Ever thought about letting your customers decide what they want to pay for a product?
It might seem unconventional, but the WooCommerce Name Your Price approach is gaining popularity in e-commerce. This model is all about giving your customers the freedom to set their own prices, which can lead to a more engaged audience, higher sales, and even stronger customer loyalty.
In this blog post, let’s explore how you can easily set up a “Name Your Price” option, why it works wonders for some businesses, and how you can make the most out of this unconventional pricing model. Ready to explore how this can work for you? Let’s dive into how you can easily set this up in your WooCommerce store and start seeing these benefits today!
Name Your Price
The Name Your Price plugin lets you be flexible to a greater extent when it comes to pricing for your products. It provides your customers with the option to suggest a price for their products and at the same time allows enforcing a minimum acceptable price (if required). With this option, you can also study the market and get to know how much price the customers are willing to pay for your products.
But how can you implement the same, without impacting your profitability?
The minimum price enforcement allows you to ensure the profitability of your store. The WooCommerce Name Your Price plugin also lets you accept donations or bills etc. With restrictions applied, the plugin lets you accept the amount that your customer wants to pay for your item or service.
Key Features of the “Name Your Price” Plugin for WooCommerce
To implement this WooCommerce pricing strategy on your online store, you’ll need a plugin that supports custom pricing. A robust WooCommerce Name Your Price plugin should include the following features:
- Flexible Pricing Options
Ability to set minimum, maximum, and suggested prices for each product. - Seamless Integration with WooCommerce
Ensure the plugin integrates smoothly with existing WooCommerce functionalities, including shipping, taxes, and payment gateways. - Support for Discounts and Coupons
Allows stacking with existing promotions to drive more sales. - Analytics and Reporting
Provides insights into customer pricing behavior, helping you adjust strategies. - User-Friendly Interface
Easy to set up and customize without needing extensive technical knowledge.
How to Easily Accept a Custom Price for Your Product?
Now let’s see how you can enable your customers to suggest a custom price for your product. For this we make use of the ELEX WooCommerce Name Your Price plugin which will help you set the same. With the ELEX WooCommerce Name Your Price plugin, customers can set prices based on their preferences.
You can set up the Name Your Price option for all products or customize it for individual products or categories. You can also set minimum and maximum prices using a flat amount or a percentage and customize the pricing interface. Additionally, you can filter products by specific products, categories, or tags.
The plugin’s user-friendly interface offers a seamless shopping experience and empowers users to interact with products and make purchases on their own terms. This plugin allows customers to set a minimum price for products in your store. The product price will be displayed as usual, but customers can enter the price they want to pay.
You can also hide product prices so customers can enter an unbiased price. By offering this option, your store may generate more interest. You can set a minimum price in the plugin settings and on individual product pages. If you set a minimum price on the product level, it will override the plugin settings.
Highlighted Features
- Customer can set their own price for products, giving them the freedom to choose a price that works for their budget or preferences.
- A store’s price can be limited by setting both minimum and maximum price limits.
- This plugin allows you to customize the labels and messages that appear on product pages, cart pages, and checkout pages, providing a seamless user experience.
- Allows compatibility with complex pricing strategies and discounts with WooCommerce dynamic pricing plugins.
- The “Name Your Price” option can be hidden from specific user roles or user groups by store owners.
Once you install the plugin and set the plugin on your WooCommerce store, you can see that the plugin lets you do the following settings as shown in the below screenshot:
Here you can set the product minimum price by enabling the option Product Min Price in the plugin. This option allows the customers to enter a custom price for your products. If you want to set a minimum price for your products, then you can do the same using the Set Min Price option. If you leave it blank, then the customer can enter any price they want to while purchasing.
Also if your customer wants to purchase a product for a price, which is below the minimum price set, then the customer cannot proceed to purchase. If a customer enters a price, that is above the minimum price set, then the amount entered will be considered to be the price for the product.
Let’s see an example
Suppose you want to set the minimum price for your product as $20 on your store. You can set a minimum price label in the plugin as “Enter your price“, and then provide the description in the Min Price Description as “Minimum Price“. Once done, you can save and proceed.
