Do You Price Crash?

January is all about business promotion. We’ve survived the Boxing Day sales and now the January sales are in full swing. If you’re looking to invest in something a little special there are plenty of homespun and independent businesses out there selling beautiful handcrafted  and vintage pieces that will last longer and be far more unique than anything you’ll get on the high street.

I used to sell a lot on Ebay but mostly I use Etsy now due to the fees. I haven’t been hugely successful to date but I’m hoping things will pick up and I have already made a few sales this month.

Whilst the high street has been slashing prices in an attempt to make up for poor Christmas sales, I’ve noticed smaller independent shops also cutting their prices drastically to encourage shoppers. But is it best to cut your prices? I’ve been shocked at how cheap some items are and wonder if the seller made any profit on it at all.

Offering products for prices consumers will snap up might seem like a good short term solution. But if those final values aren’t covering your costs and minimal outlay is it better to hold off and wait for things to improve or cut your losses and be thankful for something rather than nothing?

I don’t do price slashing or sales. The prices my products are listed for are a realistic reflection for the amount of time, effort and money invested in a piece I have made and if the only way I can get someone to buy a £100 dress is to slash it to £40 I might as well not have bothered making it in the first place. If I am only worth the cheapest someone will pay I might as well shut up shop and go and do something less inspiring with my life. It’s that Primark mentality that you can get anything for next to nothing without thinking about the effort that’s gone into making the product that makes me so mad.

I sometimes get told off for listing my items too cheaply. But if they’re not selling at that price why should I drop the prices any lower? I’d rather hold on to the stock for another day than sell it for next to nothing and not have even covered my outlays.

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