Lower prices can be a crumbling cliff of a strategy. You might be able to hang on for a bit, but eventually you'll slip without a better handhold.
No matter the price, someone will always go lower. Even if you have your own brand of merchandise, competitors can undercut you enough to cause damage.
For consumers, though they'll always love to pay less they also know that ultra-low prices are signals of poor quality. If you charge half of what a competitor does, their first response will be "why?"
Figure out other product benefits or incentives and you don't need to reduce prices. Maybe your version packs in more vitamins or is easier to travel with. Not every customer will care but those that do would even pay a price premium for those benefits.
If all you have are low prices and you can't modify the product itself, you're forced to do something on the service side. Faster shipping, better service, easy buying experience, etc. Just be ready when a competitor moves into that space too.
Eric Davis
Retain the best customers and leave the worst for your competitors to steal
If you're having problems with customers not coming back or defecting to competitors, Repeat Customer Insights might help uncover why that's happening.
Using its analyses you can figure out how to better target the good customers and let the bad ones go elsewhere.