Millions of products that we use on a daily basis are now a part of our routine. In today’s digital era we buy so many products online. Have you ever noticed that you get many choices, and you do in-depth research before you buy that one product? That’s how smart are today’s consumers. So, if you are an eCommerce seller, retailer or manufacturer, this blog is for you. Product variant price, tracking your competitors price changes and better management are necessary for giving various options to your consumer.
Let us first start from the basics.
What is Product Variant?
A Product variant is a version of the parent product. It can be in terms of color, size, package, storage option, or more. The challenging aspects about product variant is that they are listed under the same URL. Though they differ in color, size, flavor, finishing, or other aspects, and are often priced differently, they are listed on the same page with different filters.
Today’s blog is all about the effective use of product variant prices. We will understand the significance of tracking product variant price and how it can help you win more business.
So, let us begin.
It comes with the biggest challenge for price-scraping engines. Most of the competitor price tracking software is URL based; they assume a single price point for each URL. This becomes very difficult for the sellers to cope with the constant changes. That’s where an organized system comes into play.
Types of Product Variant Listings in E-commerce
All e-commerce sites are not equal. There are several ways of listing and displaying the product variants. E-commerce websites adopt choose the method which is suitable for the site’s structure. Here’s a look at the most popular variant listing types.
1. Variants Listed as Separate Rows
From the buyer’s viewpoint, this format is considered a detailed and intuitive method of displaying the product variants as compared to other methods. It enables the customers to pick the desired variant at any given line of the variant. They can add the product to the car at the respective price listed on the line.
It has been observed that variants that are listed in lines can be differentiated from one another. You just need to know which variant’s price requires monitoring.
2. Variants Listed in Different Dropdown Options
As opposed to the above method of listing variants in separate lines, some shops prefer displaying limited information at the first sight about the product variants.
They need to add drop-down selections for the particular variant options. In this method, the variants are appears as drop-down selections instead of visible lines. The only difference between both methods of the listing is that in this case the user needs to apply a few extra clicks for choosing the desired variant as compared to the previous method.
3. Variants Listed as Clickable Buttons
The third method is almost similar to the second one with drop-downs. However, it is also similar to the first method wherein the variant details are displayed next to each other or under each other.
For example, when you visit an e-commerce platform for cosmetics, you will see all the possible variants of a perfume. shampoo, or lotion variants listed besides each other in different sizes and quantities. For choosing the variant of your choice, simply select the right variant and it gets added to the cart.
There are different types of pricing methods used by sellers for getting more buyers for their products. One such pricing technique is variant pricing which slows the sellers to set the price point, SKUs, and inventory for the subscription products.
Earlier, sellers were not able to set their SKUs for the subscription products. They were restricted to setting the price and inventory for the subscription products at the product level. When a business is able to set all of the above at a variant combination level, it helps them to represent the marketplace offering in a better way along with improving the listing strategy.
The right tools can help track product variant prices in such scenarios. WebDataGuru can help you achieve the best results with product matching.
How Product Variant Can Prove To Be Useful?
- Adding a barcode for each product using the variant increases the chances of conversions.
- The public price of the product variant is calculated depending on the template of price variance. If you wish to charge more for a particular variant of the product, it can be calculated as an option for each variant.
- Product variants can be used for managing the inventory. If a company is selling t-shirts on the e-commerce platform, inventory managed by product variants won’t reflect the number of t-shirts in stock. It will offer the numerical data on T-shirts, S, Red, T-shirts, M, Blue along with the currently available stock.
- Adding product type becomes easy to bid separately for each product.
- When availability for each product is visible, there is no wasting of time and money on advertising the products which are out of stock.
What is Product Variant Price?
When it comes to businesses selling products with multiple options, the pricing of these variants is crucial. Customers are often looking for the best value for their money, and offering a range of product variants at different price points can help businesses cater to different budgets and increase their sales. By providing choices, businesses can make their products more accessible and appealing to a wider range of customers. Therefore, determining the right product variant price is essential for businesses to remain competitive in the market and meet the demands of their customers.
Examples of product variant prices:
Product prices variance can vary depending on the industry and the type of products being sold. Here are some examples of product variant prices for different industries:
- A coffee subscription box with 1, 5, or 10 bags of coffee at different prices.
- A smartphone may have different product variants with varying prices based on features like storage, camera quality, screen size and color.
- Car manufacturers offer different models with different features and prices. For example, a base model sedan may cost $30,000, while a luxury model with additional features may cost $55,000 or more.
These are just a few examples of how businesses offer different product variants with varying prices to cater to the different needs and budgets of their customers.
Advantages of Product Variant Price
1. Best Price Customization:
One of the major benefits of variant pricing is that it offers selection and customization to the customers. A buyer always values the experience of customization and personal touch. Also, the impact of having a product price variance can be huge. For instance, you sell headphones, and you keep prices for different colors depending upon the most bought criterion. Then there are chances that people will buy that headphone even at a higher price range. It mainly engages the audience and helps them make a decision in a quicker way. WebDataGuru has introduced a competitor price monitoring feature to provide user friendly platform.
2. Better Sales Revenue:
It is possible for the seller to offer different version of the subscription box on one listing. Offering a mini version or low cost of the product enables the seller to increase their sales and revenue. Here the buyer psychology comes into the picture. The customers feel that they can buy in their budget or slightly increase their budget and get more benefit.
3. Product Differentiation:
Variant pricing also help in setting different prices for different variants of the product. It is possible to provide luxury or expensive products without hiking the prices for all the subscribers. This kind of product variant pricing can help reach better goals and can pay for products without feeling the pinch in their wallets. Everything regarding this concept is mostly dealing with the consumer beliefs and helping you as a company grow.
4. Enhanced Inventory:
It offers better control over the inventory as variants can be used effectively for presenting the inventory. The bifurcation helps in keeping your inventory professionally managed and in stock as per demand. As an eCommerce seller you can be prepared for a rush in sale or a drop in the same. The platform helps in tracking everything.
5. Increase buyer Confidence:
Product variant price helps in boosting the confidence of buyers. Customers buy from a concise and clear listing wherein they can understand the buying options easily.
It offers more opportunities for marketing as the seller can market each product they sell.
The stores can have product variants separated on individual listings. A business gets an opportunity to make informed decisions that work in favor of its business.
How to Set Up Product Variant Pricing?
You can use software to track product variant price as the software will automate the process and make it hassle-free for the seller. Once variant pricing is set for the store, the new and duplicate products created by the seller will have variant pricing controls.
For the existing products, the seller can either duplicate the product or add variant pricing in the seller portal. Duplicating the product enables the seller to preview new controls and variant pricing offers for the product.
Keep WebDataGuru by your Side
We have a diverse portfolio. WebDataGuru has clients spread all across the globe. Delivering the best services and committing to providing the best platform is our forte. Product variant pricing is for everyone who wants to shine in the eCommerce market. So, do tell us how your product variants are performing. For further details, contact us today!