|photo credit: freshvintagestyle | Flickr
When people are shopping for jewelry, price is a great factor that makes them decide whether or not to purchase an item. Often it is associated with quality, uniqueness and durability of a necklace, bracelet and other pieces of jewelry.
But how do you keep your prices competitive? How can you make sure that you're not selling your products while keeping it affordable cheap? How can you avoid overpricing your products?
Here are some things to consider in pricing your wholesale jewelry items.
Do an industry check on the prices of jewelry in the market. Visit different jewelry stores in various locations and observe how they price their items. Especially take note of the stores that is in the same niche as yours so you can have a better idea of how much to put on your price tag. Now, you can put your jewelry on a much cheaper or slightly higher price to keep your items competitive in the market.
If you're selling handmade jewelry, it's important to consider in the cost of your raw materials When putting a price on an item. Compute your expenses and the number of hours you put into creating your Handmaid item and make it Relevant to the price of a fashion ring. If you're a retailer and you're getting your supplies from a wholesale jewelry seller, you must also not consider not just the price, but also the expenses you Spent on ordering and shipping your inventory.
Who are you selling to? Who will benefit from your products? How much is their monthly income? These little bits of information will help you decide on the price range that will be affordable for your target market.
Quality of your products
If you're confident about the quality of your products, do not be afraid to put a price range that is slightly higher than your competitors. What's important is that your customers will find value in the products that you are selling that they will be willing to pay for it. Always not choose to sell jewelry that is unique, trendy and fashionable to keep your products interesting.
Selling your wholesale jewelry at a competitive price is one of the keys to building your brand loyalty with our customers. Always try to put a value on your products by giving quality customer service and unparalleled shopping experience to your customers.