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Pricing strategies are quite tricky when you consider an eCommerce store. Arriving at the right pricing pattern that actually impresses the customers and also does not cause a business loss is quite a big work. Customers might be interested in getting things free, which is surely going to incur a loss to your business. So how to avoid free purchases while using WooCommerce Name your Price plugin?
To give your customer the liberty to claim a price for the product but also reduce the chances of suffering a loss, you can simply make use of the WooCommerce Name Your Price plugin. The plugin will help you to set a threshold price for your products so that your customer cant go below a certain limit price while purchasing.
ELEX WooCommerce Name Your Price Plugin
The ELEX WooCommerce Name Your Price plugin is a free plugin that lets your customer decide the pricing of your products. The greatest advantage of doing so is that you are benefitting with a product review and the estimate of your product price in the market. The plugin is free and easy to install and use.
Here are some of the major features of the plugin :
- Helps to offer products at a price chosen by the customer.
- Specify a minimum amount to not let customers purchase a product for free.
- Hide product price easily.
- Apply the settings for products globally as well as for individual products.
- Supports both Simple and Variable Products in your WooCommerce store.
How to avoid free purchases while using WooCommerce Name your Price plugin
When you are letting your customer name the price for your products, there are chances that, they might put up a price that is way less than the amount which will be profitable for you. Also, chances are that you might let your customer purchase a product at a low price that is as good as free. To avoid such loss, due to the option you provide for naming the price on your products, you can easily set a threshold limit on the price. With this option, whenever a customer enters a price way below the threshold price, then they cannot proceed with the purchase.
Let us see how we can set the same using the ELEX WooCommerce Name Your Price plugin here.
Firstly in the plugin settings, you need to enter a minimum price to set the limit as shown in the image below:
Here you have enabled the option to enter a price by the customer and also provided a minimum price as $20 for the products. Once the setting is saved, the products on your store will look like as shown in the image below :
If the customer does not want to enter any price, they can proceed with the purchase with the default minimum price which is $20. But again if the customer wants to enter an amount less than the threshold price like for example $15, then the customer will get a message like shown in the screenshot below :
Thus the customer cannot proceed to purchase without entering a price which is greater than or equal to the threshold price.
Thus by issuing proper restrictions in terms of price entered by customers, you can avoid free purchases while using WooCommerce Name your Price plugin. Keeping your customers happy and satisfied is important when it comes to business, but again, you need to work on certain pricing strategies that make your pricing pattern beneficial to your business too. If you are looking for much better options for improving your pricing strategies, then do check out the ELEX Pricing plugins.