Have you longed for optimizing your product pricing strategy? Or seeking the best Price per customer Magento 2 extension is your top priority? If yes, then don’t hesitate to absorb this article right away!
Nowadays, the domination of online shopping means that price optimization strategies are gaining more and more attention.
By perfecting the price points, all Magento store owners strive to maximize their profits. One of the most popular pricing methods is to set different prices for each customer group.
Recognizing the soaring need to learn about pricing, we will share here the most basic knowledge about pricing methods, clarify some benefits of Magento price per customer, as well as suggest a few options of trustworthy modules involved in pricing.
What are you waiting for? Let’s get started!
Conventional Methods of Product Pricing
Setting price per customer (or price discrimination) is the ability to sell goods and services at different rates in each market and customer segment.
There are many pricing methods for stimulating consumer demands and maximizing business revenue.
Let’s take a look at some of the remarkable ways below to have a transparent overview and find yourself a method that suits the business core value.
Discriminate Prices by Product Line
Differentiating prices by product line means setting various quotations for a product line sold to the same group of customers but different in quality, design, or style.
The price gap between categories in the product line is often based on customer perceptions of prices and features, the quality of each category, competitors’ price, as well as the difference in manufacturing cost.
Usually, businesses set prices by category so that buyers have to buy products at high cost or multiple categories at the same time.
Besides the main product, a store owner can offer additional products to satisfy different aspects of customer needs.
However, the price discrimination between primary and secondary products is complicating because you have to deal with competitors who offer better prices for consumers.
With this method, you may sacrifice your profit target in one product to gain profit in another one and ultimately earn a higher total profit.
Divide Prices into Fixed and Flexible Parts
Here, store owners set a fixed minimum price that every purchaser has to pay for a minimum quantity of goods/ services. Hence, customers who use additional goods and services will have to pay extra prices.
Set Prices by the Level of Customer Loyalty
This can be considered as the most popular and easiest method to apply to the ecommerce market today. Many large websites have set different prices based on customer engagement.
For instance, regular/ logged-in customers will receive more significant incentives than those who only checkout as guests. This price discrimination can be expressed under discount codes, or at lower prices for a single purchase.
Thanks to its ease of application and effectiveness, numerous Magento store owners prefer this pricing method and often include it in their marketing strategies.
Differentiate by Geographic Area
Online companies usually operate in diverse geographical locations, so prices must be differentiated by region. The price of the same item in each market area depends on the purchasing power of the native and the shipping costs.
Customize Price for Purchase Volume
Last but not least, tier pricing plays a key role in driving the number of sales. The more customers buy, the lower the price will be.
Put simply, the case of wholesalers and retailers will be clear evidence for you to understand this pricing. A B2B customer of the business always gets a better price.
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Furthermore, in business practice, store owners may have other ways to distinguish prices: according to the circulation stages in the distribution channel; by season to regulate supply and demand for seasonal products, …
Reasons You Should Set Price Per Customer
Target Shoppers with Individual Pricing
First and foremost, an outstanding benefit of price discrimination is that it helps businesses reduce costs for price-sensitive consumers.
A typical example is the student group. They often receive lower prices than employees because students have little or even no income, so their demand is more elastic.
Thus, the price policy of Magento stores will bring many benefits to this young segment.
However, you should also consider pricing reasonably so that others still feel pleasant when using your product/ service.
Adjust Pricing of Certain Products & Categories
Suppose you only want to set individual prices for certain items and categories, setting price per customer will work its magic.
This will help you push the number of inventory to the customers who need it.
Maximize your Business Revenue
The third benefit also stands among the main reasons why you should set price per customer. Evidently, sales are always the big goal of any online store. Therefore, skillful personal pricing helps you reach potential markets.
Specifically, dozens of customers are willing to buy your item at a price higher than the current point, and vice versa.
Thus, setting a price per customer ensures a higher conversion rate. Both high and low-income people can buy products at their desired price.
As soon as consumers approach and use your product/service, your business revenue will increase exponentially.
Therefore, let’s invest your efforts and brainpower in setting the right per customer price and boosting the profit for your Magento site.
Attract More Customers
Of course. Once you set a suitable price to target the right customer segment in the market, chances are they will buy your products, return, and promote your Magento store to others.
Not only that, but the visitors are also engaged in the pricing policy that is in line with their budget. Trust me! Tiered pricing greatly contributes to maximizing customer satisfaction and fulfillment.
Optimize your pricing strategy instantly, and you’ll gain a valuable customer treasure!
Become a Delicious Piece of Cake for B2B Customers
In fact, the price per customer strategy is most commonly used for B2B customers.
Although B2B pricing is tricky, it plays a vital role in building a solid foundation for the Magento business.
An effective B2B pricing plan becomes a powerful weapon to survive in today’s flat e-commerce market. Therefore, you need to consider tons of factors to set up prices per customer appropriately.
For example, you may end up with some questions like: “Is it too cheap or too expensive for the quality of the product?”; “Are you lowering prices to increase competitiveness?”; “How to reduce prices per B2B customer while still ensure the total profit?”.
