Mary Rios1 Answers
Dani Avitz Staff answered 2 years ago
The best pricing strategy is an informed one. There are many variables that go into determining the right price for an item. Certain items may even be priced higher on select marketplaces. Pricing is extremely important on eBay with the company focusing on its “buy it now” system, over the traditional auction format. As a seller, you need to learn how to properly analyze the market when setting prices for your products.
It’s important to learn the psychology of pricing. Buying behavior is often influenced by things like:
- Paid shipping vs. free shipping
- Price anchoring using sales
- Creating a sense of urgency
- Establishing trust with your customers
- The product’s price in other marketplaces
- How much demand exists for the product
- How many other sellers are competing for the same customers
- Shipping, taxes, and other expenses
- How well the company attracts traffic to its listing
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