Starting from scratch, Shopify's 30-day store tutorial - Day 20

Correct product pricing is the key to a successful Shopify store, and the key to pricing is knowing when and how to adjust prices. So what should sellers do?

When pricing your Shopify products, remember to use decimal pricing instead of integer pricing. For example, your product price should be $27.97 instead of $27.

You can test a few different price digits to see which are most likely to convert for your audience, such as:

$.00

$.50

$.90

$.95

$.97

$.99

You may find that most e-commerce store products have prices ending in $.95-$.99, but this doesn’t mean you don’t need to test other price digits.

But no matter what price decimals you choose in the end, don’t forget to use the corresponding price decimals for all product prices in your Shopify store.

Different pricing will result in different profits, so sellers should also test different price points for different products, which will have a great impact on your store's profits.

This is something that many Shopify store owners often overlook. Research has found that only 1/8 of Shopify stores adjust their pricing regularly. So hurry up and adjust your pricing regularly!

The lower the product pricing, the better. Remember, your goal is to make a profit, so your pricing needs to be flexible based on some factors.

Depending on the type of product and how the current demand (sales) for the product compares to the demand in the previous 1-3 months, the best pricing approach is to increase or decrease the price of the product accordingly this month based on the sales volume in the previous month.

For example, if you see a 3% drop in product sales over a 1-3 month period, then the price of your product should also drop by 3% to regain conversions.

Finally, you’ll adjust pricing over the three months to find the best price for each product based on the data you’ve collected.

That’s all for today’s tutorial. Do you understand all three pricing strategies above? You can leave your comments in the comment section below.

*Note: The 30-day Shopify store opening tutorial series from scratch is compiled from https://www.flyingstartonline.com/shopify-basics/. We compiled and shared this article in the spirit of sharing e-commerce practical information with the majority of e-commerce sellers. If there is any infringement, please contact the editor.

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