The uncertainty of the future does not free anyone from its disadvantages. In fact, in terms of the business sector, a well-established company that had built a great reputation and which enables them for obtaining higher rates of sales still should never relax nor be complacent genuinely because their current position is never guaranteed to last. As today’s frontrunner, the fashion industry, especially those with emphasis on sustainable clothing, has been totally familiar with such challenge and dare. Manifestly, its ideal for every store owner including those who are managing a fashion brand with the help of the Internet should strive for ways on how to successfully obtain positive sales despite of the aforesaid concern.
Accordingly, there are several elements that necessitate your attention as a business owner. However, it’s a huge achievement if you’ll thrive with these two: profitable pricing and brand awareness. Perhaps, you would to see your owned retail business prosper with the help of trending technology. Thus, it’s imperative that the two preceding elements would be the center of your clothing company’s advertising campaign. While you might be accustomed with the some types of promotional campaigns for your online store’s brand awareness, the most well-suited or harmonious pricing strategy should now be your main concern.
In terms of pricing your products, may it be a set of apparel, accessories and cosmetics to name a few, as a business owner, it should be your primary concern implementing a successful pricing strategy. Unquestionably, the main reason that justifies why planning for the best pricing scheme is equally important similar with other variables is its impact on attracting more customers to deal with purchase transactions with you. Below are some examples:
· Competitive-based pricing – Market saturation is common in the fashion industry. Since your goal, perhaps, is to gain trust and loyalty from your customers, then this pricing strategy might be the right choice. In competitive-based pricing, rather than its production cost or other variables, your retail product’s price would be determined based on the price ranges of your competitors.
· High-low pricing – Usually adopted by small retailers, high-low pricing strategy can be distinguished from the rest by which prices most of its products are more expensive than that the competitors’ but, on the other hand, offers cheaper prices for their key products. Apart from that, high-low pricing may take place through sales or even in form of coupons.
· Value-based pricing – Also referred as value optimized pricing, requires a business owner to determine their products’ prices by evaluating each item’s perceived worth together with its target customers. This pricing strategy can be conducted by business owners through weighing the economic benefits of the offered items in the process. Consulting some exerts is helpful.
· Multiple pricing – Commonly chosen by grocery stores, your clothing store may also take advantage with the multiple pricing. In fact this pricing strategy has usually been used with socks, undergarments as well as t-shirts. A consumer may distinguish the multiple pricing when the said items are being sold for a single price. Product bundling pricing is another term for it.
· Loss-leading pricing – Known for being aggressive, choosing a loss-leading pricing strategy would require an online store to sell some products below its cost. As unprofitable it may seem, this pricing strategy involves a hidden agenda which promises the persuaded consumers for purchasing additional items which are profitable for an online store.
In addition, the other pricing strategies suitable for your fashion brand includes anchor pricing, keystone pricing, psychological pricing and more. More importantly, it is a must that you focus your energy on creating ethical and sustainable clothing brand not only to attract more customers but to ensure that your business growth is towards the right path.