Wednesday, 8 March 2017

Be An Expert - Pricing - Diverse Products = A Varied Price Range

It's our last week looking at pricing your products. This one is a quicker tip - to make sure you diversify products in your shop - but to include a range of prices as well as a range of products!

If you make sure you have a range of prices in your shop then this will appeal to customers with different budgets, or encourage them to add cheaper items to their purchase. But don't cheapen the items you have by selling similar items much cheaper. For example, if you currently sell necklaces costing £20 - £30 each, don't start selling other necklaces for £5 each too, or it will make customers think the more expensive ones are over-priced. Instead think of things that could compliment your stock rather than competing with it. Could you sell stud earrings which would go with your necklaces and sell for £15 ish? Perhaps you could design a few greetings cards that suit your style which could sell for £3 - £5? 
Varying your items and prices will encourage add-on sales, where a customer comes to your shop for one item but ends up purchasing more. Also if someone loves that £30 necklace, but can't afford it right now, they might buy the £15 earrings right now, rather than just bookmarking your necklace and possibly never coming back to it again.
Diversifying stock will also mean you get found in more Etsy searches (now you'll appear in earrings as well as necklaces!). Just make sure you keep your shop looking cohesive, for tips on that see here: Have fun thinking of new things to sell!

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