One of the trickiest challenges in sales are timing and the adjustment of pricing, in correlation to the targeted customer base. A retailer who wishes to strengthen their position in the market and attract more buyers worldwide must consider the diversity in regional economies, as well as the influence of timing. This is especially important when it comes to digital market. The potential customer can be anyone with an internet access, anywhere in the world.
The trappings of digital money
The existence of a funded bank account is the primary condition for any kind of digital monetary transaction. This account holds digital form of real money that can be exchanged for hard cash at any time, whether in a bank or at ATM. So when we say „digital money“, we are not referring to cryptocurrency, but rather money we earn and use in everyday life via a credit or debit card.
Currencies around the world differ, and so do their respective forms of payment. Accordingly, people prefer to use forms of payment native to their own economy for the sake of reliability and simplicity. Charging digital goods in USD may be a popular choice and basically a default, but it’s not as widespread as we’d like to believe. For example, a buyer from EU country would need to own a foreign currency account (also known as multi-currency account) in order to pay for a product priced in USD, rather than in their native EUR. The thing is, having such an account isn’t a must for an average buyer. In fact, it’s primarily used by businesses and individual customers who travel internationally quite frequently and are often managing money across different countries. Also, depending on the country’s economical development, opening a foreign currency account may not be a simple task in the slightest.
We can safely come to a conclusion that enforcing a single form of payment inevitably leads to an unavoidable predicament for foreign customers, because they are conditioned to own a foreign currency account in order to pay for the desired digital product. Since the main advantage of digital sales is worldwide availability, we may be hindered in the development of our business – if we cannot include flexible forms of payment.
Time is on your side
Providing spicy encouragement in the form of discounts or special offers, depending on the time of day or a day of the week, is a great way to attract customers and keep them interested in your digital products. This strategy can also enhance your profit when you’re targeting a timely performance, or if you’d like to push a certain product into the spotlight for a limited period.
Special pricing offered at a certain time of day can entice your customers to pay more attention to your digital products. It can enhance your newsletter, make your widgets, announcements and articles more prominent, and it can have a great effect in the form of an ad. All in all, your store would gain on popularity, and you would have the opportunity to profit from „discount bursts“ if you’re aiming for a specific revenue goal.
Similar concept applies to promotional days of the week. The best example would be taking advantage of Black Friday Sales, popular among digital retailers across the web and practically revered among consumers. A special day for discount and promo codes can also be any other day of significance, like the anniversary of your website, or a convenient day within the Holiday season. You can even single out a day of the week that will always offer discounts for certain products, and those may be different products every week. This way you are able to provide more interest and encouragement to both your existing clients and new customers.
If we wish to skillfully deal with the trappings of digital money, implement time-based pricing and perhaps include other convenient pricing options, we will need a well developed pricing system within our digital sales platform.
Being keenly interested in providing avantages in digital business, EDD Toolbox had thought of these particular aspects and developed a working solution: EDD Toolbox – Conditional Pricing plugin. It is a clever addition for digital sales platform Easy Digital Downloads, as one of the most accommodating for any kind of business that involves selling digital products. The more options you have for enhancing your business, the better, and EDD provides just that.
We have already covered why it’s important to have different pricing options, and now we are able to actually implement them. EDD Toolbox – Conditional Pricing is comprised of four distinctive features designed to enhance sales and cater to interested customers. They are all enabled by default when you install the plugin, although you are free to disable any of these functions in the plugin’s page of your EDD Toolbox menu, depending on your needs.
Get EDDToolbox Conditional Pricing Today
Geolocation Based Pricing
This feature deals with forms of payment according to your customers’ country of origin. On the setup page of your product you will see this option and its settings.
Forcing payment information to match the pricing option means that a citizen of a certain country can use their respective form of payment regardless of where they are. If a US citizen is buying your product while residing in UK, they will be presented with a USD-based form of payment. If this option isn’t checked, the plugin will concentrate on buyer’s location and offer the corresponding form.
You can set a price for your product depending on the customer’s country. Feel free to investigate certain regional economies and adjust your product’s price. Alternatively, you may leave the actual price of your product and let the plugin take care of the appropriate form.
Time Based Pricing
This is where you can set a certain time of day and the special price of your product within the selected time boundary. You can even have more than one timed offer within a day.
If you wish to stop offering this timed price, you can simply disable the feature in the plugin settings, or remove the previously set values on the product setup page.
Day Based Pricing
Special price can be enabled for the duration of a day in the week, of your choosing. You can enable more than one day and give it a different price. This setting can be edited or disabled entirely whenever you wish.
Referer Based Pricing
If you have an affiliate and wish to subtly include them in your sales dynamic for mutual benefit, this is where you can do it efficiently. For example, you are marketing your product on a social network, and when potential customers click on the link you had provided there, they will be able to enjoy the benefits of this circumstance.
You are free to enter a different price for customers who have arrived from your affiliate’s website, or wherever you’ve marketed your product and provided the URL that leads to your store. This can be a great way to further enhance the marketing of your product.
This option is offered within all four features of Conditional Pricing plugin. It is meant to subtly link those features together, depending on the value you enter as a priority. The feature with the lowest value will have the highest priority – save for 0, which has no value and thus has no priority.
Pricing priority exists for the sake of interchangeable features of this plugin and further enables you to fine-tune them to your liking.
No, this is not a feature, although you are certainly free to read between the lines.
EDD Toolbox Team has seriously taken upon themselves to make your experience as a digital retailer the best possible, and EDD Toolbox – Conditional Pricing plugin further proves that point. It provides considerable advantage over those less invested in stable progress by making the purchase ever more easier and convenient for your clients.