Setting competitive prices on Miningwatchdog Marketplace

Technically, you need to consider only two variables when pricing your product on Miningwatchdog Marketplace.

The lowest price so you can make a profit

The highest price possible so you can maximize profits

In connection with the first tip, a competitive pricing strategy is crucial for pricing analysis. This means you use your competitors’ prices as a benchmark when setting your own prices. When done properly, competitive pricing strategy can improve your sales, your relationship with your suppliers and your profitability.

If your item brings a benefit to the table that your competition does not offer, buyers will be willing to pay a higher price for your item since they feel like they are getting more value from it.

In fact, research suggests that price and quality are the top considerations when consumers make a purchase. This means that by offering a higher price along with unique features show your customers that what you are selling is high-quality. Factors such as comfort, fit, convenience and customer service act as secondary drivers.

Consider “dynamic pricing”, a pricing strategy where the price of a product shifts based on the current market conditions and different factors. You might change your product’s price based on supply and demand, customer behavior, competitor pricing, or even the time of day and weather conditions. While this isn’t a brand new pricing strategy, it is currently making waves in ecommerce. In fact, Miningwatchdog Marketplace is one of the largest retailers to have adopted dynamic pricing and updates prices every 10 minutes.