Someone came in my salon yesterday looking for a particular shade of nail polish. I found it for her, and she asked what the price was. I told her, and she replied that she had found it cheaper somewhere else. Now, there is an industry standard retail price on almost all items, unless they are on sale, and if you deviate from it, not only will you ruffle the feathers of other salons, also the manufacturers.
This got me to thinking about pricing on Etsy. No matter which category you shop, pricing runs the gamut and there doesn't seem to be a standard in many areas, except some more mass produced items like prints.
Obviously the cost of materials factors in here, but I work for the largest salon corporation in the world, and for many product lines we receive special pricing because the company buys in such ginormous quantities. Still, we price at the industry standard retail price. We do run more frequent and better sales than many salons, but consumers know that this is a sale, not that we are "cheap."
Am I in favor of set pricing standards on Etsy? Absolutely not, but I think its an interesting theory to contemplate when pricing your items. Pricing them to low can cheapen the perceived quality, and eventually devalues the category as a whole. Pricing too high can turn off potential buyers from handmade.
What do you factor in your pricing? Materials are a given. Advertising? Packaging? Fees? And what do you charge for your time? What expertise and education do you have that qualify you to charge that amount?
I'm basically just thinking out loud about the subject, and I'd love to hear your thoughts. :)
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4 comments:
Hello! I do have to admit, I do look to see how others price their items, but I still try to stay within my hourly wage I give myself.
Fun posting!
•Cathy
Pricing my beads were a bit of a headache in the beginning.. I really had to sit down and think about the time it takes for me to make them. I do so much of my creating in batches that it is hard to say what a particular bead set should cost..And then figuring in my materials, which thankfully go a loong way, and packaging, well..It does make you think a lot. But I think I've got it down now.
ooh, that was long, sorry for the babble!
I do look at other shops but usually the stuff I make is such in a niche market that there's few if any stores that sells something I can use as sort of marker. I time how long it takes me to make each piece and price it according to that. Shipping is the amount of postage and little bit for the envelope and handling. =D
hi there.. I have had a shop on Etsy for a couple of months almost. Beadvoyager.etsy.com I am having a ball doing this. Pricing has been difficult. I sometimes takes my materials price and double it. Some seem to triple it. I guess it depends on the market and what it will bear?? Hourly wage..I guess $20.00..just chose that out of a hat really..I am a retired Psychologist and as a Dr. charged $110.00 a hour..guess its all perspective..I love this new adventure..so I am keeping things sensible..thanks
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