“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.
The above scenario is now possible for online stores too.
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.
Cart abandonment is not what you expect to happen right!
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.
Such extensions leverage the following advantages:
Lowest price limit can be configured;
It allows customization of messages making the customer feel special;
Negotiation can be made on a specific product only;
Customization of bargain widget;
Acceptance and rejection of customer’s offer can be configured;
It’s not necessary to have an account to submit the negotiation quote;
Customers can define their quantity requirement with the requested price at the same time;
Coupon code generation on accepting the offer and customer can use the code while placing the order;
Push notification facility in all the situation: Acceptance, denial, and re-offers of the negotiation quote;
Customers can estimate shipping rates for the quotes placed from the different shipping method at the admin side;
Once the quote is placed, the customer can also cancel the order or else accept the offer and move to checkout.
The final authority lies in the hands of the admin. Admin can even delete the quote requests if required.
A small preview of how it works?
Select the product you want to buy on the online store. Say for example a travel bag. The listed price on the store is $80, but you want to purchase it for a price of $60.
Press the Negotiate button, Type your amount in the page.
You will be asked to submit some more information like your email address, zip code, and many other key details.
Now click the Submit button and the admin receives the quote requests. Admin checks for the best suitable deal and get back to you with an email notification. You can check the request status.
If found suitable, confirm the deal. This generates a coupon code through which you can place your order.
Negotiation is All Business!
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.
