Name Your Price is Tophatter's brand new campaign option for eCommerce sellers! Lux Decor was successful with our new NYP campaigns and practically doubled their online profits over the past five months.
How eCommerce Sellers Use Name Your Price
Lux nearly doubled their profits after switching from Auctions to Name Your Price, and their most successful items in NYP range from $14 ASP to low $20s ASP.
Lux Decor sells primarily home goods on Tophatter, with some of their most successful products being sheet sets, duvet covers, and quilt sets. Their best-selling item is a sheet set that sells for $21 in Name Your Price — more than double the average selling price for auctions!
Lux Decor generates $10k+ in sales, with 500+ items sold per month.
Why Name Your Price campaigns?
Why try our new Name Your Price campaign? Because NYP provides consistent profits and helps sellers find continued success with our platform.
Lux Decor is a quality eCommerce seller who has been on Tophatter for a long time, and customers continue to show interest in their products.
However, there were fluctuations in their profits over time in the auctions. Some months they made great returns, others they struggled to hit their targets with low ASP.
Although Lux Decor could get great volume, it didn't always translate to a better bottom line. Name Your Price campaigns change that.
Here's how -
Get Consistent Profits with NYP Campaigns
With Name Your Price, Lux Decor is able to get a secured price on their items. They know with certainty that a product will never sell below the price they want to sell it for.
Now that Lux Decor can drive consistent profits, they are selling on Tophatter again. They have been selling profitably with NYP now for five months.
If you're struggling to sell products with consistent profits in Auction (especially higher ASP products e.g. >$15) then it's time to give Name Your Price a shot!
Log into your seller account now to schedule up your first NYP campaign.
Not a seller yet? Create an account and start selling today!
How to Find Success with Name Your Price
Here are the two easiest ways to revitalize your eCommerce strategy and start profiting with an NYP campaign:
#1 Find Winning Products
Lux Decor likes to get ~50,000 impressions on an item before deciding whether it's a winner or loser. You should do the same!
If you need some help, log into your seller account to speak with our account managers. We can help you pick out winning products.
We also suggest that you start with a higher bid price to get data quickly. Once you find products that get enough quality offers, you can readjust the bids accordingly.
Sellers Remember! Be sure to monitor your daily and lifetime budget so you don't overexpose on testing.
#2 Develop a Pricing Strategy
Lux Decor sets their auto-reject to low values — think $2-$3, which helps filter out lowball offers right off the bat. They will accept anything that meets their target price and send counteroffers for everything else.
This strategy allows Lux Decor to easily remove uninterested buyers and focus on serious offers while still giving shoppers a second chance with the counteroffer.
We also recommend making free shipping part of your eCommerce pricing strategy.
Lux Decor puts Free Shipping on most of their Name Your Price items. Free Shipping generates more offers on Tophatter than any other offer and is a great way to increase the amount of offers you get for an item.
What You Need to Know About Name Your Price
Name Your Price is a new gamified fixed-price format we are introducing to Tophatter!
Your listings will be shown to buyers without a price associated. Buyers can submit offers for that product, and you will receive all inbound offers.
This is how your NYP listings will appear to shoppers:
Shoppers have the opportunity to submit all kinds of offers, but sellers can choose to set thresholds for accepting and rejecting them.
See how to set your auto-reject and auto-accept prices here:
The Name Your Price format also offers the same commission structure as our Auction format, with a 9 percent fee on the sale. We have a variable bid that you set for every 1,000 impressions your Product(s)/Campaign receive.
For example, if you bid $1.00 per 1,000 impressions, once your Campaign receives 5,000 Impressions you will have been charged $5.00.
Secure Your Profits with Name Your Price Campaigns
Log into Tophatter now to check out this brand new campaign option. It honestly couldn't be a better time to try something new!
But be aware that Name Your Price IS brand new, so it may be receiving fewer impressions than the Auction you're used to. For now…
Fortunately, shoppers are hearing about and getting excited for this brand new way to shop online with Tophatter.
NYP is an important initiative that is growing quickly! We aim to have Name Your Price contribute to 15-20 percent of Tophatter's total revenue by early 2021.