Prices too high?

[Former_Member]

Views and sales have slowed for me recently and I'm beginning to wonder if my prices are too high. For the most recent things I've made I've switched to using sterling silver and gold filled for all the metal findings but to do so I had to raise prices. Maybe it's not worth the increased cost. Thoughts?

Even for my other pieces that are plated, they are not selling. Are my prices too high for those as well? I want a fair price but I'd rather have it lower and make sales that too high and not sell anything.

Thanks for your time and help!

[Former_Member]

Hi Kristen,

I visited your shop and I think that your pricing is just fine! You have a lot of bead work in your pieces and I'm sure that customers will buy for that reason.
Keep your head high!

[michemozaix]

Your shop is lovely!
The earrings seem a little under-priced when you're offering two of them for $15-$18 and then right next to them you have necklaces with similar components going for $65+. Maybe you should consider raising the earrings and lowering the necklaces for a more consistent pricing. The fact that the earrings (and I repeat there are TWO in each pair) are so much cheaper than the necklaces may make a buyer think that your materials are not high in quality.
Offering sets is another way alternative. Best Wishes!!

[Former_Member]

Don't undercut yourself. Only you can figure out the proper pricing. This is the etsy suggested method:
cost of supplies + labor + (overhead) + profit = wholesale
wholesale x 2 = retail

Cost of supplies is self explanatory.
Labor is how much you are paying yourself. If you pay yourself $20 an hour and spend 30 minutes on a piece then you should pay yourself $10 for that piece. Also consider the time spent taking photographs and adding your listing to etsy.
I don't consider overhead in my formula, since I operate from home.
And profit is a little extra... however much you feel is fair for you.

So let's say it costs me $3 for supplies, a half hour to make at $20 an hour is $10 and I want $5 profit. My wholesale is $18 and my retail would then be $36.

Hope this helps! :)

[Former_Member]

I agree about the earrings.. they should be more comparable to the necklaces. Best of luck with your shop. And be patient.

[TheMonstersLounge]

As a buyer I would agree your prices are fine. You have to remember, not only are you using top notch materials but you are providing a handmade unique piece of jewelery. If I were to go to a store to get your items, I would expect to pay at least what you are charging.

[Former_Member]

Thank you so much for the advice! I hadn't thought of the earrings that way before. They take a lot less time to make, 4 hours for a necklace vs 30 minutes for the earrings which is why I priced them so differently. Plus the earrings used a lot less of the small beads. I will raise the prices on them, and maybe use that to lower the cost of the necklaces. Maybe even a discount for purchasing a set.

Almost every necklace has a matching set of earrings yet not a single person has gotten a set. I personally LOVE sets, almost won't buy a necklace without it!

Thank you again! I'll look into other reasons for my slowdown.

[TheAmethystDragonfly]

Your shop is beautiful! I too struggle with pricing, but I think yours looks fine.

I would suggest doing linkbacks in your listing. Any item that matches another item, send me to it! It's a bit of a pain (I just finished redoing mine...) but it could help people to see quickly that they could have a nice matching set :)

[JoArtyJo]

I love your shop! Simply stunning- your prices are fine and make me believe I will be getting a quality product made with gorgeous materials :-)

I love this necklace:
http://www.etsy.com/listing/112672475/teal-necklace-labradorite-necklace-pearl

Thought I would point out the measurements are missing from the bottom of the description- I would love to know these as I think my Mum would love this for Christmas!

[LunasLuxe]

Your shop is gorgeous and I agree with the comment on the earrings. They should be higher. I too have had a massive slowdown. I was expecting this to be my busy time and instead am hearing crickets. So it isn't just you.

[Former_Member]

Hi Joanne,
I love your shop. Your artwork is very beautiful and so creative!

Thanks for noticing I forgot to add the measurements! The total length of the necklace is 16.5 inches including the toggle, and the labradorite pendent measures 28mm long by 32mm wide.

I can actually change the length of the chain if it is too short or too long.

Thank you all for your helpful insight. That is one thing I really love about Etsy, the kindness and helpfulness of the other sellers. Really makes this place unique!

[AdamRabbit]

Not too high at all!

[Former_Member]

Hi Everyone! I am new to Etsy and am a little concerned about my pricing. My sister thinks it's on point, but my parents think the prices are too high. Opinions and suggestions are much appreciated!

[Former_Member]

Hi Ekliegman,
I'm not the best source as I'm obviously trying to figure it out myself! Your pieces are very beautiful. Very unique and they look like they take a lot of time as well as special skills to make.

Your prices are probably fair, although they might be a bit high for some people to pay. Could you offer a few simpler pieces for lower prices?

I'd also explain a bit about the process or time. Make it clear why these are really unique and worth the price. They are little pieces of art, not just handcrafted jewelry.

That's just my 2 cents, and I might be completely off base.

[ElementalSilver1]

You have beautiful jewelry and I don't think you are overpriced. Definately don't undercut yourself. Best of luck!!

[MyMainePaintings]

Wonderful jewelry, sophisticated design with fair prices...just my opinion. Yes, a few people say the earings should be higher and I agree.

I have a shop I opened in 2008 as well as this one. In looking at the stats, I think something is WRONG with Etsy this week. I have never had days where only 2 or 3 visited the shop yet yesterday and today have been such days. Per Bellina, it isn't you.

Hold on, people will be in a rush for the holidays, soon. :D

[Former_Member]

Thanks so much for your feedback everyone! I feel much better now having more opinions on the matter. Kristen-Good idea about having different price points! Adrienne-I'm looking forward to experiencing my first holiday season on Etsy. Planning on running a Black Friday sale so maybe that will help!

[LetterLuxe]

I think many, if not most, Etsy shop owners underprice their products. Your prices seem fair. The comments others made about consistent pricing and using the "Etsy formula" make sense. Good luck!

[LunasLuxe]

This week in particular is HORRIBLY slow. I haven't seen sales this low in months and months. I'm quaking in my slippers if this is going to be the holiday season.

[Former_Member]

Thank you all for your wonderful advice! I've raised my prices on the earrings, made sure all my sets have back links to the matching piece and I'm offering a discount on sets! Hopefully that will encourage sales.

It's been such an incredibly slow week. I've never seen views from search so low! Only 1 today! I'm staying positive... I'm sure the holiday season will pick up!

[ohmyclumsyheart]

I think it is tempting to lower prices in order to make more sales or simply as a reason for the slow traffic. But very rarely is it because your prices are too high. Stick it out.

x

[Former_Member]

I think everyone's knee jerk reaction is to drop their prices, I'm not sure that's generally smart. I think your prices are fine, I know what those materials costs and the time involved in making them. They seem totally fair.