Steal My "name your price" strategy 2024

Hey (you’re probably reading this because you want to know more about what’s working in 2024 in E-commerce)

And that’s what this newsletter aims to do!

Have too much inventory?…

Today’s newsletter is for you!

I know the pain of over-ordering… and how much cash is just sitting there is tied up in C-grade inventory.

And so I have 2 solutions for you today

The first is a company that helps sell your inventory.

The way it works is like this…

You work with him to figure out the minimum dollars that you need to get out of your excess inventory.

1. Don’t get greedy. Make it go away. The question is not how much are you going to make in profit, but how much of the cogs can you recover. With that mindset, this guy has been very good.

2. Important point: Currently he prefers to work with sellers that can do their own fulfillment.

   This means he gets the orders, and you make a ship station store for him. And you do the fulfillment on his ups account.

His Calendly here:
https://calendly.com/colin-king-22/30min

The second thing I wanted to introduce you to today is the “ Name Your Price Sale”

We tried one of these in April at Little & Lively and generated 66K the first day alone in revenue!

Why do it?

1. Increased Customer Engagement: You’ll find that the gamified nature of naming your price creates a more interactive shopping experience, boosting your engagement and encouraging you to visit the site with the excitement of landing a deal on your terms.

   Inventory Management: It's particularly effective for moving your excess inventory or items that have been slow to sell. By allowing customers to name their price, you can clear out inventory without explicitly marking items as heavily discounted, preserving your brand value.

   Data Insights and Customer Psychology: This model provides you with valuable data on how much customers are willing to pay for certain products, offering insights into pricing strategies and customer value perception. You can use this data to adjust pricing strategies and understand customer psychology better.

   Increased Sales Volume: By engaging your customers in the pricing process, you may see an increase in sales volume. Customers who might not have purchased at full price could be motivated to buy at their named price, potentially increasing your overall sales.

   Market Differentiation: Offering a "Name Your Own Price" option can differentiate you in a crowded e-commerce marketplace. This unique selling proposition can attract new customers looking for a novel shopping experience and more control over what they pay.

   Flexible Pricing Strategy: This approach allows you to maintain flexibility in your pricing strategy, adapting to market demands, inventory levels, and consumer behavior without constant repricing or traditional discounting tactics.

Want to try it? Here’s a link to book a call where Robert on my team will walk you through the entire process and give you the SOP!

If you try either of these strategies… let me know how they go!