Remember the first time you look for an item you want to buy?

You search for it online, you click the item & check out the high-quality pictures (zoom in and out!), then you read multiple customer reviews from people who’ve actually bought the item. Finally, after you’ve decided on the color and size you’d like, you take a deep breath, count your lucky stars and let your eyes focus on the price tag right next to the product name and picture.

Depending on what price you see, you either hit the close button (only to come back again tomorrow) or you click on “add to cart” immediately to finalize your purchase.

This example just goes to show how important the effect of pricing is to your customer’s purchasing decisions. Various psychology-based pricing tactics and pricing tips & tricks in several articles online add conviction to this.

In fact, 60% of online shoppers worldwide even name pricing as the most important factor affecting online purchasing decisions!

The way you price your products affects the profit of your product and subsequently the growth of your company over time.

How can you do this? Here are 4 ways in which you can implement pricing management strategies that can help grow your company this 2019.