After sourcing wholesale products and getting them ready to sell on, you need to think about pricing. Here are some ideas of how you can successfully price your wholesale goods.
Trends
When you are running a wholesale business it is crucial to spot trends in the market. If a particular product is highly sought after it makes it easier to increase prices. Keep an eye on the market to help you determine your pricing.
Promotion
Occasionally it is good to offer promotions or special discounts to customers. Clearly labelling this up on your eCommerce website is a good idea too to let customers know that you are competitive.
Timing
Just like spotting trends you need to think about timing when it comes to pricing up your products. When is the best time to release a new price? And how long do you want to keep that price for? These questions will help you with your initial pricing.
Easy to Change
If you are running an eCommerce website then prices can be changed very quickly. If you don’t have a website, you need to ensure your promotional material can be changed quickly. The price you put on a product today might be different tomorrow.
Competitors
Always keep an eye on your competitors’ activity. Doing your research will help you to remain competitive and hopefully will help you gain business.
