If you're looking for strategies to increase your online sales, Shopify's Compare at Price feature might just be the right tool for you.
The "Compare at Price" feature on Shopify displays the product's discounted value alongside its original price. It shows how much different things cost during a sale or other special occasion. For Shopify to display the "Compare at Price" values on your store, you need to enter original and reduced prices of the product.
This comprehensive guide will cover all the details of using Compare at Price on Shopify as well as some tips for making the most out of it while maximizing your sales.
What is "Compare at Price" in Shopify?
Shopify stores can establish retail prices and display them next to higher suggested pricing using Shopify's Compare at Price feature. By giving the products a perceived value that makes clients think they are receiving a great deal even when the regular price and compare-at price are close to one other, this pricing feature can play a significant role in boosting the store's overall revenue.
For instance, shoppers will believe they are purchasing a product for 33% off if it is advertised with a compare-at price of $20 but has a typical price of $30. As a result, the product's perceived worth is raised, which can boost sales.
Here’s an example from Tentree:
It is important to note that while this feature can help retailers increase their profits, it should be used responsibly and ethically. For instance, retailers should not use false advertising or inflate their suggested retail prices too much in order to make their sale prices look more attractive. It is also important to be transparent about why certain items have both a regular and compare-at price displayed on their product pages.
In addition to helping retailers increase profits, this feature can also help reduce browsing time for shoppers since they no longer have to search through multiple stores in order to compare different prices.
By displaying both prices right on the product page, customers can easily get an idea of what kind of deal they are getting and make an informed purchase decision much quicker than before.
Finally, using this tool also means that retailers do not need to continuously adjust their pricing as often as they would without it. Instead of having to regularly adjust prices based on market demands or competitor changes, retailers can just set their compare-at price once and leave it alone until further notice. This makes managing pricing much simpler and less time consuming for store owners who are already busy juggling multiple tasks within their online store.
Why Use "Compare at Price" in Shopify?
Here are some of the biggest benefits of using “Compare at Price” in your Shopify store.
- Creates a sense of urgency. "Compare at price" can instill a sense of urgency in visitors and persuade them to buy before the price increases by displaying the difference between the original and discounted price. When visitors are actively looking for savings during sales and promotions, this is a very successful tactic to use.
- Improves customer perception. Customers believe they are getting a better deal when they compare a product's discounted price to its original price. This can impact how customers view your business and foster more client loyalty. Consumers like feeling as though they are getting a good deal, and this can result in repeat business and favorable evaluations. This can also be a big differentiator if you're looking to win over competition.
- Encourages more purchases and boosts sales. A sense of urgency and scarcity created by "compare at price" encourages customers to act quickly. Customers are given the impression that they are obtaining a special bargain by emphasizing the discount and the time-limited offer. This could promote impulsive purchases and boost sales in your Shopify store.
- Improves product visibility. Your products will stand out on the page by presenting a clear visual comparison between the original price and the discounted price. This can be especially helpful when you want to bring clients' attention to particular products during sales or promotional events. Customers are therefore more likely to notice your products and, eventually, buy them.
- Boosts inventory management. Using "compare at price" to encourage people to buy a product when you have an excess of it will help you manage your inventory. Customers are more inclined to purchase the item when you provide a discount, which aids in clearing out extra stock and preventing overstocking.
- Promotes customer loyalty. Customer loyalty can be strengthened by implementing "compare at price," as customers value feeling like they are receiving a good deal. Customers are more likely to come back to your store and make additional purchases when they are happy with their transaction. This may result in a devoted range of clients that brings in recurring business and effective word-of-mouth advertising.
How to Add "Compare at Price" to Shopify Products
If you want to add "Compare at Price" to your Shopify products, there are two methods you can use: the product page editor or the bulk editor.
To add a “Compare at Price” for individual products in your Shopify store, follow these steps:
- Go to the product page editor in Shopify.
- Click on the "Pricing" section.
- Enter the compare at price and the sale price. Save your changes when done.
In Bulk Editor
To add a “Compare at Price” for multiple products in your Shopify store, follow these steps:
- Go to the product list in Shopify.
- Select the products you want to edit by clicking on the checkbox next to each one.
- Click "Edit Products."
- Enter the “Compare at Price” and the sale price in the “Pricing” section, then click “Save Changes” when done.
You can save time by adding "Compare at Price" to several products at once using the bulk editor. Just choose the items you want to update, type the pricing in the bulk editor, and then save your adjustments.
Best Practices for Using "Compare at Price" in Shopify
Now, let’s see some best practices for using "Compare at Price" effectively:
Use it to Show Real Savings
It's crucial to be honest about the product's initial pricing when setting the comparison price. Customers will start to trust you more as a result, and your store's reputation will improve.
By exaggerating the original price, for instance, you may set the comparison at price too high and discourage customers from making purchases from your site.
Also, don’t forget to display the amount saved or the discount % clearly. Customers will be able to better appreciate the sale as a result, which may motivate them to buy more.
For instance, emphasizing that the consumer will save 20% on a product that was previously priced at $100 but is now only $80 will help them value the significance of the offer.
Display it Clearly on Product Pages
On the product page, show the sale price alongside the original price so that customers can immediately perceive the discount. This makes the savings obvious visually and can help instill a sense of urgency in clients to nudge them toward making a purchase.
The pricing comparison should be simple to see and interpret. Customers will be more likely to notice the price comparison if it is highlighted with a larger text size, a bold font, or a vibrant color.
Test Different "Compare at Price" Strategies
To determine which works better, try several comparisons at pricing values. Find the sweet spot that motivates customers to buy while still being profitable for your store by experimenting with various amounts of discounts.
To determine what works best for your products, experiment with different percentage discounts, dollar amount discounts, or other forms of discounts.
Try out various product pages and products. Different products will profit from different price comparison strategies. With a larger discount, some products may sell more, while others may sell more with a smaller discount.
To determine which strategy works best for each product, test various techniques and then make changes in response to data on customer behavior and sales.
Using the “Compare at Price” feature in Shopify is an effective way to increase perceived value and boost sales.
By setting realistic prices, displaying them clearly on product pages, and testing different strategies, retailers can maximize their profits and drive more customers to their online stores.
Overall, "Compare at Price" is a simple yet effective way to increase sales and build customer trust. By using this feature in your Shopify store, you can create a sense of value and urgency that encourages customers to make a purchase.
So if you're looking to boost sales and improve customer loyalty, consider adding "Compare at Price" to your Shopify store today!