This guide will go over tips and best practices for pricing your products.
How you price your items does not only affect you, but also the entire market. When listing your item there are a few main aspects to consider:
(i) Is the current sales volume high?
(ii) What is the average sales price?
You are easily able to check how the current market is doing with eBay and its sold and completed listings feature. Simply search up your item, scroll down and find the toggle for sold listings:
What this data is able to show you is the most recent sales of your specific product. The more sales, the higher the volume. A product with high volume means that the chances of your item selling faster is much higher. This data is also able to show you the prices at which your item was sold.
After determining the market value of your product, you should have a good idea of a price in your mind. You should not be listing your item below the market value. This tends to end in an undercutting war until that product is no longer profitable. You do not want to cause this. When looking for the market value you also want to look through the regular listings as well.
Let's take a look at the ObeyGiant - "OBEY Noir Flower Woman" Print that was released on Thursday, January 27th 2022.
The retail of this print was $60.
Now, you have just purchased this print and now are looking to sell it after it had been delivered.
Go ahead and search the item up in eBay and look through the sold listings:
Now, you'll see that there are some other variations of this print, you purchased just one single print so you will focus on those listings. After looking through those listings you should note down a few things:
(i) Volume is decently high, nothing crazy. Don't expect a super quick sale, but you won't be holding onto this print for months either.
(ii) The sales are a bit sparer. Some were at $200, some at the $140 range. When looking through the current listings you can see that the average listing price is around $150-$200.
Based on this information, you should list NO LOWER than $150. I good price would be to list it for around $175 and accept offers (this helps with undercutting resulting in a tank in the market). If you are not worried about holding onto it for a long, you may want to list your piece for even higher at $200 for the chance that the lower listings get eaten up and you make more profit!
*In this example we are using eBay but do not feel limited to only eBay as a marketplace. You can look at StockX, GOAT, Facebook Marketplace, etc. Ebay is great because of the variety but you are not always selling on there so it is not a bad idea to get familiar with different sites.
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