How should I price my products on my store?
We at Merchful look at all of our clients as partners. It is in our interest that you profit well from selling your products so that your business can be successful and we can establish a long-term relationship. In order to help you achieve this we set reasonable prices across the board but more importantly, keep them fixed and transparent so that you are able to evaluate your pricing strategy appropriately. Prices for all of our services such as base product + Printing + Packaging + Shipping are clearly provided. We do not have any hidden fees or take a cut from your profits.
We usually advise our clients to structure their pricing based on this model:
1. Understand the base cost for the product. This includes the base price + all print location charges + any branding options etc.
2. Consider shipping costs to the major locations where you expect to sell to. Do you want to charge the customers shipping separate? Or do you instead want to include some or all of those costs within the product price?
3. Factor in all of your own fixed and variable costs such as branding, design & marketing
4. Add your profit margin
Still unsure how to price your products?
Don’t let fear of choosing the “wrong” price hold you back from launching your store. Pricing is always going to evolve with your business, and as long as your price covers your expenses and provides some profit, you can test and adjust as you go. Run a price comparison to see how your strategies stack up.
Taking this approach will give you a price you can feel confident about, because the most important thing when it comes to pricing is that your pricing helps you build a sustainable business. Once you have that, you can launch your store or your new product, and use the feedback and data you get from customers to adjust your pricing strategy in the future.