The settings are displayed in the below screenshot.
Once done, on the product page you can see the following, as shown in the below screenshot :
You can see that the minimum price entered is shown here, along with the label description provided. Suppose, the customer does not provide any price and proceeds to checkout, then the price remains the same as shown in the below screenshot :
But again, if the customer is entering a price below the minimum amount specified by you, for example, the customer enters the custom price as $15, then they get a custom message like given in the screenshot below.
Another scenario that may happen is your customer enters a larger amount, which is greater than the minimum amount you have set, and then the custom price entered will be considered as the price of the product. And the customer can proceed to checkout with the entered price.
In the above screenshot, the customer enters a price of $30 for the item, where the minimum price provided was $20. Once the customer enters the price as $30 and proceeds to checkout, $30 will be considered as the final price for the product.
Again, if you are not providing any minimum price in the settings and leave it blank for your customer, then this is how your product will look. Check the below screenshot.
This lets your customers enter any price they wish for the product they want to purchase.
Hide Price for Customers for better pricing
What if you want to hide the actual price of your product and let your customer judge and come up with an estimated price for your product? How to do it? Let’s see how we can achieve it with the plugin.
It is simple, just enable the Hide Price option in the plugin settings. Upon doing it, you hide the price and let your customer enter a custom price for your product. The product page will look like this, as given in the below screenshot:
Set your minimum price at your WooCommerce product level
Once the plugin is activated, as you see, you get the privilege to set the minimum price at the WooCommerce product level too. This can be done by visiting the product dashboard >General.
Once you configure these settings, you can see the changes on the individual product page in the store.
If you have a variable product, then you can go to each variation and then set the minimum price. To do the same, go to the product page dashboard > Variations. Here as you can see in the below screenshot, you can set the minimum price for each variation.
Supposedly, there are two variations for a product then you can set a minimum price for each and the variations will look like this as given in the screenshot below :
Here the black variation has a minimum price of $10.
Now in the same product, for the variation with Green color, the minimum price is set at $9 as you can see here.
Whatever price you set in the plugin, the product displays the same.
In this way, you can easily accept a custom price for your product on your WooCommerce store using the plugin.
Last Shot
Offering the liberty to provide a custom price for your products will automatically encourage your customers to shop with you. Researchers also say that when customers can set their own custom price, almost everyone ends up paying something, or sometimes even more than expected.
Give your customers the extra edge when it comes to pricing your product. This is indeed a great way to improve your customer satisfaction and retain your potential customers. Whether you’re looking to clear out old inventory or attract a broader range of customers, this plugin offers a simple yet effective solution.
Take control of your pricing strategy today! Download the ELEX WooCommerce “Name Your Price” Plugin for Free and start seeing the benefits in your WooCommerce store.
Before going away, take a look at the popular features of the ELEX WooCommerce Name Your Price Plugin.
FAQ’S
- How do I install the ELEX “Name Your Price” Plugin?
Go to your WordPress dashboard, navigate to Plugins > Add New, search for “ELEX WooCommerce Name Your Price Plugin (Free),” and click Install Now, then Activate. - Can I set minimum and maximum price limits with this plugin?
Yes, the plugin allows you to set minimum and maximum price limits, ensuring that customers pay within a range that works for your business. - Is the plugin compatible with other WooCommerce plugins?
Yes, the ELEX WooCommerce “Name Your Price” Plugin is designed to work seamlessly with other WooCommerce plugins, ensuring no disruption to your store’s operations. - Can I apply the “Name Your Price” option to specific products or categories?
Yes, the plugin offers flexibility in applying the “Name Your Price” option to individual products or entire categories. - Does the plugin offer any analytics or reporting features?
The plugin integrates with WooCommerce analytics, allowing you to track customer pricing behavior and adjust your strategy accordingly. - How does “Name Your Price” help increase sales?
By allowing customers to choose their prices, you attract a broader audience, including budget-conscious shoppers, potentially increasing conversion rates and average order values.
