How often have you bought something you may or may not have intended to buy, only because you could not resist the discounted price? Almost always? The discounted offers by eCommerce businesses boost conversion rates by luring customers to make quick purchase decisions.
This strategy not just benefits businesses by boosting conversions, but also gives a great sense of satisfaction to customers fostering customer loyalty.
Strikethrough pricing hack, Old and New price hack, Discounted price hack, or Before and After price hack used on Shopify, Sale price v/s your price on Amazon, are all different names used for this hack and they all mean the same. where a product price is struck out and the new discounted price is highlighted.
The hack works well with human psychology and here is why we think it helps boost conversions on your product pages and eCommerce websites.
Why does the pricing hack work to boost conversion rates?
- Lets the buyers compare the price from an old price to the new discounted price
- It gives a sense of satisfaction by showing the advantage of a discounted deal.
- Shopify, Amazon and other ecommerce sites provide an inbuilt feature where you can implement this hack in less than a minute.
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Here are a few tips to try this hack:
1. Split the offer across your product range
- With fewer products, split the offer amongst your product pages with and without the hack
- With multiple products, experiment the offer on a few products, instead of applying the hack on all of them. Compare the conversion of the products with and without the offer for a few days and then decide to expand the hack with other products
2. Use the words ‘was’ & ‘now’
To drive more traffic use words like “was and now” in your offers. For eg: “the bag was $60 and Now costs $49” to create an impactful buyer experience by showing a comparison of prices.
3. Add a timeline to your offer
Include a countdown for the offer to drive quicker conversions. For eg: “New price ends in the next 24 hours”. This hack not only drives traffic but also lets buyers make quicker purchase decisions
4. Use different colors and fonts
Different colors and fonts for “before and after” price, create a psychological impact on buyers. Using different colors and fonts for before price and after price highlights the offer you are making and helps grab buyers’ attention. By creating a contrast this tip helps drive traffic to your website or ecommerce sites.
By offering exclusive deals, businesses not only gain new customers but also sustain existing ones. Thus, it can boost conversion rates for both new and old customers. Discounted offers for the longest time have proven to boost conversion rates for eCommerce.
By portraying savings on the purchase of the discounted products buyers tend to feel more satisfied. Businesses have more chances of gaining repeat customers. Businesses can also curb competition and reduce abandoned cart rates. Understanding how your buyers are engaging with your business is vital to deciding what pricing strategy works best for you.
Ultimately, when done right, people can’t do without these offers, thereby creating a win-win outcome for businesses and customers.
Watch our full video on the most effective conversion rate hack here:
In this video, we take you through some of the helpful tips to implement the most effective hack to boost conversion rates for eCommerce businesses.