What is the best way to test the price point of your product at launch?

GreganDunn
New Member
3 0 0

Do you have any resources or advice to share that would help me plan how I test the price point of my product?

 

My product will be undercutting the market by using a new material that allows me to have a much lower production cost... however the value of my product to the end consumer will still be comparable. So I want to undercut the competition's price, but I don't want to go too low and leave money on the table.

 

What are some ideas on how I can market test various price points and settle in on the most profitable price point?

Replies 2 (2)
Shannon_Lelouch
New Member
2 0 1

Do you research online.  There is definitely a balance between an appealing price point and coming off too inexpensive so your consumer doesn't think there is something inferior about your product. 

I think if you know your competitive landscape you should be good!

Nia
Shopify Staff
173 15 24

Hi, @!

 

I would like to recommend utilising the Dexter: The Price Testing App where you can test A/B product pricing which will be beneficial for your current situation! It will definitely take a few tests before you can settle on the most profitable price point and decide on what is best for your business!

 

We also have a great guide here regarding strategies for Finding the Ideal Price for your products as well as a Shopify Learn course here.

Nia | Social Care @ Shopify 
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