Are you a troubled online buyer who keeps missing the sweetest deal? Or you might be an online store owner working hard to make it in the industry.

Now, if your cherished success isn’t coming easily for some unknown reason, you need to figure out all the common pricing mistakes ecommerce stores make. Once you do, correct the one you are committing.

The competitive market can wear you out if you aren't careful. Many have lost the race despite starting strong in the industry.

Moreover, our article aims to help the confused buyers who want their money to be well spent, with no what-ifs and regrets after the purchase. To find out about our insights on the matter, keep reading.

10 biggest ecommerce pricing mistakes stores make

The problem is dire and has drastic consequences if you aren't careful. Study shows that wrong pricing may lead to as high as a 70% cart abandonment rate. So, let's educate ourselves to prevent the worst. Here are the ecommerce pricing mistakes commonly made:

Pricing Mistake 1: Being oblivious to the social economy

What it is: When people are having a hard time buying their supplies, you cannot dare to come up with a product priced ridiculously high.

Why it hurts: In normal circumstances, your pricing would’ve been okay. However, people might be too engaged in their financial struggles and thus end up questioning your sensibility.

The fix: In times of difficulties, you must sell items at affordable rates to earn respect and trust. This way, your profit may reduce a bit, but bad times do not stay for long, right?

Pricing Mistake 2: Ignoring your competitors

What it is: Pricing a particular product way higher than that of the competitors is among the online store pricing mistakes.

How it hurts: Understandably, a high profit margin always sounds fun. But, your competitors are smart enough to draw away your customers without much of an effort, if they can offer more affordable price tags.

The fix: Be persistent and attentive when it comes to competitive pricing. Following this strategy, the number of sales will attract more customers day by day.

Pricing Mistake 3: The fancy sales offers: thorns in the disguise of flowers

What it is: You are always advertising the discount offers, never understanding that people do not buy the lure anymore. Among all the common ecommerce mistakes, this one is overlooked the most.

How it hurts: What goes through an online buyer's mind when he constantly sees a store offering discounts? He might think that the store sells low-quality products. Additionally, he could be very suspicious of the previous price tags and accuse the store of trickery.

The fix: Find ways to draw customers without resorting to discount offers. Your overall manners, readiness in helping processes, price transparency, and consistency in maintaining the quality are the keys.

Pricing Mistake 4: Too cheap products: loss of credibility

What it is: You take a big risk in lowering your prices way below your competitors', and you've failed to set a limit.

How it hurts: You are spoiling your customers by making them habituated to buying too cheaply. This way, you are stuck with customers who do not give much preference to longevity or quality of the goods.

Moreover, cheap products will make the buyers wonder about the quality of the items.

The fix: Find a balance between pricing high and low. And when your products are good along with your customer service, you won't be deprived of profits, rest assured.

Pricing Mistake 5: Bad at maths?

What it is: You take into account the revenue forgetting all other costs and you end up selling with losses.

How it hurts: The business covers many expenditures you have to consider. There are sourcing costs, carriage costs, fees for employees, and so on. When you overlook them, you fail to calculate profit.

The fix: Before adjusting your price ranges, it would be a good idea to go through the cost measuring.

Pricing Mistake 6: Engrossed in the products' features, ignoring the customers

What it is: Some stores appreciate their products at such a dangerous level that they underestimate the customers' take on the matters.

How it hurts: The product might be such a fine piece of art in terms of design, but the customers might not see the point in buying it at the labelled price.

Moreover, when you are the store owner, you don't get to decide alone if a particular product's quality justifies the pricing. Your customers may disagree and ditch the product altogether.

The fix: Always communicate with the customers to ensure value-based pricing. Go through the reviews they give. Ask their opinions on the fields of improvement.

Pricing Mistake 7: Poor monitoring of the marketplace

What it is: You fail to monitor the market even for a day, and you find yourself lagging by miles. The last-minute price adjustments your competitors went through will leave you lost in the continuously growing market.

How it hurts: Your unawareness might've gotten the better of you, making you fail to keep track of the pricing of your competitors. The customers find that out, and the next minute, you are in serious trouble.

The fix: You must ensure the constant and thorough monitoring of the prices of goods across the market. If you aren't able to do it manually, you may think of getting professional help.

Pricing Mistake 8: Forgetting the across-the-market pricing

What it is: Stores sometimes forget or fail to adjust the price to keep it the same across the market. Therefore, you will see them selling a certain product for a lower price on a particular online platform, whereas they are selling the same item at a higher rate on other websites.

How it hurts: A seller cannot afford such a blunder. You win customers' hearts through reliability. And mistakes like that cost you their suspicion.

The fix: Whenever you update the price on a certain platform, you must update all the other ones on any other platform you do transactions on.

Pricing Mistake 9: Unfixed pricing

What it is: You find the fixed pricing method a bit boring and decide to experiment with the bargained-price style. Smart, right? NO!

Why it hurts: No matter how tempting it may sound to earn great profits by hiding the price tag, it's annoying to most of the customers, if not all. For, you are making them go through extra hassles, remember?

When the buyers don't see the price tag, they have to reach out on their own to learn about it. And tell you what, not everyone finds it cool, even if they love the item you are selling.

The fix: Simply show the prices of every single item. Hiding it won't do you any good. If you feel unsure about the pricing, you can always check out your competitors' stores.

Pricing Mistake 10: Field testing the prices: overlooking which is unforgivable

What it is: You don't take the time to reach out to customers and research their opinions regarding the pricing. The process may sound a bit old school, but it would've done you much good.

Why it hurts: When the store owner is too busy competing with other stores, he misses out on properly estimating the customers.

Now, if the buyers think your pricing is inappropriate, you can never justify your position on it. So, demand-based pricing which is a form of dynamic pricing is more likely to bring it home, not the other way around.

The fix: Now, you might’ve been right about the price considering the quality of the product. In such cases, you have to convince your customers with proper justifications for the price.

How can buyers use these pricing mistakes to buy things cheaply?

Now, when you are a buyer, you sort of wait for the stores to commit the discussed mistakes. However, to capitalize on such mistakes and make the most out of them, you need software-based help.

Wiredale is one such platform that is created to pave the path for you. The price alert system has been introduced to keep you updated about price dips, sales, and best deals.

For instance, if you are planning on buying a refrigerator and your budget is tight, you may easily rely on this price alert and tracking system. It alerts you the very moment the price dips to its lowest ever by providing the pricing history.

Also, it helps you get a clear idea about how low the price can go. If not for such alert systems, you would've had to sit in front of the screen endlessly to track any price dips. It's surely painful, if not impossible, isn't it?

The alert system will reward you with pure satisfaction every time you make a smart purchase. When you add all the purchases you've made with the help of the tracker, you'll find that you've saved hundreds of bucks in a matter of weeks or months.

Final Words

Frustrated or not, as a seller, one would give anything to undo any of the discussed mistakes. And it wasn't a piece of cake pointing out these pricing mistakes to avoid while alerting the buyers for those windows of opportunities at the same time.

I hope our discussion could shed light on some common pricing mistakes ecommerce stores make. So, if you are the buyer, you need to purchase smartly using a good price alert system. And the sellers among our readers will have to avoid all the above-mentioned mistakes.