It’s all about market laws and psychology: happy customers feel obligated to “repay” the service or product that made them happy in some way.
They can do so through a donation or by increasing the price of the next goods they purchase.
Consider the following scenario: you sell a sixteen-dollar ebook, but you also invite your readers to contribute more funds to your business because your products have benefited their lives in the past.
According to statistics, at least ten consumers out of every hundred will pay more than the desired price, bringing the total to twenty dollars: not bad, is it?
Sites like Priceline have built a business on this concept, leveraging the strength of the sale system to determine how much people are ready to pay to meet their demands.
With YITH WooCommerce Name Your Price, you can provide your users the option of selecting a price in order to gain a better understanding of the genuine market price or simply to take a new approach to sales. Additionally, the plugin allows you to suggest an optimal pricing to users and establish a minimum and maximum price for your products.