How do you price your items? Are my prices too low?

[Former_Member]

Hi! I recently opened my shop and realised I could never price my items to include the labour put it to designing them ( no one would ever buy them!). But are my prices too low? I'd adore some feedback!
I've seen this question coming up a lot in team threads. How about you explain how you price yours?....

Thanks so much team xxxx

[Former_Member]

I honestly think your prices may be a little low. Include the hours spent designing in your description, something like "I have spent many hours finding and designing these one of a kind treasures". Check out other pages that sell similar items for pricing ideas. I struggle with pricing for my upcycled domino and scrabble pendants as like you I spend a lot of time on them before i even start putting them together. Hope this helps your items are fun.

[sarahbellumdesign]

I would definitely consider raising your prices. One thing to keep in mind that I don't think gets addressed enough is your target market. Who you are trying to sell to makes a huge difference in your pricing. I price my felt hair clips a little on the higher side because my target market is adult women who want something really special and unique that they're going to wear for a long time. Other felt hair clip shops might price their items a little lower if their target market is children because kids tend to lose their hair accessories and moms aren't going to spend much on something like that. Some of the best advice I've received on here is that cheap prices tend to make the customers think that it's a cheap product. Don't sell yourself short'

[Paintspiration]

It is really hard to price your own items. I, too, am struggling with this. But I agree with the above posts- I think your items are priced low. You use really unique materials and paired with the time it takes to design and make your products, I think you could definitely increase your prices. I've been advised to use the formula material costs + time (amount per hour you are paying yourself) = whole sale. Whole sale x 2 = retail. I think it's about balancing paying yourself and still keeping prices within a range people are willing to pay.

[Former_Member]

Thanks Michelle. It is a hard one. I think I'll up them just a little. (I can't use that formula, unless i pay myself a couple of old italian lira an hour.. - ha ha). xx