Transparent pricing is a must for every business, both brick, and click-and-mortar. It exposes product and services prices to all consumers, guarantees lead generation, and converts into sales.
However, B2B tells us another story! The wholesale business serves specific target customers with high-value demand and also complicated decision-making processes. Furthermore, the number of ordered quantities also differentiates from retailers. Hence, pricing now depends on a vast range of criteria, from customer behavior, customer demand to the potential order value.
Transparent pricing becomes indispensable, but there are many exceptions, especially in operating a B2B store. Prices should be concealed from most people and only presented to wholesale customers that the business is targeting.
So what makes B2B enterprises go against the prevailing trend? And how Magento 2 B2B websites approach this secret pricing strategy most effectively? This article will make your day and reveal answers to these questions.
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Why Magento 2 Hide Prices does matter?
Nothing happens without reason. It’s all about B2B store owners’ intentions. Hiding prices is a traditional pricing strategy for wholesale customers or even some specific targets. Visitors are required to take some actions (create an account or login) to see the price and then decide to purchase or not.
The decision making now depends on a price negotiation between stores and customers to come up with the best figures. Hence, hiding price acts as a bridge to connect wholesale buyers to stores, giving open opportunities to discuss more the deals and build a long-term relationship.
Advantages of Magento 2 hide prices
Customize pricing for each target customer
As mentioned above, B2B companies target unique customers. They can be business or governmental agencies who often obtain large and diverse purchase power. Hiding product prices now plays a vital role in giving separated pricing for each customer group and product line.
This secret strategy helps B2B reinforce the order value by offering responsible prices based on their demands and even their bargaining ability.
Besides, when you ask customers to take further actions to get prices, you can express the higher individualization to purchasers so that they will receive better and more intensive consultation from your business.
Via a direct conversation with sales rep teams, the custom pricing is approached closer to customers, leading to quicker purchase decisions than letting them browse prices in the hesitation.
Lessen intense competition on the market
Competitor research is quite common in the war of doing business. Other providers’ products and prices are one of the decisive factors to launch more attractive promotion programs or better pricing to get market dominance.
For B2B ecommerce, this issue becomes more serious to take into consideration than ever. Once you lose a prospective customer into competitors’ hands, you will miss him/her forever. That’s wholesale buyers’ characteristics with high loyalty and engagement with a vendor.
Hence, hiding prices is an essential strategy for every B2B to avoid unfair competition from plenty of rivals in the market. Not revealing prices means no customer lost or no money lost, on the other hand.
Increase purchase likeability from prospects
The secret pricing asks customers to login, call, or fill information in a form to see prices or receive additional contacts from B2B stores for price public. This method seems to segment customer flows very well when only people with real needs will readily take such further actions.
Once B2B enterprises have customer information, it is always convenient to make more consultation, listen to user stories, and eventually guide them to the right decisions. Hence, there are more possibilities that B2B websites can limit spam purchasers and generate valuable revenue from the actual target customers.
But don’t forget that your hiding pricing must deserve customer efforts. Because the primary concern still stays at whether your business can fulfill their promises and expectations to convert into money or not. If you fail to satisfy them, your secret prices now seem to be a useless and reluctant step in the customer journey.
Separate discount programs
A website that sells for both B2B and B2C customers consistently provides various promotions and discount programs for each group. This exists due to many differences between B2B and B2C nature.
B2B is more than a normal buyer, and remaining a long-term relationship with wholesale purchasers must be considered much more necessary. Thus, separating exclusive deals and hiding prices for B2B now becomes quite essential to make sure that each group receives enough satisfaction with product pricing.
It is a fact that B2B buyers can get more discount values than B2C because of the larger order quantities as well as purchasing frequencies. A B2C customer can browse products and buy once without coming back, but the B2B one does the opposite. The more they acquire, the more discounts they can be provided, and meaning to shorten the cost of goods sold.
Limit the impact of constantly price fluctuation
The market never stays in one place. All of us know about it. Product prices share the same circumstance when there are a lot of factors affecting them day by day. Hence, B2B store owners are forced to hide prices to conveniently adjust them based on the wave of the market changes.
