The Hide Price Tactic In E-commerce – Key to Effective Pricing Strategy
Ever bumped into a product on an online shop and couldn’t find the price of it?
You had to add it to the cart or sign up to find this essential information because you really want that thing.
And there it goes, that business just got connected with a potential customer!
In this post, I’m discussing the same thing, “hide price in E-commerce stores“. Moreover, read how hiding prices can impact the user’s decision to convert, how it helps deal with the competitors, and a lot more.
Hide Price in E-commerce – How does it help?
Are you of the opinion that hiding product prices create friction for potential customers?
Well, today it is going to change. Albeit, there are some exceptions but we’ll talk about the majority.
When you hide product price, the visitors have to add the product to the cart or sign up or log in to check it. This step acts as a push for conversion.
Also, if a potential customer is looking for a specific product and comes across your product with hidden prices. But, as the user really wants it and is a potential customer is a real sense, he/she is going to sign up or add it to the cart.
Additionally, doing so filters out the unwanted traffic which does not fall into the category of potential customers and saves your time in managing them. You can allocate this time to offer better service to potential customers. It is surely going to pay off.
This is all about putting your efforts for the right audience!
But the story does not end here.
Have you ever thought about the competition spying on you?
The pricing strategy depends on the market and competitors. They might be researching your products, have an eye on your pricing variations, and may undercut you on this aspect.
Hiding product prices on the frontend can significantly help in preventing the spying competitors!
Also, are you selling products that have a scope for customization?
If yes, you can hide product price and then charge the customers based on the customizations they demand.
Hiding product prices allows negotiation with the customers. Be it for customization or just communicate with them to push for conversion. It is always nice for a business to talk with customers. You never know the hidden opportunities 😉
You can also offer personal discounts or coupon codes to VIP customers when negotiating one-to-one. This will give them the feeling of special treatment, contributing to building a better customer relationship.
What do E-commerce experts say about hiding product prices on the frontend:
Shivbhadrasinh Gohil, CMO at Meetanshi
Hiding product price can be effective when it comes to selling customized products or organizing a private sale. Also, it can help encourage guest visitors to sign up. Interacting with the potential customers can result into a sale. For that, I use Magento 2 Call for Price extension to hide price and prompt them to contact.
As far as competitors’ undercutting are concerned, it is a real thing and can be prevented by hiding prices.
Jane Flanagan, Lead Project Engineer at Tacuna Systems
In my opinion and from well known statics, pricing plays a very important
role in customers’ buying decision.
There are a number of reasons why e-commerce stores may hide price. Some of these are keeping the price open to bargain, the product is customisable hence there is no fixed price, motivating visitors to register on the site, a product has a number of variants, and many others.
Lewis Keegan, owner of SkillScouter.com
Hiding your products’ prices can be both favorable and unfavorable for you.
It can be favorable in the sense that it will increase your customer
interaction and will protect you from competitors who try to steal away
customers from you.
On the other hand, it can be unfavorable especially if you have to reply to
tons of queries regarding your products’ prices.
Well, I guess that’s enough to guide you through pricing strategy in E-commerce with respect to hiding them from the visitors.
Are you going to implement it in your store? If you are a Magento 2 store, you can opt for Meetanshi’s Magento 2 Hide Price extension that allows to:
- Hide product price and “Add to Cart” button on category and product page
- Hide prices based on customer groups
- Display a thoughtful message instead of the product price which will help serve your purpose of hiding the price in the first place.
and much more.
I would like to read about your opinions on the topic. Also, if there are any points you want to add or have experience for your online store in this aspect, I am all ears.
Do mention them in the Comments section below.
Also, please share the post with the E-commerce community via social media.