Making a purchase decision involves a lot of considerations for the customer. In general, consumers judge expensive products by their quality, design, and value. But people tend to blame the price tag for not purchasing products in the end.
Of course, as an eCommerce business owner, you must know better.
According to studies, it is more likely for an individual to purchase a $ 2000 laptop online than a $ 1000 diamond bracelet. Several big brands have adopted strategies that have contributed to this difference.
Would you like to know the best strategies you can implement to promote your expensive online goods without mentioning discounts? Then keep reading, and you’ll find the answer soon.
Examples of Successful Expensive Product eCommerce Websites
It is not uncommon for products to have an absurdly high economic market price, including cars, historical and famous belongings, sports memorabilia, and limited fashion pieces.
Some websites offer high-end products, feature conceptual web designs, or require extensive development budgets. The following are some examples of the world's priciest online stores.
- Rolex
- Taylor
- Howes
- BURGESS
- Mytheresa
- Moda
- Operandi
- Cartier
- Tradition
- Bvlgari
Proven Strategies to Successfully Sell Expensive Products through eCommerce
Launching premium products is a big deal for you. The prices are set to reflect quality, effort, and innovation. However, buyers aren't interested.
Now you're questioning the price tags.
Also, the promos don't seem to be working. Lowering the prices sounds like a quick fix, right? Although you started receiving orders, your marketing strategy failed to deliver results.
What went wrong? What did you fail to foresee before marketing your expensive products?
Below are some tried strategies to sell your expensive products better.
Have a Story to Tell
Getting to know your customer is the first step before creating a product description. If consumers cannot relate to an expensive item, they won't buy it.
Once you understand your customers’ motivations and feelings, you can reflect them through product descriptions. You want your customer to read the product description and place an order with the feeling - “YES, this is just what I have been looking for!”
Product Design & Packaging
Usually, customers are drawn to a product based on its appearance and packaging. For this reason, the first step to marketing expensive items online is to package them elegantly and in beautiful packages.
Don’t forget to select your eCommerce website design carefully as well. Your product will be more valuable as a result.
Sellers should focus on demonstrating the item's real value rather than reducing prices. Consider creating packaging that contributes to a luxurious shopping experience and keeps customers coming back for more.
In general, the better the presentation, the greater the likelihood that a user will buy the product.
FOMO
You probably already know that you can use urgency and scarcity as marketing tools to increase revenue. But do you know how to do it?
FOMO (fear of missing out) is a powerful psychological force that motivates people to take action. Not wanting to miss out on an opportunity forces people to act.
According to statistics, millennials are adopting a more positive attitude toward envy and rivalry, which motivates them to take action, such as buying something or booking a vacation.
In fact, 40% of millennials go into debt or overspend in order to keep up with their peers.
Sustainability & Cause Marketing
With the new generation of consumers, luxury items are getting more and more expensive. There's more to it than just product quality and brand recognition. Additionally, it is important to show what good your brand does for society and the environment.
But remember to put some real effort into it first! It's not enough to stamp an “eco-conscious” label on your product just because its packaging is cardboard. Remember that being associated with greenwashing could risk your reputation and do more damage than good.
Web Design
Analyzing the online stores of expensive and renowned brands, we have noticed the tendency to choose technically simple but visually vivid website designs.
Designing a website is the most important aspect of an online store.
You can build credibility for your business by designing an attractive website. If your site looks professional, potential customers will be more likely to trust that you are a credible company.
While web design is often associated with websites, it also significantly impacts mobile apps, user interfaces, and other internet-based applications. You should pay special attention to this if you sell products or services online.
eCommerce development companies recommend hiring professional developers and designers as they offer a holistic approach to website design and will provide you with an effective optimization strategy.
Gain Customer Trust
A sense of authenticity is one of the key characteristics potential clients look for when evaluating companies or their products.
There are a lot of people who have doubts when it comes to purchasing something high-priced online. It's hard to decide whether buying something expensive from an unfamiliar store is worth the risk.
Nevertheless, building a connection online isn't as difficult as you might think. For example, an excellent customer service experience is one of the best ways to build trust online. You can also interact more with customers online, and don't overlook social media's "social" features.
Free Shipping
The smallest gestures have great meaning. For instance, free shipping is a very effective marketing strategy. There is nothing better than getting free services and buying items from a store that offers free shipping.
Hence, you shouldn't lower your products' prices. Changing your shipping rates is more effective than changing the price tag.
Conclusion
Manufacturers often worry about the fate of their premium products and whether the public will accept them. But setting up an expensive product eCommerce strategy is not as hard as it might seem.
There are a few things you should take into consideration while strategizing for your expensive eCommerce product. For instance, be sure to include your brand's story, inspiration, and anything else that will help buyers relate to your product.
Word-of-mouth marketing offline and online will be a significant part of developing your brand. You will be more powerful as a brand once you have more clients, leading to more people buying from you.
Also published here.