For any Woocommerce shop, pricing strategy will be one of the critical factors in boosting your sales and bringing the customers to your shop from other competitors.
In this blog post, we will discuss what is dynamic pricing, why is it extremely needed for Woocommerce shop owners and some of the popular Woocommerce Dynamic pricing plugins in 2020, their key features, their advantages, and disadvantages.
What is Dynamic Pricing?
Dynamic pricing is nothing but the ability to set an adjustable rate or a discount for a product on a particular condition.
Say you have many products in your store and want to give discounts to specific products. Changing the price manually for every single product will be tedious and time-consuming. Dynamic pricing plugins will provide you with the ability to add a discount to the products automatically based on conditions you set in advance. Basically, it makes your pricing dynamic.
Dynamic Pricing – Advantages and Disadvantages
Discounts are the universal strategy every shop owners have been using for years to bring in customers and sales. There is no better strategy than discounts to tempt your customers to buy. To impliement woocommerce discount strategies in your ecommerce store you need plugins which show dynamic pricing and discounts.
Research shows that Amazon gains a profit of 27% each year because of this dynamic pricing strategy.
One of the worst marketing decisions you will ever make is to leave the dynamic pricing in your pricing strategy. Some others benefits on dynamic pricing strategy are that you would have got a clear understanding of your customer behaviors and you will have enough data to set the prices and providing discounts for the right products.
Where and when should I use the Dynamic Pricing?
Basically, you should set the dynamic pricing strategy with a proper understanding of your store, your products, your customers and your competitors.
Sometimes you may find your products being sold highly in a particular country. In this case, you can set a specific discount for people who are coming from that country alone. Many other things could also be considered like their age, preference, type of people you sell to, etc..
Best Woocommerce Dynamic Pricing and Discounts plugins in 2020
So now having a clear idea of dynamic pricing and its benefits, let’s jump into some of the best Woocommerce dynamic pricing plugins, their key features, pricing, pros, and cons.
YITH WOOCOMMERCE DYNAMIC PRICING AND DISCOUNTS PLUGIN
This plugin is one of the popular dynamic pricing plugins for Woocommerce which will let you create discounts and promotions to get the attention of your customers and to convert them to loyal customers for your store.
Key Features of YITH WooCommerce Dynamic Pricing and Discounts:
- You can set different conditions/rules for a discount like offering a discount if the customer has purchased a certain quantity of products, providing a discount to only specific categories, tags and user roles, etc.
- You can set multiple rules for a discount in such a way the user can get the discount only if the user satisfies all the rules.
- You can choose from three different types of discount. Fixed discount if you want to give a set amount as a discount for a specific condition. Price discount if you want to discount a certain amount for a particular condition and percentage discount if you’re going to discount a certain percentage for a specific discount.
- You can include a note on every product page regarding the discount that will be offered on a particular condition. Example, “You will get a 50% off if you buy 3 T-Shirts”. This will definitely attract the customers to buy thereby increasing the sale for your store.
- You can also show the discount percentage and what will be new price after discount to the customers which might impress them to go ahead and purchase.
- It also allows you to include a table displaying the different price of the product based on the number of quantities purchased.
It also has a basic free version.
- Conditions for discounts are minimal as a discount based on prices or products could not be seen.
- The free version does not allow many features and has been severely criticized by the user for enabling only minimal features in the free and pushing everything to pro.
- Pricing is a bit expensive compared to other plugins.
- BOGO rules could not be easily set up. Considering the importance of BOGO feature, this seems to be a severe drawback.
- 79.99 for a single site
- 129.99 for six sites
- 169.99 for 30 sites
ELEX DYNAMIC PRICING AND DISCOUNTS PLUGIN FOR WOOCOMMERCE PLUGINElex Dynamic pricing and discount plugin for Woocommerce helps you to easily apply dynamic discounts and prices at the product, category and cart levels.
Key Features of Elex Dynamic Pricing and Discount plugin for Woocommerce:
- It offers different rules like product rules, category rules, combinational rules, combinational category rules, cart rules, BOGO rules, and BOGO category rules.
