Shopify is a great e-commerce platform that enables business owners to create an online store. Through this platform one can reach out to a maximum number of people, increasing their customer base. Additionally, it is also a popular website builder available at a very reasonable price. It offers Shopify Payments. A payment portal which helps business owners to evade the additional transaction fee. This additional transaction fee often charged via third party payment portals.
Shopify India Pricing offers price slab options to the entrepreneurs to choose as per their business requirements and the budget. The pricing justifies the amount it charges for each slab. Moreover, it also offers discounts on subscription for a longer duration.
The users save around 10% on an annual subscription, 20% on biennial subscription, and a whopping 25% on a 3-year subscription plan. It is advisable to opt for a monthly subscription in the initial stage. Alternatively, one can always go for a larger subscription if they acquaint a larger response for their products. This will add to their savings by cutting on the sales expenditure. There are five price slabs:
Shopify Lite
This plan allows one to convert a website to an eCommerce store within few clicks. The plan offers conversions of the website from WordPress, Squarespace, Tumblr, and many more. It consists of a point of sale applications that allows easy payment transfer through iOS or Android devices. One can create custom orders or invoices directly to the customers efficiently.
Shopify Basic
All the basic requirements required for an eCommerce stored is ticked right under this plan. One can create an online store, add unlimited products, sell via social media , etc.
Shopify
A shift from a start-up to a growing business can avail the Shopify Pricing Plan.
Advanced Shopify
Shopify Plus
*All the conversions of the subscription fees are done based on the prevalent dollar-rupee rates (1 dollar= 74.93 INR as on 1/ 8/2020). There is a scope for fluctuations in the pricing depending upon the dollar rate on the day of availing subscription*
Factors Taken Into Consideration While Setting Prices
E-commerce is arguably the most defining attribute of the commercial industry. The consumption pattern is increasingly leaning towards the online business and having them delivered at the customer’s doorsteps. As a result, more and more eCommerce sectors are optimizing their business plans to suit the virtual marketplace.
Aggregators like Shopify provide a suitable platform for both business magnates as well as upcoming entrepreneurs to reach out to a wider audience and reap handsome profits via pricing plans.
A business wholly devoted to service will have only one worry about profits. They will be embarrassingly large.
– Henry Ford
The Mantra
The fundamental axiom of achieving profit lies in the prudent management of pricing. In today’s era, the success mantra for any business is the optimum usage of various online platforms to woo your target audience.
Enterprises are constantly vying for the attention and patronage of the target audience through offers in order to get an edge over their competitors. But, in the desperation to amass a larger clientele, one should not ignore the basic balance that is necessary to build a business. This entails calibrating a pricing strategy in such a way that it meets production costs as well as revenue goals.
This critical stage of pricing is when numerous businesses struggle, especially if they are new to the e-commerce milieu. This is where Shopify plays a pivotal role. Not only does it accord an easily accessible online domain to start with but also through the price plans, once can leverage profits in the best way possible.
Best Shopify pricing strategies for sellers
Since pricing asserts an enormous influence on the fate of one’s product, be it a bespoke item or a necessity, one must adopt the most profitable pricing strategy.
Let’s discuss some pricing strategies that sellers can opt for while conducting their business with Shopify:
Keystone Pricing
In this method, retailers mark up their prices by simply doubling up their wholesale costs. This not only accommodates within the rubrics of a market competition but also empowers sellers to meet the target pricing.
Bundle Pricing
For sellers looking to consolidate their brand value and attract more customers in their initial years, this strategy has proven to be huge success. Here, sellers provide multiple products for the price of one. This helps to boosts volume purchases and also generates a higher perceived value of the products.
Manufacturer Suggested Retail Price
Often, manufacturers recommend pricing on the products to maintain parity between the market prices and standardized profit margins. Initially, this may affect the profit-making prospects, but in the long run, it steadies the retailer on the competition on e-commerce platforms.
Penetration Pricing
Popularly called discount pricing; this method is highly effective to direct traffic towards a product and strengthen customer base. It can also be an advisable mode to dispose of old inventory while making a suitable profit.
What are the factors to bear in mind before setting Shopify pricing?
Shopify facilitates dynamic pricing to be set by the sellers themselves on their online stores with Shopify. While this promotes transparency and enables the sellers to be more acutely aware of the market conditions, this also sets the stage for more informed decision making on the part of the seller.
On the flip side, sellers are often susceptible to bad pricing decisions, be it overpricing or underpricing, which jeopardizes their profit-making prospects. This is where Shopify pricing can offer a reliable precedent to follow.
