Asking price is among the most influential details in the structure of a product listing. Many consumers approach a purchase decision with an expectation of value influenced by many factors including prices offered by competitors or other markets.
This guide will walk you through the reasons why you need pricing research and how to use Terapeak to find the right price for your items.
How Do I Find the Right Price?
There is an optimal price range for each product based on what shoppers will normally pay. These values fluctuate over time according to factors in the marketplace such as supply and demand.
Online marketplaces will support a variety of price strategies. Just as some shoppers will seek out the best deal available, others will pay more for unique selection, faster shipping or transacting with a seller who has a more established reputation.
Pricing which is out of line with customer expectation, especially excessively high can negatively impact traffic and sales conversion.
Basing your pricing strategy on valuation (pricing research derived from actual sales history) can help you keep your listings aligned with market prices.