Pricing is one of the most challenging parts when listing a new product on Etsy! Discover how to price the products you sell!
The truth is that pricing the new products you want to sell on Etsy is one of the hardest parts you need to do. Many sellers often tend to undervalue their work and underestimate the real time and money spent to create their handmade products.
Learning how to determine the real worth and value of the handmade crafts you make and presenting that value through a certain price is one of the crucial things every Etsy seller must do.
We are going to help you teach you how to find the right price for the products you sell and run a successful Etsy shop at the same time.
How to Price Your Etsy Products
There are 3 factors you need to keep in mind when pricing your products: calculating the real costs of time and materials, understanding the niche market price range, and promotional pricing.
- Calculating the Real Costs in time and Materials – You need to include all components and materials needed to complete your handmade creation such as thread, glue, varnish, paint, sealer, and etc. Also, you need to add an hourly wage that you think is fair and appropriate.
- Understanding the Niche Market Price Range – You need to thoroughly analyze your competitors in order to understand the niche market price range. If your work is with good quality and it is priced real and right, it will easily find a market and potential buyers. Take some time to analyze the things and make a proper research. Don’t hesitate to put a more expensive price if you think it is appropriate. Your customers will recognize the quality you sell and the price is not going to be a problem.
- Promotional Pricing – There are some situations when you just simply have to lower the prices. This is for special promotions and sales only. This can include holiday’s sales or special events promotions. Make sure to keep the promotions and sales specific and shirt and advertise them through Facebook, Pinterest, Twitter and etc.
If you take into consideration these 3 things you will manage to build a successful Etsy shop and gain a steady online business in no time! Pricing your products right can make your shop worldwide popular.