HomeA Quick Guide to Holiday Pricing Strategy for Online FloristsBlogA Quick Guide to Holiday Pricing Strategy for Online Florists

A Quick Guide to Holiday Pricing Strategy for Online Florists

Holidays are a great time to cash in some extra revenue from your new florist website. Occasions like Mother’s Day, Christmas, Women’s Day, Thanksgiving, or Hanukkah get flower lovers from all around the world excited. People tend to buy way more flowers around these holidays (and a few more) than they would normally do. So, if you create appropriate business strategies around them, you’ll be really able to make it work in your favor.

Pricing Strategy for your products is an important aspect of your business plan. Here are some techniques of offering discounts and deals throughout the holiday season that will not only help boost your revenue, but also help you win some loyal customers for the rest of the year!

1. Keeping it competitive

First and foremost, research well about the market prices. Find out what kind of pricing is being used by other online flower shops. Price your products too high, and chance losing out to the competition. Price your products too low, and you’ll lose out on revenue. So, keeping it well into the market price margin is important.

2. Bundling of products

A very effective pricing strategy for online florists is using the bundling technique. In this strategy, you group two or more products together and offer a collective discount on the total price. For example, if flower bouquet ‘A’ is priced at $150, bundle it with a smaller flower bouquet ‘B’ which is priced at $50. Together, offer a 10% discount for customers who purchase both, i.e. A+B, with an offer price of $180 instead of $200. You can further add in a set of balloons worth $25 and offer the 3 products at a collective price of $190. 

This pricing strategy works very well during holiday seasons because people not only have better purchasing power at that time, but they actually have a need for those products. So, your customers feel they’re getting great value for money, and this feeling of satisfaction makes them your loyal customer even when the holiday is over.

3. Anchor pricing

Another interesting tactics of pricing is using the Anchor Pricing strategy. In this technique, you display two or more products in a comparative way. Here, the first product is priced lower and have a limited number of features or advantages, while the second one is priced higher but offers a lot more of features comparing to the first one. Here, the first product works as an anchor and it helps the second, more expensive product to be perceived as providing great value for money. 

For example, offer a dozen wrapped roses for $50, then compare with an 18-piece rose bundle that comes with a vase. Show the original price of the second product as $80 but offer it for $65. This pricing strategy also works very well during the holidays when people don’t mind spending some extra bucks if they’re getting something more valuable in return.

4. Showing the original and discounted price side by side

This is a simple technique used by most retailers online and offline, and it works very well. However, during the holiday season, offer this discount with a ‘limited time’ tag. This will create a sense of urgency in your customer, mixed with the feeling of getting a great deal. Apply this holiday special discount for a limited time, for example, a week around the occasion.

5. Pushing high-value products

The holiday season is also the time for pushing high-value products that are not much popular during the year. People have better purchasing power during the holiday. They will prefer gorgeous and grand floral arrangements for decorating their own house, and also for gifting others. So, offering a strategic discount on high value products will work great during this time.

For example, offer a 15% discount on products worth $150 or more, and a 25% discount on products worth $250 or more. You can also apply the discount on the total cart value. These strategies will definitely inspire your customers to splurge more.

6. Flash sales right around the holiday season

Flash sales are another cool pricing strategy that dramatically boosts your sales. In this strategy, you offer a super lucrative deal on special products for a very short time. For example, during Halloween, you can pick 3 of your best and most expensive Halloween flower arrangements and offer a 30% discount on them for 1 hour only. Date this just 1 or 2 days before Halloween when people are the most excited for getting some last minute shopping done.

All these pricing strategies will go to waste if your customers don’t get to know about them. This is why marketing your products, pricing, and offers vigorously is the most important thing to do. So, whenever you’re promoting your online business, make sure that you’re including these discount pricing and special holiday pricing in the copy.

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