How Pay What You Want Models Work?
How much would you pay for a product? Some stores were letting the customer decide. They began implementing a “pay what you want” pricing model – a relatively new concept that many different industries are using to attract customers. They work by letting customers decide how much they want to pay for a product or service, and most of the time they do not have a minimum price. The idea is that because customers can name their price, they will be more willing to buy the product or service. Companies that use this pricing model believe that it will increase their sales
It might be valuable for sellers to consider using a PWYW pricing model as a short term strategy for traffic and sales. For example, take Cards Against Humanity, who let customer decide how much to pay for a holiday deck of cards. They saw excellent increases in traffic, and still made $70k in a short period of time.
To try to implement a system of "pay as you want" on its online store, we offer to use a the plugin Make an Offer for WooCommerce
Make an Offer for WooCommerce is a powerful premium WordPress plugin that gives you a way to engage online shoppers on your website.
With this plugin customers will be able to send their offers on products they want to buy and you wiil get all profit from Pay What Your Want pricing model, such as brings a new product to the attention of potential buyers, or which can increase the demand for a good. In some cases PWYW pricing has also led to an increase in revenues and profits in contrast to traditional pricing mechanisms. PWYW pricing, similar to a fixed price system, causes comparatively low transaction costs.