Boosting Conversions: How Opportunity Cost Can Elevate Your WooCommerce Sales

Opportunity Cost

In microeconomic theory, opportunity cost explains why a buyer chooses something, essentially the decision-making rationale. Opportunity cost is a means of considering the choices you make. It is the worth of what you sacrifice when you select one item over another.

Assume you have some money to spend on a new video game or to save for a future trip. The potential cost of choosing the video game is the joy and experiences you might have had on that vacation. The opportunity cost of taking the trip is the delight and entertainment you could have gained from playing the video game.

So, opportunity cost is about realizing that when you make a decision, you’re always missing out on something else – the “cost” of not choosing that alternative.

How can you apply this idea to boost conversions in your online store?

For instance, a dress costs $45 on your WooCommerce store. You are aware that a cup of coffee costs $5 in the current market. You want to make use of this data to persuade potential customers of the value of your offering.

Message we want to show

What it will like like is Single Product Page:

We will be using the woocommerce_single_product_summary hook to display the function. It will help us display our function output just below the price of WooCommerce single product page.

PHP Snippet

<?php
add_action('woocommerce_single_product_summary', 'display_woocommerce_price_helper', 15);


function display_woocommerce_price_helper() {
    global $product;

    $lattePrice = 5;

    if ( $product->is_type('simple') || $product->is_type('variable') ) {
        $equivalentlatte = $product->price / $lattePrice;

        ob_start();
        ?>
        <div class="woo-product-price-nudge">
            <p class="price-nudge-title">That's merely the cost of 
                <svg xmlns="http://www.w3.org/2000/svg" height="1em" viewBox="0 0 640 512"><path d="M96 64c0-17.7 14.3-32 32-32H448h64c70.7 0 128 57.3 128 128s-57.3 128-128 128H480c0 53-43 96-96 96H192c-53 0-96-43-96-96V64zM480 224h32c35.3 0 64-28.7 64-64s-28.7-64-64-64H480V224zM32 416H544c17.7 0 32 14.3 32 32s-14.3 32-32 32H32c-17.7 0-32-14.3-32-32s14.3-32 32-32z"/></svg>
                <span class="price-nudge-count"><?php echo esc_html( $equivalentlatte ); ?></span> Starbucks coffees!
            </p>
            <p class="price-nudge-desc">Treat yourself to quality and style that lasts much longer than a morning caffeine boost. Invest in your satisfaction today."</p>
        </div>
        <?php
        $output = ob_get_clean();

        echo $output;
    }
}

CSS Snippet

.woo-product-price-nudge {
    background-color: #FFF9C4;
    padding: 1.4rem;
    border-radius: 6px;
}

.price-nudge-count {
    font-weight: bold;
}

.price-nudge-desc,
.price-nudge-title {
    margin-bottom: .4rem;
}

.price-nudge-title svg {
    fill: #795548;
    width: 18px;
}

.price-nudge-desc {
    font-size: .8rem;
    line-height: 1.6;
}

Where to add PHP code?

PHP code snippets and CSS code should be at the bottom of your child theme’s style.css and functions.php files, respectively. 

There are a number of WooCommerce plugins available that can enhance conversion by enhancing the checkout process and emailing consumers, but very few of them concentrate on pursuing potential customers.

One of the hardest parts for owners of eCommerce stores is persuading customers. You must constantly explore ways to convey to them the value they will receive simply and without giving them an abundance of information. They end up with more questions than answers as a result of the overload. The ideas presented above were inspired by the book Nudge by Richard H. Thaler and Cass R. Sunstein.