The primary reason behind this is Shopify pricing. closely factors to general consumer behaviour, scales of the economy as well as market trends. As a seller, one may also benefit from the Shopify pricing advisories and features to understand what factors to take into consideration while setting prices on the products.
Popular parameters which influence Shopify pricing and the features which sellers can take advantage of while setting the prices.
Value Addition
- Access to unique products unique products from suppliers
- Enhance product value with crucial finishing touch in utility or packaging
- Facilitates the nexus between the product and the customer
- Price is set by the seller with Shopify pricing to ensure that value addition is reflected in the final tag
Costs and Overheads
- With the comprehensive Shopify pricing offers, there is one aspect of your costs that you can standardise according to your own convenience.
- Avail the Shopify basic, Shopify Plan, or Advanced Shopify Plan based on budget and business goals
- Avoid the platform overheads like transaction and processing fees, procure the Shopify payment plans. T
- Save up on higher costs with a one-time reasonable investment.
Market trends and Competitor Pricing
- Shopify is accessed by numerous retailers as it caters to a large audience
- The moderated price range will help attain a business edge while evading any untoward losses.
- Shopify Compare at Price helps to roll out penetrative pricing portraying the difference between the original price and the discounted price
Provision for Variant pricing
- Market fluctuations are constant in an e-commerce industry
- Shopify encourages dynamic pricing through its various pricing offers
- While setting price on any product, an account for successive testing and iterations for the future would help adjust prices accordingly
For all those stepping into the e-commerce industry, pricing can be a daunting task. Still, with the helpful and holistic Shopify pricing tools, it is now a cakewalk to build your business and serve millions of customers with a simple click of the mouse.
Making payments on Shopify: A step by step guide
Shopify is a proprietary E-Commerce platform, which offers online retailers a series of services, including shipping, payments, marketing, and customer engagement tools. It empowers retailers with tools such as Shopify Payment and Shopify Checkout. From giving the audience an excellent first impression to delivering your customer’s order at the doorstep in no time, The website builder takes care of everything.
Getting started with Shopify payments
As you subscribe to Shopify payments, you pave the way for your customers to make simple and secure online credit card transactions. In the cut-throat competition of standing out and attracting customers to your business, Shopify gives you an opportunity to set your best foot forward.
I. To activate Shopify Payments, go to the setting and visit the Payment provider’s page.
-To complete a credit card payment set up click the ‘Complete account setup’ in the Payments section.
– If the payment set up is complete, click ‘Activate Shopify Payments’ in the Payments box.
– Enter details and ‘Save’.
- Employer Identification Number
- Bank information
- Average shipping time and price of orders
Charges for availing Shopify payments
Charges depend on the selection of the plan. For Basic Shopify, you will be charged USD 29/month. This plan is best for new businesses. The Shopify plan that costs you USD 79/month is advisable. The Advanced Shopify option that costs USD 299/month is the sophisticated pick for the merchants who want to upscale their businesses.
The perk of using this website builder that there are no hidden fees. As soon as you begin to use Shopify Payments, you are free from all other subscription transaction fees.
In case a switch to any other payment processor, then your subscription transaction fees needs to be paid. You can view total fees for payout and the pending transaction on the Transactions table in two ways-
- By viewing the information directly in the browser
- By exporting the information to a CSV file
Steps to export a CSV file:
- Open Settings and go to Payment providers and select View all payments.
- PressView Transactions.
- PressExport.
- Select the spectrum of transactions that you want to export, type of CSV file, and press Export balance transactions.
The website builder support helps to transfer ownership of your Payments account, and if you want to sell your store, the Exchange team will take care of it.
Checking out with Shopify Checkout
The checkout page is an online version of a physical checkout counter in a store. The availability of the cart is checked.
In the case of ‘out of stock’, a display error message is shown. The checkout page must be secure as it contains confidential information. With the checkout feature, you not only provide your customer with secure payment but also eases their job by adding a fulfilling user experience.
It gives you the power of customizing the style of your checkout, enabling or disabling customer accounts, editing the checkout form options, setting up order processing and archiving, translating your checkout, and adding store policies.
With the customization option, you can add the company’s logo to the page, change colour, and add a new font that suits the theme of your business.
Staying ahead competition is crucial and Shopify emerges as a guiding force, through which one can gain visibility in the market.
Targeting the right audience and persuading them to buy the product isn’t enough. Overall customer experience is the key. Dash101 brought to you by Shop101 allows Shopify channel integration for an eCommerce business owner. It begins with navigating them to the site and deliver with an effective shipping solution.
