Abstract: As an important financing method for innovative products, product crowdfunding has received increasing attention. The product crowdfunding pricing strategy considering crowdfunding success rate is studied, constructing a two-stage pricing decision model in the crowdfunding phase and the formal sales phase, and obtaining the optimal pricing strategy for product crowdfunding. The main conclusion is that when the success rate of public financing is low, some consumers will choose to buy after formal sales. On the contrary, consumers will participate in the crowdsourcing stage, which also explains the "herding effect" in the crowdsourcing stage. At the same time, in the crowdsourcing stage, the optimal pricing of enterprises increases with the increase of crowdsourcing success rate and social welfare, and decrease with the increase of market interest rate. In the formal sales stage, the optimal pricing of enterprises increases with the increase of social welfare. Therefore, enterprises have the motivation to improve the success rate of crowdsourcing and social welfare. The research conclusions provide feasible suggestions for the smooth development of corporate product crowdfunding.

Key words: product crowdfunding, consumer utility, profit maximization, pricing model