Tonight I’m taking a tip from Timothy Adams and adjusting some of the prices in my Etsy store. I raised the prices on several items and lowered the price on a couple others. Timothy points out that people will gravitate to a medium priced item in most buying situations. How do you raise your median price? By significantly raising the price of a few items to create a new “ceiling.” I probably fall in to the trap of pricing my items low, thinking no one will buy them otherwise. So many of us undervalue our work. I still think my prices are low, but I have a greater range now.
As a reverse experiment, I took a group of nearly identical items, my men’s chokers, and reduced the price on one of them by $1. By making one item look like an accidental value, it should be more attractive. I’ve tried so hard to keep prices consistent in my store that perhaps there hasn’t been any incentive to buy one piece over another. I’ll be interested to see if I notice any changes in sales from this.