3 Tips for Pricing Your Product

Settling on a price for your products can be an absolute nightmare. Between monitoring competitors to make sure you stay competitive, managing production costs, keeping up with fluctuating prices of materials and — on top of all that — making sure customers will actually purchase your product, it’s easy to feel overwhelmed and unsettled during the process

Below, we outline some tips from industry experts who have found the pricing sweet spot, both for ecommerce sites and brick-and-mortar shops.

1. Crowdsource Your Price

One of the best ways to find out how much your customers will pay for your product is to ask them directly. Crowdsourcing the price for your product via surveys and user feedback is an easy way to gauge interest and ensure that you’re setting up your business for success. We chatted with Shannon Malone, director of product strategy at Warby Parker about how the company settled on its price point and how it stays competitive Read more…

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