Most online buyers are sensitive to prices. For your wholesale jewelry business, a promotional pricing strategy is one of the best ways to quickly boost demands. As a popular way of generating revenue, pricing strategies can create a sense of urgency to your jewelry buyers, thus increasing sales of your wholesale jewelry business in the short term.
We’ve listed 5 best ways for you to grow your wholesale jewelry business by using pricing strategies in a right way. Follow us and get more information about pricing strategies!
- What is promotional pricing?
- Benefits of pricing strategies
- Types of pricing strategies
Promotional pricing of a wholesale jewelry business: definition
Promotional pricing means a temporary method to reduce the normal prices of a product to increase sales in the short term. You may have marketing campaigns and activities to support the discounts.
Benefits of pricing strategies for your wholesale jewelry business
- Attract new jewelry buyers
One of the biggest benefits of using promotional pricing strategies is that you will attract a bunch of new customers to your wholesale jewelry business. Customers are always price-sensitive. Your customer base can be expanded quickly. In addition, you will find that lots of jewelry buyers are willing to try new jewelry wholesale stores due to the more discounts or coupons.
- Retain your loyal customers.
In addition to attracting new jewelry buyers, you can also retain your current customers at the same time. Customer loyalty is very important for your wholesale jewelry business. You need to always create better ideas to retain your current customers due to the severe competition in the whole industry. Otherwise, your loyal customer may be attracted by another brand who offers more preferable prices. therefore, remember to put your current customers in the first place when you promote pricing activities.
- Promote your new products
When you are launching a new jewelry series and want to get more attention of your customers, then using pricing strategies is a good way. To increase exposure of your new jewelry, there is nothing better than offering it a lower price for a limited time. You can boost your sales in this way very efficiently, thus expanding the reputation of your wholesale jewelry business and earning more profits.
Types of pricing strategies you can use for your wholesale jewelry business
- Flash sales
A flash sale means offering discounts with a short time period. During the flash sales, you can offer a wide range of discounts and deals, usually several days, rather than the whole month or year. Therefore, through these discounts you can easily generate great demands very quickly.
- Buy one, get one free
“Buy one, get one free” is a common type of pricing promotion. With this strategy, you can provide an additional product to drive the purchase of other products. However, when you use this kind of strategy, you are actually selling two kinds of products, therefore, you need to set the prices higher than before.
- Seasonal sales
It means you can make use of different seasons or holidays to drive sales. This can happen on a regular basis. For example, you can sell summer series jewelry wholesale pieces on discounted prices. Or sell special jewelry on holidays like Valentine’s Day, Christmas Day etc. However, you need to get your inventory ready for those days. Jewelrykg is a wonderful place to buy bulk jewelry at factory prices with no MOQ. You are highly recommended to give it a try!
- VIP discounts
VIP discounts are an excellent way to attract your potential customers in a long period of time. You can set VIP discounts at different levels to retain your customers. This can also enhance your wholesale jewelry business’s reputation and image, thus to retain the current customers loyalty.
- Loyalty programs
A loyalty program means you can offer discounts to encourage buyers to have consistent, repeated purchase. Loyalty programs are important, because, sometimes it’s not enough to simply send a thank you email after jewelry buyers buy from you. You will find that lots of customers will shop with those websites who have points and rewards in their account.
In conclusion, there are various kinds of promotional pricing strategies in the market, these five types can be really effective to promote your wholesale jewelry business. No matter what pricing strategies you use, putting customers at first place is always the most essential thing. Like Jewelrykg always put every customer in the first priority, which sells jewelry by kilogram with no MOQ. You will definitely have a pleasant jewelry adventure on Jewelrykg.com.
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