WooCommerce Name Your Price
WooCommerce Name Your Price ultimate plugin for gives your customers the power to set their own price for products in your online store. Your customers will have the flexibility to pay what they can afford, while you maintain profitability.
The Name Your Price for WooCommerce comes with the ability to set a minimum and maximum price for products. So you can have control over the price range, and also a suggested price option, to guide customers to a fair price point.
- Increased Customer Engagement: Allowing customers to choose their price can increase engagement and customer satisfaction.
- Market Research Tool: The data collected from customer-chosen prices can be a valuable market research tool.
- Sales Boost: This model can potentially increase sales, especially in markets where price flexibility is appreciated by customers.
Concept and Functionality
“Name Your Price” is a dynamic pricing strategy, incorporated into e-commerce platforms through plugins like WooCommerce Name Your Price. This mechanism shifts the traditional pricing model by allowing customers to choose how much they are willing to pay for a product. The approach is both customer-centric and innovative, creating a unique shopping experience that empowers buyers while still maintaining control for the seller.
This model carefully balances customer empowerment with business interests. Customers enjoy the freedom to set prices based on their perceived value or financial capacity, while businesses retain control over minimum acceptable price levels. This not only fosters customer loyalty but also offers insights into consumer pricing psychology, which can be invaluable for market analysis and pricing strategy adjustments.
- Price Input: On the product page, customers encounter an input field where they can type in the price they wish.
- Guidance through Suggested Prices: If a suggested price is provided, it helps customers make an informed decision on their offer.
- Adding to Cart: After entering desired price, customers proceed to their cart and complete the purchase like any standard transaction.
- Standard Procedure: The checkout process remains unchanged. The price entered by the customer is treated as the final product price.
- Payment and Completion: Customers pay the amount they entered, completing the purchase.
Name Your Price for Variable Products
With the plugin, you can set a custom price for each variation of a variable product. Offer your customers the flexibility to pay what they can afford, while still maintaining profitability for your business.
Additionally, you can set a suggested price, to guide customers to a fair price point. This can be useful for products with different variations that have different costs associated with them, such as a product that comes in different sizes where larger sizes have a higher cost associated with them.
Support for Product Bundles
The Product Bundles plugin (separate purchase) allows you to sell combos, simple kits and product assemblies or simply offer a discount when items are purchased together.
Customers will be able to set their own price for bundled products, giving them the flexibility to pay what they can afford. This can be a great option for businesses that offer product combinations, kits or assemblies, and want to give their customers the freedom to set their own price while still maintaining profitability.
Let Subscribers Choose When to Pay
Selling subscriptions with WooCommerce Subscriptions (separate purchase)? Want to let your customers decide when they want to pay? Past versions of Name Your Price included support for subscriptions with a variable billing period and still work for existing subscriptions. In the current version, you now create a variable subscription with different billing periods as variations.
Create printable gift certificates by using the PDF Product Vouchers plugin
The PDF Product Vouchers plugin (separate purchase) connects your online business with your brick and mortar business and allows you customize and sell downloadable PDF vouchers for offline goods or service. Coupled with Name Your Price, customers can create vouchers for a value of their choosing, allowing them to create printable gift certificates that can be redeemed in person.
Creating a “Name Your Price”-enabled product is hardly any different from creating a regular product. Once you’ve created a product, simply tick the checkbox marked “Name Your Price” and you will be able to enter the optional suggested and minimum prices for your product (or a particular variation). The price input box will appear automatically.
- Enabling the Feature: Select which products will have the “Name Your Price” option and enable it through the product settings.
- Setting Price Boundaries: Minimum and maximum price limits ensure transactions remain profitable and reasonable.
- Suggested Price Option: Owners can set a suggested price, serving as a guideline for customers to understand the product’s value.
All the texts that your customer will see on the product page ( such as Add to Cart, Name Your Price, Suggested Price, etc.) can all be changed from the plugin’s options with no coding. Check also YITH WooCommerce Name Your Price