On online stores, the compare-at price is the product's original price that appears on a product listing when it is on sale. Customers will see it crossed out next to the discounted price. This is a method of displaying prices such that the difference between the current and original prices are clearly illustrated and customers are able to see how much they would save by purchasing the item whilst it is on sale.
In this example here, Rebecca Minkoff prices the “Edie Date Night Crossbody” at $149 now with the original price $198 crossed out above as a point of reference for interested buyers. This conveys a message that the bag is actually worth $198 but is now obtainable at a lower price point. This increases the perceived value of the bag hence improving conversions and reducing CAC as interested first time buyers will be more willing to make purchases.
Follow this luxury brand in implementing this to your store too:
- Install Konigle on your Shopify store.
- From your Konigle dashboard go to Pricing power strategy, implement ‘Add compare at prices to your products’ tactic to your store.
- Configure prices with the Bulk Price Editor tool. The tool also allows you to add a validity period so that prices will automatically revert after the sales period. How convenient!
- To let your customers know about the price reduction, create email and SMS outreach campaigns built with the Konigle Bulk Price Editor Tool. It allows you to design both email templates and SMS without using any other software or app such as Omnisend or Hubspot.