How to set dynamic prices in WooCommerce

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Providing incentives to your shoppers based on their shopping behavior is one of the best strategies to encourage them to shop even more. With dynamic pricing, you can change the price of your products based on certain criteria and increase your revenue by selling more. Discover how.

Dynamic content is an often overlooked feature in WordPress и WooCommerce, but offers a lot of flexibility. Allows you to take information from the site and automatically insert it into the designated places.

For example, dynamic pricing can help you increase your store's revenue and drive sales to specific products you may want to focus on. In the right hands, it becomes a great tool to have when marketing and growing your WooCommerce store .

In this post, we'll go over everything you need to know about WooCommerce dynamic pricing. We'll start with a general introduction to the concept, some of the different ways you can implement it, and how it helps you. Then we'll show you some free and paid plugins you can use to implement dynamic pricing

Let's get started!

What is WooCommerce dynamic pricing?

Dynamic pricing is a strategy where you change the price of a product based on certain criteria such as how many items the customer buys, the role/status of the customer, the order value of the customer, the order history of the customer, etc.

In almost all situations you will give the buyer a discount if they meet certain conditions.

One common example is bulk pricing, where you change the unit price of an item based on the quantity the buyer orders. For example, you can charge:

  • $ 10 per item for orders between 1-10 items.
  • $ 9 per item for orders between 11-30 items.
  • $ 8 per item for orders between 21-50 items.
  • $ 7 per item for orders over 50 items.

Another common example are "Buy X, Get X Free" offers, or BOGO deals for short. For example, you can offer a special "Buy 3, Get 1 Free" deal on a specific item or category of items.

Or you can give certain VIP members access to special discounted pricing (which you could do in WooCommerce by targeting their user role). You can determine VIP status by their order history (e.g., referred to loyal customers), whether they are a paid member, etc.

The goal of all these dynamic pricing strategies is to encourage your shoppers to buy larger quantities and/or place more frequent orders in your store.

When should you use WooCommerce dynamic pricing?

At a high level, the goal of dynamic pricing is to increase your revenue by increasing average order value and regular customer value.

For example, if you offer a discount if a user purchases 5+ items, this will encourage them to order 5+ items when they may have just ordered 2-3 items without dynamic pricing.

Here are some specific benefits and situations where dynamic pricing can help you to:

1. Incentivize sales to specific products

You can use dynamic pricing to drive sales of a specific product by allocating that product to dynamic pricing.

In addition to increasing revenue, this can be a great way to clean up a product list that isn't moving as well as you hoped.

2. Increase customer lifetime value

In addition to increasing your revenue for individual orders, you can also use dynamic pricing to increase customer lifetime value by providing special discounts for repeat buyers. For example, you can unlock special pricing when a buyer reaches certain goals such as:

  • Lifetime order value
  • Number of lifetime orders

Or you can create reliable recurring revenue by offering special rates to members who pay a monthly fee. For example Tripadvisor Plus service at Tripadvisor offers members special hotel discounts in exchange for a fee of $ 99 per year. This not only gives recurring annual revenue to Tripadvisor, but also encourages people to always book their hotels through Tripadvisor as they have already invested money in the annual fee.

3. Gain insights into customer behaviour

Finally, you can also use dynamic pricing strategies to gain greater insight into your customers' shopping behavior. For example, if you see that customers are happy to buy certain products in bulk, you can use that information to set up new products or bundles.

How to set up dynamic pricing in your WooCommerce Store

Dynamic pricing is not a core feature of WooCommerce, so you'll need the help of WooCommerce's Dynamic Pricing plugin to set this up.

Since this pricing strategy is quite popular, you can find several free or paid plugins to set this up.

There's a dynamic pricing plugin from a third-party developer (Element Stark) listed on the WooCommerce extensions marketplace. This plugin is a bit pricey with its $129 price tag, and you can find cheaper options (or even free options) for reduce the price of your store .

For a more affordable option you can check out WooCommerce Dynamic Pricing & Discounts plugin at CodeCanyon, which costs $ 59 and has a 4.6-star rating with over 19,000 sales.

Or, if you want to keep things free, you can also find some popular free plugins for dynamic pricing:

Installing and setting up all of these plugins is intuitive and easy as with any standard WordPress plugin. If necessary, you can translate each plugin with the popular plugin for this purpose Loco Translate.

How to set dynamic prices in WooCommerce 1

Which discount strategies should I use in WooCommerce?

There are several different dynamic pricing strategies you can use with the plugin(s) above. Depending on your store, you may want to use multiple strategies or just stick with one type of dynamic pricing strategy.

Here are some ideas:

  • Group price levels - offer lower prices in different tiers as quantity increases.
  • Pricing for members only - offer special pricing for certain consumer roles.
  • High Order Value Discounts - offer discounts on certain items if the total value of the user's order is higher than a certain amount.
  • Loyalty discounts - Give special offers to loyal customers - e.g. people who have placed 10+ orders.
  • BOGO offers - Offer "Buy X, get X free" offers. You can also add conditions to the cart to limit them, such as a minimum spend requirement.
  • Product packages - create product bundles that offer lower prices if people buy multiple products.
  • Discounts based on time - offer lower prices on certain days/hours. This can be especially useful if you use WooCommerce as a sort of restaurant ordering system, where you might have slow days of the week on which you want to offer dynamic pricing.

Increase your store revenue with dynamic content

WooCommerce's dynamic pricing is a great way to increase your store's revenue by encouraging your shoppers to buy more often. They get discounts on the items they already want, and you get higher revenue per order and customer flow duration - it's a win-win.

To set up dynamic pricing in your WooCommerce store, you have a variety of plugins, including free and paid options. All plugins work on pretty much the same principle and may be more suited to your needs depending on the types of pricing rules you want to set up .

If you already have a store, start applying these principles today.

If you have questions about WooCommerce dynamic pricing or need help selecting, installing and setting up the best plugin for you, we're here to help? Email us or call us at phone number.

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