Are you interested in finding out how to price your Etsy store products? Do you think that your Etsy prices are too low? Check this article and discover the importance of pricing your Etsy products right!
The Importance of Pricing Your Products on Etsy Right
Pricing your Etsy products is of a huge importance because it can attract new customers or make your current customers leave your shop and never come back.
Do you wonder if your prices are too high or too low? It is normal to ask yourself these questions as the price can make or break your success on Etsy. If your price your Etsy products too high, your customers will probably think that you are trying to make a profit and not care about their needs at all, if your price your Etsy products too low, your customers won’t take you and your shop seriously and will probably think that your quality is low as well. So, what should you do, how should you price your products!
How to Price Your Etsy Products?
Usually, the Etsy sellers price their products low. This is because they want to attract new customers and offer them prices that they cannot ignore. Crafters, especially women crafters have a habit of undervaluing their work and underpricing their handmade creations.
Then we have another example, the new Etsy seller starts selling by adding prices that are high enough to cover their expenses for supplies and the time they lost for creating a certain handmade craft. These sellers don’t make a huge profit usually.
Under-valuating your work is wrong. We are not saying that you need to price your Etsy products high and be known as a seller with expensive prices, but to price your products right. You first need to value your work and the time you spent creating the handmade pieces if you want someone else to value your products as well.
According to Etsy experts, the rule is – if you want to sell more than you need to raise your prices. Even though this rule may surprise you, we can ensure you that it actually works. Start researching and check the prices other Etsy sellers are offering and calculate the difference.
If your products are good quality, if you’ve added great photographs of your products, if you products are described well (with information and details such as size, material, texture, color, and etc. included) then you have a green light to raise the price and set up real and affordable prices.
That is actually the key to pricing your products right- the prices should be real and affordable for most of your customers. If your prices are affordable it gives the customer an impression that you are thinking about its needs and want to offer a high-quality product at an affordable price. We van ensure you that your customers will appreciate this gesture.
A Final Word
When pricing your Etsy products you need to set the prices high enough to cover your hourly wage, your supplies, and materials. This is the formula that will get you profit and happy customers at the same time.
This pricing strategy can really make wonders and it is used by features and successful Etsy sellers only. Your Etsy shop is not just a place where you sell your handmade creations, it is a business and businesses are made with one thing in mind – profit.
Don’t forget to check the competitor stores as well. This can also help you determine your prices and be in a position to increase the number of sales and make more money!