Send us a textPricing and discounting are two strategies to incentivize buyers to make a purchase decision. But there is always confusion where each would be appropriate. Also, pricing is often a sensitive area where most companies would rather undercharge in fear of losing market share or customers. Companies could use pricing strategies such as cost-plus, competition-based, value-based, price skimming, loss-leader, penetration, dynamic, bundle, premium, and anchor. But they rarely understand the true potential and their applications. There are a lot of factors to consider when developing an ecommerce pricing strategy. Competition, ever-changing customer expectations, material costs, and shipping all play a role in pricing your products. To stay relevant, brands need to continue to reevaluate their pricing strategy. But what are the best practices of pricing?In today's episode, we invited a panel of cross-functional experts for a live interview on LinkedIn who brings significant expertise to discuss pricing strategies in the e-commerce world. We covered many grounds in this episode, including the difference between pricing and discounting strategies. Finally, we also discussed the nuances of various pricing types loss-leader, cost-plus, and competitor-based along with their pros and cons.For more information on growth strategies for SMBs using ERP and digital transformation, visit our community at wbs.rocks or elevatiq.com. To ensure that you never miss an episode of the WBS podcast, subscribe on your favorite podcasting platform.

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