It’s about market laws and a psychology: Satisfied customers have to somehow “pay back” for the service or product that made them happy.
They can do that with a donation or maybe pay a little more for the next product they’ll buy.
Let’s take an example: You sell an ebook that costs sixteen dollars, but you offer your users additional dollars to support your business because your products have historically improved their lives.
According to statistics, at least 10 customers for every 100 will pay more than the asking price, which rounds the price of the product up to twenty dollars: not bad, right?
Sites like Priceline turned this idea into a business and harnessed the power of the sales system based on how much users are willing to pay to meet their needs.
With YITH WooCommerce Name Your Price, you offer your users the freedom to choose a price to understand the true market price, or simply to have a different approach to selling. The plugin also offers you the option of suggesting an ideal price to users and setting a minimum and maximum price for your products.
YITH WooCommerce Name Your Price Features: –
- Set an open price on one or more simple products of the shop
- Allow users to purchase your “Name Your Price” product for free New
- Set an open price for simple, variable, and grouped products
- Show a suggested price on the product page
- Set a minimum/maximum price for a product
- Set rules about open prices for each product category
- Customize all labels of the plugin
- Integration with YITH WooCommerce Multi Vendor: vendors can set an open price on any product
- Support to WooCommerce Multilingual: the amounts your users enter will be always converted and up-to-date for every currency set up in your store.
- Integration with YITH WooCommerce Product Bundles.