Pricing your products correctly is crucial to your resell business. It can be the difference between you making profit on an item, breaking even or losing profit.
To price your products, consider the following:
1- First, find the retail price at Amazon, Walmart, Target or whenever it is sold. This will give you an idea of what your item is valued at. You can use this to determine your item’s value. Then research to see what the item has been selling for on eBay, Mercari or Poshmark.
2. If you reselling on eBay, research using Tetrapeak Product Research to see what it has sold for recently and what it’s currently listed for now. If you don’t have access to TetraPeak, then search using the ‘Recently Sold’ filter. If you are reselling on Mercari/ Poshmark, you can also check to see what other items sold for that is similar to yours. This will give you an idea of what it’s selling for so you can create your price.
Now you want to check and see what it is selling for currently on your selling platform. Mine is eBay so I would check the current listings to see what they are currently priced at.
2- Then compare all prices (your department store price, what it has been selling for and what it has sold for in the past) to your item based on the item’s condition and create your price so you can definitely maximize your profits.
3 – Lastly, if you are covering shipping, consider that it in your overall listing price.
I also created this video to show you how I research to price my items for my eBay shop
Pricing Tips
- Find that perfect sweet spot. It doesn’t have to be the lowest one on eBay but it doesn’t have to be the highest either because we want our stuff to sell fast!
- Be confident in your price. It doesn’t have to the be lowest in order to sell – I have sold items that people have gotten for lower from other sellers but my listing, pictures and shipping time was better.
- Know your item’s condition! You can leave a lot of money on the table if you price it too low based on its condition. (ex. pricing a NEW iphone at the USED iPhone price)
- Always know what your profit will be before you list and sell your item. If you aren’t making a profit or a low profit, your price is too low.
Happy Reselling,
Jackie