Online sellers go through different struggles, one of such is pricing. Sometimes they are unsure of how much exactly to sell a product. Especially when their competitors are selling at either a higher price or lower price. Oftentimes, they resolve to adopt a private price giving session, a.k.a Slide into DM for price. To escape the mental struggle. They choose this because they feel it’s safer since buyers can then negotiate if the price given is too high.
But, they are unaware of the damages that singular phrase is causing to their business. And, that is why we have decided to step in. To arrive at this article, we had to put together a group of 50 discussants, and get their views on the Slide into DM culture. The group was made up of consistent online shoppers. Let’s hit on the remaining 4 points, shall we?
Overcomplicating purchase process with price
A saying goes thus “go to the ants, thou slumber, consider their ways” I say, go to an e-commerce platform, and consider their models. If your favourite e-commerce website complicated its purchasing process, do you think it would still be in operation? You see the e-commerce platform model. Cart – Checkout – Make payment – Put in your delivery detail.
That model in itself is already long enough for some buyers. Imagine them saying you should send them an email first before you get to know the price of every product. Ohhhh you shouted, Haba now! Because even you know that’s stressful. So why should you insist on the “Slide into DM for price” thing? Become successful! Try this simple master technique.
Poor brand image
This particular point happens to be a recurrent element in every response we got during the Focus group discussion. Most discussants are of the opinion that whenever they see the “DM for price” on a product post, they feel the seller is dubious. And, I couldn’t agree less. Every time I have seen this underneath an Instagram post, I just feel there is something shady about the price you want to give me in the private price giving session.
A discussant says, “I feel you want to examine my page first, to know the price to give me”. Another discussant, “I just have this unease that the price is going to be unjustifiably high, so I don’t bother”. You see this little thing can cost you your brand image. Ohh! It all sounds strange, because you don’t have a business yet, find out 3 Business Ideas To Start With 100K Or Less.
Dm for Price Block chances of customers returning
On a normal day, there are different kinds of potential customers, but we are more concerned about the aspirational ones. You see, not everyone that comes to your online shop is ready to buy. Some will come to the window shop and put it on their bucket list. Hoping that one day, when they have money, they will come to patronize you. One important thing that will bring them back is your price. Another set of customers desire to buy what you’ve advertised but have to wait till month-end.
These ones are always on budget. To prepare a budget, they need to know exactly how much your product cost. One more, those that have probably bought from you once. When they think of the stress they went through. They just consider another vendor with a public price next time. Okay, the last set that would never return, those who intuitively just feel your market is too expensive after first purchase.
Low sales due to price politics
Needless to say, the end product of all the aforementioned is low sales. If customers begin to consider your product to be unjustifiably expensive. When they begin to feel you are a stressor. And if it seems like you want to check their worth by visiting their page to give the price. They just Japa from your business page. And, you know the implication of that, low sales. Big companies never joke with pricing. Sometimes you see them offering a price that creates this sense of “I don’t want to miss out” in buyers.
Take impulse buyers, for example, they are going to visit your page. Ohhhh I love this shirt! If there is a price on it, they go “and it’s not that expensive, let me order”. You have just gotten yourself another sale. But when they need to come for a private price giving session first. Trust me, they would lose the momentum on their way. They will tell a friend about it, who will tell them about another person selling. Oops! Money gone.
Low financial returns
As a result of low sales, you start to experience poor financial returns. Is it worth it at all? Don’t turn yourself to traditional market people that want to sell a product for N500 but will call it N3,000 first. Oh yeah, that’s the vibe you give, every time you put Slide into DM for Price. People feel you want to take them through that rigorous session of negotiation. Or perhaps feel you want to sell at different prices to different people. So, they just refuse to Slide into your DM. Causing you low financial returns; the surest way for a business to liquidate. You need to read this further on how to avoid liquidation Business training to clarify your “WHY” for your business.
The summary of all this sermon is, customers hate it when you tell them to slide into DM to get the price of your product. They see you as a time-waster, stressor and a dubious person.
Meanwhile, we have developed a unique app to bring together on one platform – business education that is relevant to our global economy, data information to guide you and a community of both international partners/investors and Nigerian entrepreneurs. The android version is ready for those with android smartphones – downloading right here. An IOS version is on its way. Want to stay connected to know when we have opportunities or release the IOS version of the app so that you can join the tribe? Kindly sign up to our newsletter.
Thank you for reading to the end.
Cheers,
Joadre Editorial
