Adopting a price localisation strategy, when selling your products or services in Mongolia, can have a direct impact on the levels of success and revenue of your business.
Despite the fact that several studies have demonstrated that shoppers prefer to see prices in a currency they use. Yet, localizing prices involves much more than just changing the currency symbol.
A pricing strategy involves getting to know the purchasing habits and attitudes of the market and its purchasing power to avoid over-pricing / under-pricing.
A good place to start is to research similar products / services on offer in Mongolia and to consider how you are going to position your offering in the Mongolian market.
When establishing pricing in Mongolia, it is common practice to inflate the price by 20% to 30%.
It’s recommended that you create a localized website in Mongolian and redirect your customers to it by using their IP addresses. This would prevent your shoppers from visiting other regions and price shopping.
The Mongolian culture has its share of unlucky numbers and it’s better to avoid adding them at the end of displayed prices. For example, the number 7 can mean suffering.
Localizing your pricing strategy is not an option for businesses looking to grow sales in Mongolia. Tracking market conditions and testing different price points are critical to finding the right price for the Mongolian market.
