Hello there. As probably all of you I am right now preparing for the xmas season and hoping sales will roll in. I even joined the 'Etsy Success Holiday Boot Camp' (www.facebook.com/event.php?eid=161809843830424) and as I read through the advices I am starting to question my pricing again.
According to the example given I should sell my thing much, and I mean MUCH higher than I am doing now. My porcelain ornaments e.g. should be AT LEAST €40/$50 5 Porcelain winter white & pearl snowflake ornaments. by LaNiqueHOME €10,00 EUR Favorite
So since I haven't had any sales yet I am wondering if I am truly too cheap.
I would appreciate some honest feedback and I thank you already in advance for taking the time to have a look and replying....I KNOW YOU ARE BUSY!
I think your ornaments are a bit underpriced. I would at least try selling them at $4 USD a piece, so 3 for $12, 5 for $20, etc. And that's still a good deal.
I think I will follow your advice and review not just this price, but ALL my prices... (although the thought is a bit scary, cause I don't want to alienate potential buyers)
You need to be ready for people/whole salers approaching you for discounts. So if you are ready to give it for 10 you should price 15-20. The same gives allowance for sales. Another good idea is to research other etsy products of your range and how they are priced... stay in line with similar quality items, get a little edge but don't be half priced to start with :)
Price should include 1) cost of materials 2) cost of your time (what you pay yourself) 3) other expenses (paypal fees, etsy fees, etc) 4) profit you want for the item.
This will give you a price that you are willing to sell the item at in large quantities ie your wholesale price.
To get your retail price (Etsy selling price) you take the above figure and double it.
That way you can have a sale or offer a discount from time to time without cutting into your profit.
