Introduction
One important aspect to consider in B2B eCommerce is #B2B Pricing Strategies. Business buyers are very price sensitive and they want the best deal for their business. But, online retailers often commit mistakes when setting up prices for their #B2B offerings.
If you own a #B2B eCommerce business or are planning to start one, read the below post carefully to avoid these pricing mistakes.
5 Common #B2B Pricing Mistakes and How to Avoid Them
Pricing your products or services correctly is critical in every business domain. However, in #B2B eCommerce, businesses must not only display accurate pricing but also personalise it for each consumer who visits their website.
As a result, setting #B2B pricing is a bit more complicated and requires careful consideration. While B2C buyers tend to make emotional purchases, #B2B buyers are more specific and take a methodical approach to purchase. That's another reason why B2B pricing differs from B2C pricing.
Growing a #B2B eCommerce business quickly is possible, but only if you learn from the mistakes of others.
Here are some of the most common #B2B pricing blunders to avoid when growing an eCommerce business:
Keeping the same price all the time - This is a major blunder that many #B2B eCommerce businesses make. They never change their prices and always keep them the same. As a result, they never discover the pricing factor that most appeals to their customers.
Changing Prices Too Frequently and Inconsistently - Your customers will become confused if you change your prices frequently or display different prices on different channels. It will also have an adverse effect on your brand's reputation, and customers will begin to perceive your brand negatively.
Not Considering Customer Segmentation - When setting up #B2B pricing, this is another big mistake. The worst thing you can do for your #B2B eCommerce business is not to provide personalized pricing to buyers.
Not Providing Any Price - Everyone knows that #B2B buyers conduct extensive research and prefer to view all product information online before making a purchase decision. As a result, not displaying product prices is the biggest turnoff for #B2B customers.
Unnecessary Price Increases - #B2B buyers are very particular about pricing. They always want to buy at the best price possible in order to avoid losses. Thus, raising prices when there is high demand or limited supply may have a negative impact on consumer trust in your brand.
Please see the screenshot below for a complete list.
Conclusion
Many #B2B companies never use #B2B pricing strategies and end up losing a lot of money. Some businesses even believe that #B2B pricing is complicated, that ownership is difficult, or that cutting-edge technologies are prohibitively expensive. However, if you do your research and use the right tools, you can multiply your #B2B revenue by many folds by tweaking your pricing strategies on a regular basis.
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