sensitive marketplace, which means you need smart pricing strategies to help you earn a decent profit without struggling. Pricing your products wisely could also mean significantly raising your ranking and conversions.
When creating prices for your items, ask yourself these questions. How can your product gain a competitive edge? How do you increase your prices without turning off customers? And how can you persuade customers to put your product in their shopping cart and proceed to checkout?
In this blog, we put together 10 Amazon pricing strategies that use psychology to make your products stand out among the competition.
#1: Set your prices for Page One on Amazon
Technically, you need to consider only two variables when pricing your product on Amazon.
- The lowest price so you can make a profit