Hello Everyone,
I am considering a price increase for my coasters. They have been at the same price for over a year. Currently I am selling them for $20/set of 4. I back the tax out of that price so the actual price is $18.35 (9% tax between state and local). The coasters are tumbled travertine and I apply all the designs myself. My cost of supplies + the tax on each set is about 1/4 of my retail price. That costs does not include my time. I work from home so I am not paying rent or any other fees for a studio/office or for travel expense.
When I wholesale to a local retail store, up to 3 stores now, I wholesale them for $12. I feel that is my absolute minimum wholesale price. Local stores around here usually keystone or keystone + 10%. So there are retail stores in my town who are selling my coasters for $24-25 per set. One store has been selling my coasters for well over a year & has made multiple reorders. This is the design they carry ... 1000-O. Of course, I have the whole alphabet available, this is just a sample from my website. The other two stores are recent additions to my wholesale accounts and have not had sufficient time to reorder yet.
I would like to increase my retail price either to $22 or $24 per set of 4. Dh seems to think that if I do a price increase I should go ahead price them at $24. How do I go about deciding how much of an increase is too much? Even at $20, a $4 increase is a 20% increase. Is 20% too much? I feel at $24 that I could comfortable leave my price alone for at least another year. At $22, I am not so sure. I would still back out my tax. Using even dollar amounts makes it easier at craft shows, no need for coinage to make change.
I have looked at etsy and pinterest for inspiration and part of viewing what others are doing is seeing their prices. (I don't copy their work but just get inspired.) I felt for a long time that I was high compared to those sites. I have read (in articles written for and by crafters) that crafts people tend to undersell their products there, so I take their prices with a grain of salt. However, it is hard to find similar products to what I sell on other sites. Though I scour the internet, it is hard to find truly similar products on other independent websites, thus is it hard to do accurate price comparisons. It is not that I wanting to be like everyone else in what I do, because I do want to offer something different. Otherwise, why do it, right?
Please give feedback on how to decide is a fair increase.
I am considering a price increase for my coasters. They have been at the same price for over a year. Currently I am selling them for $20/set of 4. I back the tax out of that price so the actual price is $18.35 (9% tax between state and local). The coasters are tumbled travertine and I apply all the designs myself. My cost of supplies + the tax on each set is about 1/4 of my retail price. That costs does not include my time. I work from home so I am not paying rent or any other fees for a studio/office or for travel expense.
When I wholesale to a local retail store, up to 3 stores now, I wholesale them for $12. I feel that is my absolute minimum wholesale price. Local stores around here usually keystone or keystone + 10%. So there are retail stores in my town who are selling my coasters for $24-25 per set. One store has been selling my coasters for well over a year & has made multiple reorders. This is the design they carry ... 1000-O. Of course, I have the whole alphabet available, this is just a sample from my website. The other two stores are recent additions to my wholesale accounts and have not had sufficient time to reorder yet.
I would like to increase my retail price either to $22 or $24 per set of 4. Dh seems to think that if I do a price increase I should go ahead price them at $24. How do I go about deciding how much of an increase is too much? Even at $20, a $4 increase is a 20% increase. Is 20% too much? I feel at $24 that I could comfortable leave my price alone for at least another year. At $22, I am not so sure. I would still back out my tax. Using even dollar amounts makes it easier at craft shows, no need for coinage to make change.
I have looked at etsy and pinterest for inspiration and part of viewing what others are doing is seeing their prices. (I don't copy their work but just get inspired.) I felt for a long time that I was high compared to those sites. I have read (in articles written for and by crafters) that crafts people tend to undersell their products there, so I take their prices with a grain of salt. However, it is hard to find similar products to what I sell on other sites. Though I scour the internet, it is hard to find truly similar products on other independent websites, thus is it hard to do accurate price comparisons. It is not that I wanting to be like everyone else in what I do, because I do want to offer something different. Otherwise, why do it, right?
Please give feedback on how to decide is a fair increase.
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