•According to Insider Intelligence, in 2020 the global retail market has lost 10% of its possible potential turnover, according to forecasts at the beginning of the year.
•Purchasing power has fallen significantly, but this is not the only reason that businesses have lost profits.
In the previous two years, many businesses were forced to close, and those that we're able to survive the pandemic suffered serious losses. However, there are those who not only did not suffer significant losses but even managed to increase their profits. In this article, we will show you how to increase the value of a product while maintaining and even increasing the price, despite a shrinking market.
According to Insider Intelligence, in 2020 the global retail market has lost 10% of its possible potential turnover, according to forecasts at the beginning of the year. Purchasing power has fallen significantly, but this is not the only reason that businesses have lost profits. Another important reason was that the price of a marketer's mistake has increased today. It is the wrong marketing strategy that can destroy a business, as buyers have become more economical and more demanding of the quality of goods and services.
6 ways to add value without cutting price
To raise the value of the product and be able to sell it at the same price even in a crisis, you need to follow a few points:
1. Package
If you have a company website where the buyer can view the product, then you need to increase the attractiveness of the catalog pages and improve the usability of the interface.
- Use high-quality photos;
- Make sure that the site is displayed correctly on any device;
- Evaluate the usability of the user interface.
- While improving the visual component, keep an eye on the download speed indicators.
Beauty should not be achieved at the expense of site speed. Users will leave without having time to evaluate the design, and search engines will begin to rank the site worse.
Also of great importance is the quality of the photos presented on your site. Ideal - staged photos were taken in a studio or showroom, or high-quality renders.
2. Convenience and comfort
Check how convenient the elements that the buyer interacts with are:
- Main menu and product filter;
- Personal account and basket;
- Every step of the ordering process;
- Simple (and not mandatory) registration procedure;
- Contact forms, buttons, checkboxes.
It depends on how the user will feel while working with your site: whether he will leave when he sees an incomprehensible or unattractive interface, or return to the site because it is more convenient and pleasant to order on it than from competitors. In the field of high competition, it is very important to be better than your competitor - for example, many betting platforms such as 22 Bet win because of the convenience of the website.
3. Guarantees and trust
Let the customer feel that they are risking nothing by buying from you.
This will help:
- Licenses and certificates;
- Warranty for the product described simply and clearly;
- Transparent money back policy;
- Secure HTTPS protocol - it protects user data, such as payment details;
- Completed company cards in Google Business, as well as in the main directories.
4. Reviews
The best confirmation that buying from you is safe and profitable reviews. If the user chooses which site to make a purchase on, he will prefer the option that looks the least risky and even is willing to pay more for a sense of security.
What we recommend:
- Use the functionality of product ratings on the site (ratings can be marked with a special code and get a beautiful snippet);
- Post product reviews on the site;
- Take care of the positive ratings of your company on third-party resources;
- Register and work with a reputation on all popular review sites;
- Check what is written about you on the Internet, or entrust the monitoring of mentions to the agency;
- Make sure your site's third-party ratings are realistic and between 4.5-4.9 out of 5.
5. Product customization
Products created to order are more expensive than basic models. But what about online stores that sell ready-made goods, or companies that produce certain product lines and cannot afford to make changes to the configuration - for example, to assemble furniture to order?
Allow customers to choose product configurations or add/remove items as they see fit. When the user "assembled" the product himself - a future computer or at least a pizza - the value of the purchase increases.
You can customize not only goods but also services, including highly specialized ones.
6. Material expediency
If you know your competitors are selling cheaper, you don't have to play by their rules. Formulate an additional value that is already included in your product, but is not so obvious to users.
For example:
- Your product will last longer than competitors;
- You have an extended warranty or free shipping.
- It is important to show that the user who agrees to the value you declare is making a better investment.
A great way to show material worth is to display information about the amount of a discount or free shipping, the popularity of a product, or an extended warranty right on the product.