“The price is right for the product,” said the shopkeeper;
“But we generally pay half of your mentioned price,” said the Buyer.
And the conversation went on and on till they both arrived at a common acceptable price.
This is a win-lose approach where both the buyers and sellers maintain a fixed position during negotiation.
On the other hand, there is a win-win approach for negotiation, where both the parties value each other’s interest and come on a mutually beneficial agreement. This sometimes includes the customer paying in installments by relaxing the one-time payment option.
Allowing to negotiate can help accelerate a slow-moving deal, creates goodwill and gains trust. The buyer subconsciously attributes less value to your product and if they see listed prices (Prices that are designated for goods sold online), they probably opt to buy it from a physical store.
You’ve invested a lot of time and efforts to earn customer’s goodwill and trust. And as soon as you are about to close the deal, negotiation becomes a factor of consideration. You will only reap benefits by negotiating strategically.
Successful negotiations require give and take. Responding to such inquiries to meet the prospect’s expectation without destroying the profit margin is also a challenge.
The dilemma is nothing new. Thanks to the outbreak of Price Negotiate Magento 2 Extensions, customers now have the ability to bargain hunt and negotiate down from the listed prices.
Such extensions allow customers to negotiate on the product pricing right from the product information page.
Price negotiation Magento Extensions facilitate negotiation to the extent that the price falls under customer’s expectation and satisfies their need. This works in the mutual benefit of both, customers and the sellers.
The final authority lies in the hands of the admin. Admin can even delete the quote requests if required.
You will probably encounter all types of people during the whole process of negotiation. Try to deal very calmly the whole process and if the deal gets unfavorable, it’s better to walk away.
Having a Negotiating Magento 2 extension on your stores helps you drive more traffic and increase conversion rate.
Customers always find more ways to save money when shopping online, so never miss an opportunity to make them happy!