Best Trick To Increase Your Profitability | Shopify Dropshipping
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In this video, I’ll go over a famous marketing trick called The Decoy Effect so you can increase your average order value and profit.
Driving traffic to your shopify store is the easiest part. Converting the traffic into sales is trickier and being able to be profitable is the hardest part.
Remember that sales does not mean traffic. So it doesn’t matter how many sales you are getting if you are not profitable. In order to have a profitable shopify store, you need to increase your average order value specially with the expensive price of facebook or google ads. in order to that, you can use the decoy effect.
“The decoy effect (or asymmetric dominance effect) happens when consumers will tend to have a specific change in preference between two options when also presented with a third option that is asymmetrically dominated.”
For example, when you are purchasing a coffee from strabucks, the smallest size is fairly cheaper than the large one. So, alot of people would purchase the cheaper option. But when you add a medium option which has almost the price of the large one, then the most expensive one doesn’t seem so expensive anymore. So alot people would buy the last option because it seems more financially reasonable.
Never ever rely on the profit of selling a single unit to a new costumer each time. You need to do your best to earn as much as possible from the costumers you already have. That’s why using bundles or upselling complimentry products paly a huge roll.
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