Retail,Pricing,Strategy,Maximi business, insurance Retail Pricing Strategy to Maximize the Profit
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Determining the right retail price for items you purchased from wholesale suppliers can make a huge difference. It can determine the success and profitability of an item for sure, especially when you are selling the merchandises through online stores or other ecommerce platforms such as eBay. With clothing purchased from wholesale clothing suppliers, the importance of setting the right price to make sure the fashion pieces are selling greatly is simply too high to ignore.Before you can set the right price, you need to understand the wholesale formula I discussed earlier. The formula will enable you to determine the right cost of goods sold (COGS) value for items you purchased from favorite wholesale clothing suppliers. From the last example, we have $14 as our base COGS. Using this amount, setting retail price for the item can be done easily.All you need to do to set the basic price is add the amount of margin you would like to earn from each sale. A good rule of thumb is to multiply the amount by 2 to 2.5; in this case, 2 x $14 gets you $28. Use this base price as your ground to making pricing decisions. The average t-shirt price on eBay is set around $10 to $50 depending on the quality of materials and build, so your base price is actually within market average.Continue with modifying the price to suit your target market. If you are aiming at premium target consumers, you can set the price at psychological $29.95 limit. If you are aiming at lower market segment, you can still reduce the price to as low as $19.95 for faster turnover. Remember that you also multiplied the actual cost by two when you use the wholesale formula, so you still have a lot of potential profits to pocket.By using the right pricing strategy, you can attract customers and generate more sales while still keeping your profits at acceptable level. As your revenue increases, you will also enjoy a large sum of profits at the same time. It is also possible to set some margin off for promotional offers and discounts as well.I always buy wholesale goods from Cheerwholesale.com in China. It is a professional and reliable shoes, clothing, bags and fashion accessories wholesaler, retailer and dropshipper. Low prices make me easy to determine the right retail price and have stronger competition. Here is their website for sharing: http://www.cheerwholesale.com
Retail,Pricing,Strategy,Maximi