I would love some feedback on my pricing :)

[LoveNCreativity]

Hi everyone! I'm a new seller (opened in November) and am having trouble sticking to my pricing system/convincing myself my pricing is reasonable lol. So any feedback would be greatly appreciated.

I use a spreadsheet to calculate my prices to include material cost, labor cost, listing fee, transaction fee, taxes, and then add a small profit margin (x1.2) to the wholesale price to get a retail price.

However, the prices scare me lol. They look high especially considering Im a new seller. I've searched for similar items and I'm at a medium price range. But then again, Im comparing to long time, established sellers' pricing. I do this as a part time job/hobby and am a student in graduate school so my free time is limited. Therefore, I would like to be paid reasonably for the time I spend on Etsy orders even though I love what I do.

My main questions are, since most of my charms and jewelry are gifts for kids, would you pay that price for a kid's present or if your children wanted it?

Are my shipping prices too high? I could lower it by about $1.5USD but the charms would come in drawstring bags instead of gift boxes. Which one would u prefer?

For my hand drawn cards, since they're original artwork and draw to order, theyre a bit pricier than the digitally printed cards. Would you pay a bit more for the original hand drawn cartoon card?

Thanks so much! And sorry if the post is super long.

[Former_Member]

Hi, I don't think your prices are high, they are just right. But maybe you should consider change the first photo and put a photo that can show the size of the item, cause it is kinda confusing.

[ArtisanHandwovens]

I'm new at this myself, so please take that into consideration. The items are cute and appealing. Prices seem to be what I'd find in a store. Perhaps that's a consideration. In this day of bargain hunting, everyone wants to get it the cheapest price possible. Is your product unique or is it competing in a crowd?I don't know if s/h or any tax should be taken into consideration when developing a pricing formula. I'm currently using info from craft books on pricing your crafts, attending selective craft fairs, and online info. I figure anyone who can do it or is willing to sell it for less, will be the first seller. Having only sold 2 scarves in 6 months, you may want to consider more experienced advice with success in selling similar items.
Cindy

[ArtisanHandwovens]

I'm new at this myself, so please take that into consideration. The items are cute and appealing. Prices seem to be what I'd find in a store. Perhaps that's a consideration. In this day of bargain hunting, everyone wants to get it the cheapest price possible. Is your product unique or is it competing in a crowd?I don't know if s/h or any tax should be taken into consideration when developing a pricing formula. I'm currently using info from craft books on pricing your crafts, attending selective craft fairs, and online info. I figure anyone who can do it or is willing to sell it for less, will be the first seller. Having only sold 2 scarves in 6 months, you may want to consider more experienced advice with success in selling similar items.
Cindy

[LoveNCreativity]

Thanks Leti and Cindy for your helpful inputs! I definitely will look into adding photos for size comparison for all my items. Also, I agree that product uniqueness is important for pricing... Which is why I love to work on thinking up unique product ideas. I'll hopefully be attending my first craft fair in March, so I can also check out pricing there. Both of your shops look great btw :D