B2B customers are generally long-term partners who get familiarity with the pricing. Hence, when there are unexpected price increases, they may feel unhappy and not ready to add items to cart like before.
In this case, hidden prices take effect by requesting buyers to contact the sales team for price exposure. The sales reps do the rest to make more consultation, give the proper explanation of the sudden rises, and then persuade them to purchase.
Disadvantages of Magento 2 hide price
In addition to the mentioned advantages, B2B store owners also face some problems with the secret pricing strategy.
Everyone loves transparent pricing; this is not negated for both B2B and B2C under the point of customers’ view. When products are launched to sell, they need to be adequate about all information, including descriptions, prices, images, manuals, etc. Meanwhile, price is one of the decisive factors impacting their purchases.
So what happens if your business turns down to expose prices on the landing page and requests customers to take more actions before getting the actual pricing?
Be highly possible for customers to leave sites
In general, it has a higher bounce rate! If you put yourself in customers’ shoes, you may feel quite confused about considering a product without knowing how much it costs until the owner says to you.
Consequently, customers might be frustrated, then leave the website immediately, and look for other vendors with visible prices. One more reason is that B2B visitors can be quite lazy to log in or leave their contacts for prices if their demands are not big enough to motivate them to act more.
Not publish prices means higher prices
This is a widespread thought in many shoppers’ minds. Why do you have to conceal product prices? Is your price higher than others? It inevitably raises some questions for customers when they are landing on product pages lacking necessary information. Customers are no longer willing to take a more in-depth look at products and services; consequently, they leave your site for other suppliers.
It can be mistaken thought or not, and we are not sure about it. But in reality, this is still a downside of the secret pricing strategy that B2B store owners should keep on looking for an optimized solution to change the customer’s mind.
Should or shouldn’t hide prices in Magento 2?
Prices should be visible and accessible for visitors to take products into account. But that’s retailing, not wholesaling! Under the point of view of B2B store owners, hidden prices are necessary to guarantee some business aspects related to pricing structure, pricing strategy for target customers, long-term relationships with wholesale buyers, and even bargaining power.
In terms of customers, secret pricing may not harm their benefits like many people’s thoughts. When a B2B store decides to conceal prices, customers are given more opportunities to make direct conversations with suppliers, then request quotes to bargain for the best cost.
Hiding prices is a good idea but not totally perfect. B2B store owners had better take advantage of this strategy carefully and appropriately in the right time and right place.
In other words, hiding price is a 2-sided game, and game players must be aware of which is more significant to take a trade-off.
Magento 2 Hide prices for B2B websites
Magento 2 B2B ecommerce doesn’t stay away from this secret pricing strategy. However, if store owners desire to optimize the hidden pricing, they need to ask for the third-party tools due to the limits of default Magento.
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Hide prices for specific products and categories
Magento 2 hide price extension allows B2B websites to hide prices for various product types, make the Add to cart invisible, and replace it by a text sentence or an URL to redirect customers to another destination for the next action.
Store owners can hide prices for:
- Simple products
- Downloadable products
- Virtual products
- Grouped products
- Configurable products & their children
- Parent of bundle products
More flexibly, the admin not only conceals prices for products but also sets Magento 2 hide prices for some categories. When the function of hiding prices is applied, product prices cannot be presented in every position including product page, category page, wishlist page, search result page, compare page, related product blocks, up-sell and cross-sell blocks.
Once prices are hidden, customers may have to login, contact, make a phone call, or send an email to see prices depending on your intention.
Hide prices from customer groups
This feature is built to differentiate B2B and B2C customers on the websites which target both. Magento 2 Hide Price extension lets the admin select which customers to apply the secret prices from the drop-down list.
For example, only wholesale customers can know every product price while Not logged in customers cannot. This requires those customers to log in to verify whether they belong to the Wholesale group and then unlock product prices. Setting Magento 2 hide prices unless login or Magento 2 hide prices if not logged in also share the same logic.
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In a nutshell, the hidden price is a wise strategy for every B2B store. With the help of Magento 2 hide price extension, we believe that you will use this strategy properly to optimize its efficiencies for your wholesale business but still satisfy customers during the shopping journey.
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