Pricing Strategies: Beyond the Basics

Etsy.com handmade and vintage goods
HeyMichelle

Story by HeyMichelle

Published on May 18, 2012 in Seller Handbook

HeyMichelle

Once you get a feel for the basics of pricing your items, graduate on up to the next level of pricing strategies.

Bundled Pricing. Encourage your customer to buy multiple items by offering them together as a set, usually at a slightly discounted price. Think about products shoppers are likely to want to buy together — a collection of soaps, a set of bridesmaid necklaces, a grouping of art prints. You might do a prepared set that you know will work great together, or allow the customer to choose from a chart of what you have available. Learn more: Bundling Strategies.

Tiered Pricing. Having a range of prices in your shop allows you to sell to different buyers. For shops selling higher-priced items, some simple pieces in your signature style will allow customers who don’t have the money for your high-end pieces to buy something from you. Learn more: Tiered Pricing.

kjoo

Kjoo sells exquisite art jewelry for hundreds of dollars, and also offers simpler, smaller pieces in the $50 range.

Sales and Discounts. Sales can be a good way to attract new buyers to your shop and reward loyal fans. If you run sales and promotions, make sure you’re attracting the right buyers and maintaining the value of your work. This article is geared towards holiday promotions, but the tips apply across the board: Putting on a Promotion.

Wholesale Pricing. Would you like to sell wholesale? Keep in mind that your wholesale price will generally be half of your retail price (what you currently sell the item for), so plan accordingly! Learn more: Wholesale Pricing.

What pricing strategies have worked for you as your shop has grown?

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