The "Pay What You Want" pricing model is a strategy where customers are allowed to pay what they feel a product or service is worth, or what they can afford. This can be an effective tactic to increase customer engagement, demonstrate trust in your customers, and create goodwill.
Benefits of Offering "Pay What You Want" Pricing
Flexibility for Customers: This strategy empowers customers to choose their price, which can appeal to a wide range of buyers and increase the perceived value of your product.
Increased Sales Volume: By allowing customers to pay what they can afford, you might attract more sales overall, even if some customers pay less than your regular price.
Marketing Opportunities: The "Pay What You Want" strategy can be a unique selling point and generate word-of-mouth marketing.
Steps to Offer "Pay What You Want" Pricing on Shoprocket
Here's how you can set up a "Pay What You Want" price:
Step 1: Log in to Your Dashboard
Log into your Shoprocket dashboard. This is where you manage your store and product offerings.
Step 2: Add or Edit a Product
Navigate to the "Products" section. If you're adding a new product, click "Add Product". If you're editing an existing product, locate it in your product list and click "Edit."
Step 3: Enable "Pay What You Want"
In the product pricing section, look for the "Let customers pay what they want" switch and enable it.
Step 4: Set a Suggested Price and a Minimum Price
Upon enabling the "Pay What You Want" option, you'll be able to set a "Suggested Price" and a "Minimum Price".
- The "Suggested Price" is what you believe the product is worth or what you'd ideally like to sell it for.
- The "Minimum Price" is the lowest price at which you're willing to sell the product. This could even be set to "0" if you'd like.
Don't forget to save your changes.
Congratulations, your product is now available with a "Pay What You Want" pricing model! This approach can create a unique shopping experience for your customers and potentially increase your sales volume. Remember, it's always a good idea to monitor the effectiveness of this strategy and make adjustments as necessary.
When using multiple currencies, we will also automatically convert the "suggested" and "minimum" prices for you, and display them as required.