- Import and Export features are also available where you can import and export the rules.
- You can also set a threshold limit for the discount amount.
- You can offer a discount based on the combination of products like when a particular product is purchased. You can provide a discount for another specific product.
- You can also configure cart level discounts based on shipping method, payment gateway, etc.
- Pricing table can be displayed on all the products displaying all the rules associated with those products.
- You can set a discount for products not just based on the quantity but also based on the weight and price of the product which is really impressive.
- Many plugins do not have import/export feature which this guy has cleverly added it which will be much beneficial for many users.
- Their customers have highly appreciated them for their support.
- Very easy to set up and to use without any confusion.
- They had a free feature which was very useful for many small businesses. However, that has been sadly closed before few months.
- Pricing could be little cheaper considering they don’t provide the free version anymore.
- Pricing table can be displayed only if there are more than one rules for a product.
- It sometimes slows down the page load time when few rules are added together.
- $79 for one site.
- $119 for five sites.
- $199 for 25 sites
WOOCOMMERCE DYNAMIC PRICING AND DISCOUNTS BY RIGHTPRESS PLUGIN
Woocommerce dynamic pricing and discounts is a codecanyon plugin by Rightpress having the highest number of sales with more than 15000 users. It is an all-purpose pricing and promotion tool for online retailers.
You can use it for regular sales, promotions, discounts, deals of the day, flash sales, etc. You can target either specific variation or anything in between.
Key features of WooCommerce Dynamic Pricing and Discounts:
- You can increase, decrease or keep a fixed price depending on the quantity.
- Different discounts are available like bulk pricing, tiered pricing, discounts to a group of products.
- You can also apply a discount to Y quantity when X quantity is purchased at a full price.
- There is no limit to conditions that can be applied like Date and time, shipping address, customer value, customer role, etc..
- You can also combine all the conditions together for a single rule.
- You can also conditionally increase prices or charge extra fees when needed.
- It offers extensive multiple discount conditions. No plugin offers this much variety of combinations.
- This plugin is flexible and very easy to use.
- You can also exclude certain rules for matching products from any other pricing rules. This is really helpful for many.
- Very affordable price.
- Due to the vast number of features it provides, it takes time to configure rules without creating any conflict. It would be best if you were patient enough in the beginning.
- It does not support multiple languages. WPML compatibility is still not available.
- The plugin has received a recent update after a long gap ( As of Jan 2020).
- Only the Pro version is available. No free.
- $49 for 6-month support.
- $65.50 for 12-month support
WISDM CUSTOMER SPECIFIC PRICING PLUGINWISDM Customer Specific Pricing plugin for Woocommerce allows you to create discounts for products categories, quantities and lets you use dynamic pricing specific for customers, roles and groups.
Key Features of Customer Specific Pricing plugin for Woocommerce:
- You can set different prices for specific customers, customer role and also group specific pricing.
- You can set different pricing for different bulk orders like 10% off for two shirts, 30% off for four shirts and 40% off for five shirts, etc..
- You can effortlessly import and export prices by their product ID or SKU.
- You can set either a fixed price or percentage discount for different customers.
- Very easy to use with limited features.
- Light-weight and robust.
- You can apply discounts for one or more products at the same time.
- You can manage the pricing efficiently by their Search and Delete tab in which you can merely search associated prices, and you can also delete or edit prices by a user, role or category.
- Actively updated and excellent customer support from their team
- Pricing table or offer table is not available.
- Date and location based pricing, cart-based pricing is not available.
- They have focused only on customer specific pricing, so users who need other conditions cannot use this much.
- Pricing can be much cheaper to consider their customer segment to be specific.
- $69/Year for a single site
- $79/Year for Staging and Production
- $199 for Lifetime support and update.
Though only limited options are available for Dynamic pricing plugins, they all have worked well to meet their customer needs best.
Feel free to let us know in the comments about which plugin you are using and how is it much beneficial compared to the plugins we have mentioned here.