How much should I list my item for?
It is often so hard to find the right price for your item. A few key points are provided below to help you determine what it should be.
Firstly, you should take into consideration the cost of making the item, including the cost of the materials as well as your time and effort. What price would you feel good about receiving for your product? Keep in mind that it may take longer to produce your item in the beginning, but over time each item will be easier to make so your profits will improve.
You can of course change the price of your product whenever you choose. For example, you may wish to lower the price of a product if it has not yet sold, or put it on sale with last season’s items. You could also trial increasing the price of a product that has been selling really well.
When determining the price, it is not only the cost of the material and manufacture that play a role, but also who your target group is and the product’s cost-effectiveness.
The price of your item really influences your customer’s perception of the product and ultimately, whether they will buy it or not. You should carefully consider what price range you would like your items to be in, and to what extent you think that it is a fair price for that category. Buyers can be disappointed if they think that the price of your item does not reflect its quality, so may choose not to buy from you again.
On the other hand, a somewhat higher price can boost your sales, i.e. because the style, materials used, quality, etc. means it is more appropriate in a higher price range. It is generally accepted that the higher the price of a product, the higher the quality of the product and the listing: product photos, description, shop presentation etc. A mid-range or bad product picture does not correlate to high prices.
Another tip: Buyers like discounts. DaWanda regularly offers promotions where sellers can choose to automatically lower the prices in their shop (usually by 10-15%) as part of a sale, which is advertised in the newsletter and other avenues. Participating in these sales can help attract new customers to your shop.
It is important to note that if you do not have automatic confirmation enabled in your shop, you can also change the price of an order before you confirm it. Would you like to give your regular customers discounts? Or run a two-for-one sale? Or perhaps your item is now more expensive because it was customised? You can let your customers know about any price adjustments, for example because of a discount you are offering, by including this in your shop profile. You can find more information about this function in our FAQs.