This is part 3 of my etsy as a beginner round up and it gets into the nitty gritty and uncomfortable subject of prices. I am still very much learning my way but this is where I am.
Description and price
If I was putting up a new kind of item on etsy the first thing I would do is see who else is doing the same sort of thing. It’s also an opportunity to discover new people and get new ideas (like I just did and got completely distracted).
Reading their descriptions helps to give the listing a skeleton that I can then flesh out. It can also show what makes the item unique.
Pricing is the most uncomfortable part for a lot of makers I think. Putting a price on you, your time and what you’ve done is difficult when you’re mostly a bundle of self-doubt tied together with string made of hope. Seeing what similar items are going for helps.
Price = materials + time is a good start to working out the minimum amount I need to make back from something. Add to this the cost of selling. Etsy takes a cut of 3.5% as a selling fee and the 16 pence to list. A gallery would take 40% and the shops I sell to want to make a nice profit as well. So I work out the retail price to cover these and that’s what I sell at.
You can always change the prices later but if something isn’t selling then reducing the price doesn’t make any difference from my experience. I don’t think people base their decisions on the cheapest on etsy unless they are between two very similar items. Sometimes people like what you do but right now they don’t need it. Like this guy!
I put him up a year ago and he has likes but I just don’t think anyone but me really needs a gravy boat with a whale on it. I’ve just tweaked the postage which was way off but this guy will not be relisted and once it expires and may end up mine.