Custom pricing acts as an incentive to go in-depth into the online market and decide the right B2B customers to push the price higher and vice versa.
This, thereby, can avoid volume losses significantly. Moreover, it speeds up the customer’s decision-making process.
In short, every B2B customer will have a certain contribution to the business. It’s unfair if you set an equal price for all your partners. At this time, personalizing price demonstrates its radical effect in helping your Magento website spread with flying colors.
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Understand the Market
Last but not least, understanding market demand is one of the key factors that determine the success of your sales campaigns.
Bear in mind that “Sell your customers what they need, not what you want.”!
Thus, to investigate the market, you can try providing new products in multiple geographical areas with different prices based on certain demand conditions.
Pricing per customer group like this helps a lot in estimating some levels of demand for several target groups. If your Magento store operates under a multinational base, this pricing can be very helpful in understanding the market and maximizing your revenue.
Hottest Magento 2 Extensions to Optimize Your Price Per Customer Campaign
Needless to say, to build a reasonable pricing strategy on your Magento store, you need tools to support. Honestly, the function of default Magento isn’t powerful enough to help widen your pricing strategy potentials.
After a while in the application, the group price – a tool to manage pricing policy in default – has revealed its weaknesses.
This led to the desire for a compelling Price Per Customer Magento 2 Extension of Magento store owners.
Nevertheless, among countless Magento modules, it’s hard to pick a robust Price Per Customer Magento 2 Extension tailored to your need.
Sympathizing with your pain, we have researched, experienced, and synthesized here a list of prominent Magento 2 extensions to facilitate your price per customer plan.
How curious it is! Why don’t you scroll down and grab the best for yourself?
Magento 2 Hide Price by BSS
Admittedly, for B2B customers, some may still be unclear about pricing. At this time, it’s wise to hide prices for customer groups. A few reasons why many of our clients prefer hiding prices are:
- Price is a competitive advantage in B2B trades, so you don’t want your competitors to know the pricing secrets;
- You plan to personalize prices for different customer groups;
- For all businesses, prices tend to fluctuate so that the hidden cost can avoid adverse effects on the bottom line;
- Hide Price also indicates negotiable orders and encourages customers to request a Magento 2 B2B quote.
Below outstanding features also make you unable to resist taking our Magento 2 Hide Price extension:
- Hide prices for certain products/ categories/ customer groups;
- Design Add to Cart button with a custom message and redirect it to a custom URL;
- Be a part of the B2B Package;
- Work well with the Porto theme & the Fastest and Infinite of Codazon.
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Magento 2 Shopping Cart Price Rule per Store View by BSS
Customers from different store views won’t share the same insights, so it isn’t smart to apply the same promotion or discount price to all visitors to your Magento site.
However, the default Magento can’t set price rules at the store view level.
Don’t worry! Our second price per customer Magento 2 extension will help you to customize your price rule for customers on each store view.
Magento 2 Shopping Cart Price Rule per Store View was launched as a great savior for you to configure the pricing rules according to your business plan.
This module enables users to set up cart price rules for each store view to offer unique discounts per customer group. You may notice the following features:
- Individualize shopping cart price rules for each Magento 2 store view;
- Conveniently set specific promotions for the local market;
- Harmonize with Multiple Store View Pricing extension.
Prices Per Customer by MageWorx
Next, we come to another brilliant option from Mageworx. Their Magento 2 Price per Customer extension especially matches the small and medium-sized businesses.
With smart features brought by this price per customer Magento 2 extension, you can ultimately retain loyal customers and evoke curiosity from passers-by.
- Tailor the price to each customer group with six valid pricing schemes;
- Hide prices from guests/non-registered customers;
- Import/export via CSV files.
Customer Group Pricing by FME
Not inferior to competitors in the market, Magento 2 Customer Group Pricing extension by FME has affirmed a stable position among Magento enthusiasts.
Using this tool, you can improve your pricing strategy by offering different discounts to specific groups of customers. Thanks to that, your product pricing becomes more flexible and seduces more audiences.
- Adjust price per customer or for certain catalogs/ products;
- Reduce or raise prices;
- Opt to require min/max order quantity;
- Add various discounts for quantity ranges;
- Create a custom message for discounted items.
Price Per Customer for Magento 2 by MageDelight
The next recommendation of a Price per Customer Magento 2 extension by MageDelight will not let you down.
Unlike its rivalries, this module includes an advanced set of B2B features, which makes the backend a little more complicated. In return for that complexity, the provider designs a stunning frontend interface that can steal your customers’ hearts at first sight.
- Present individual offer page in the frontend;
- Vary fixed and discount prices for each customer group;
- Simple, configurable, group and dynamic bundle products;
- Change fixed-price or tier price per customer;
- Set global promotion for a specific product catalog per customer;
- Offer import/export price per customer.
In brief, your Magento store can significantly benefit from a price per customer Magento 2 extension as long as you choose the right one and run a smart price campaign.
To thrive in the competitive e-commerce world, you had better do research thoroughly, conduct trial sales, and set reasonable prices per customer.
We highly recommend you skim through useful tools mentioned above to support your Magento store enhancement.