Sometimes it can be a wise decision to raise your prices. There are several reasons why you might need to change the prices on your website. The first can be cost. Inflation normally means that brands have to raise prices because the materials get more expensive, and this can push up your costs.

You can just increase costs and expect customers to know it going to happen. However, there are problems when you do this; you can lose trust with customers. Therefore, when you have very loyal customers, subscription businesses and other returning customers, that you explain the price rise.

So here are some of the things that you can do to help you build a great relationship with your customers while you are still increasing prices for them.

Key Takeaways
1
Decide on the value of the price increase; smaller increments are more accepted and can be managed with apps.
2
Forewarn customers through email or blog posts, explaining the reasons and benefits of the price increase.
3
Implement the change as announced; avoid reverting prices quickly to maintain reputation and customer trust.

Step 1 - Decide on the Value

The first thing you need to do is decide on the value of the price increase. This can be anything you need it to be. However, smaller increments of price increases are often more accepted by buyers.

Shopify’s advanced customization options allow you to increase prices on all products, specific categories, or selected products using tags. This can be a quick and simple way to manage prices, and you can do it based on a specific amount or percentage of the price.

Step 2 - Forewarn Customers

It’s crucial to communicate any price changes to your customers in advance to maintain their trust and prevent potential cart abandonment. You can do this through a blog post, and you can do this via email. Email is the most effective method, but both methods are probably going to be better for you.

Within the email, you must state why the prices have to increase. It is usually better to soften the blog by giving the customer points at what they will be getting with the price increase. For instance, if you can secure better delivery times, higher quality products or better staffing.

You should also tell customers when the change is going to happen. You should provide at least a week’s notice, if not longer.

Step 3 - Implement the Change

When it comes to implementing the change, this needs to be done carefully at the time that you said. This can be done manually or through an app. If you’re looking to use an app, you can use this one here. This can help you make changes to your prices within seconds.

Don’t quickly change the price back at any time, even if you lose sales. This can damage your reputation. You will find that your website won’t lose too much in terms of sales if you’re honest, upfront and explain your reasons.