YITH WooCommerce Name Your Price (Premium Plugin):
With YITH WooCommerce Name Your Price, you will offer your users the freedom to pick a price. In order to understand the true market price, or simply having a different approach to sales. The plugin offers you also to suggest an ideal price to users. It also allows setting a minimum and maximum price for your products.
It is all about market laws and psychology. Satisfied customers need to “payback” somehow the service or the product that made them happy. They can do it with a donation, or maybe, paying something more for the next product they are going to purchase.
Let’s see an example. You sell an ebook that costs sixteen dollars. But you also offer your users to support your business by adding more dollars. You do this because your products have improved their life in the past.
According to the statistics, at least 10 customers on 100 will pay more than the requested price. Rounding off the price of the product to twenty dollars. It isn’t bad, is it?
Sites like Priceline have created a business on this idea. They take advantage of the power of the sale system based on how much users are willing to pay to accommodate their needs.