There is a reason your products are sitting on the shelves for months at a time. You aren’t pricing your items correctly. The key to a quick sale is competitive pricing. There are a few simple steps that can help you determine the right price for each and every item.
Pricing by Previously Sold Comps on Ebay
A fast way of checking the value of an item before you even list it is by viewing recently sold identical units. This is a tried-and-true method of uncovering the market value of what you want to sell. All that needs to be done is click on the search bar at the top and type in the exact name of the item you want to price. Next, you want to click “filter” and check the sold items button. This will provide you with an updated list of recently sold identical items in order of date sold.
Check The Prices of Competitors Items
A good way to undercut the competition is to research what they are selling certain products for. The next step is to put your store at a slight discount from the competition. This allows for a competitive edge to your online store.
Pricing New Products on The Market
If you are the first platform to sell a specific product then pricing can be a challenge. First, you want to know your cost per unit. Calculation may be required if the item is bundled as a group when acquired. Second, there needs to be a set profit margin in place that covers expenses and makes the business enough to grow. For example, a 50 percent profit margin could be achieved from buying at 5 dollars and reselling at 10. This allows the business to price according to its goals by using fundamentals of business.
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