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Topic: Are people pricing right on Etsy?  (Read 7369 times)
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oktak
« on: October 24, 2006 12:53:56 PM »

I opened my Etsy store about 3 weeks ago, but have not had a single customer yet! Cry

Anyway, I feel that prices on Etsy are generally TOO low. How can people manage when they sell cosmetic bags for $6, or tote bags for $20? Genuinely mystified.

I know my stuff are too expensive by Etsy standards, but I really cannot lower the prices. (They are already half their original prices: I sell them for twice as much on my own website, and I have repeat customers there.)

How are you all pricing your goods? What I do is calculate the total cost (materials, my own labor+childcare. Childcare is the most expensive!!) and double that amount to come up with the retail price.

Or are most people not looking to make profit there? Opinions?

Please comment on my Etsy shop if you have the time: thanks!
http://oktak.etsy.com
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the littlest ninja
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« Reply #1 on: October 24, 2006 01:11:59 PM »

Okay, I'm not an etsy seller yet, but...

Sometimes (okay, too often) crafters do underprice their items.  That's pretty common and, in my opinion, kinda sad.  I believe people should be proud of their work and their time and price accordingly.  That said, there are people who sell on Etsy simply to make back the money they spent on supplies.  They're not interested in turning a profit, they make stuff for the love of the process and simply can't use it or have too many of them, so they sell at supply value and repeat the process.
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TheDishclothQueen
« Reply #2 on: October 24, 2006 01:34:06 PM »

I think the problem is the target audience of etsy.  Really, most of the people who purchase stuff there are crafters themselves.  Which SHOULD make them more understanding of the value of an item.  But, it also makes them more inclined to think, "$45!  I could make that myself for a lot less than that!"

At least, that's how my brain works.
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« Reply #3 on: October 25, 2006 08:49:55 AM »

I think a lot of people on Etsy underprice their items in an attempt to make sales, which of course, makes other people price lower to attempt to make sales as well. 
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« Reply #4 on: October 25, 2006 09:16:54 AM »

This seems to be a constant issue.  I haven't been selling there long, but I've been a browser/buyer for longer, and i'm sometimes amazed at the inexpensive prices.  Some people clearly are not really counting on making any money off of what they make, they just do it as a hobby, and sometimes it seems that people just like the buzz of having somebody buy something they made (sounds weird, but it definitely is the case sometimes).  On the other hand, though, there are shops there who do very very well, selling things at much higher (more realistic) prices, and people buy them because they are repeat customers, the quality of the items is fantastic, and because, ultimately, the shop sellers weren't willing to compromis too much on how they value their product.  You have to figure out where you are in the scheme of things, to decide on pricing - i haven't quite settled yet on where I fit, but I know i'm not going to sell something that took me two hours to make for $6.00 just to sell it.    Good luck, by the way!
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« Reply #5 on: October 25, 2006 09:38:02 AM »

OK I  have  priced my things for  cost of supplies plus part of  what  my time is worth... child care I can not include.... I craft when kids are  home adn all...  I feel like EBAY  and  ESTY  are  worlds  apart on price  imagine that......   and  as far as your  personal site... well,  congrads I have had mine up for a  year and  the only things I have sold are from  loacl people.... and my prices are lower than yours.  SO  as far as that  goes I second the  opinion  since I craft I see something and  say  $$$$$!!!  wow I can make it  for  less.
Good luck and  I do  wish you well on you business.  I  may not  have been any help  but I only craft for  the  fun of things I am not trying to make a living at it.   maybe you could  lower your  prices till you make a  name then  gradually raise them  likethe  big guys do.  I  dunno.
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looking for instant coffee from australia or russia made with mustard and champagne.  VIOLET CRUMBLES and VEGEMITE would be welcome swap items!!
oktak
« Reply #6 on: October 25, 2006 01:35:04 PM »

Thanks everyone, for your feedback.
Yeah, I guess as you all say, many people on Etsy are underpricing their goods because they are not trying to make a living out of it, and just having fun. (Tiph, I know what you mean by people "liking the buzz of having someone buy something they made".)

And Dishcloth is probably right that most of the people buying stuff on Etsy are crafters themselves, so you can't help underpricing your stuff. Too bad that there aren't more non-crafters checking out the site.

I don't think I could make a living out of my crafts (at least not yet), but I would like to avoid losing money and have SOME profit ...
My prices are relatively high, but I have confidence in the quality of my stuff. The problem is that quality is hard to capture with a camera ... must have very good photographing skills.

Although I could lower my prices in a desparate attempt to sell things on Etsy, it would not feel right. I think that my prices are legitimate. (And as I said before, I do have repeat customers on my personal website.) So I guess Etsy is not the right place for me to sell now, although I LOVE browsing all the cool stuff that other people have made and possibly shop madly there before the holidays!

Good luck to you all, and thanks again!
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jloveg
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« Reply #7 on: October 25, 2006 01:56:38 PM »

oktak  please don't  miss understand that  because some of our  prices are  low  does not  necessarily mean poor quality.  as  we  have  said  we  are  not  pricing to get a big  profit we are keeping prices low so we can sell.  I have  excellent guality in my products also. i craft as if I would be the purchaser and I ama cheap skate!! I want teh  very best  for  free LOL  no  really please don't think we cheat  on quality. our products are worthy of  much more we  jsut choose not to price them this way. I have been told  many times I should raise  my prices ,,, I CHOOSE  not to.   and  really  maybe  esty isn't the  place now... try  ebay and  you personal site  and  stick with that  and  only list things  on  esty you can't  sell else where and are jsut  trying to git rid of ... then you can discount to your  hearts  content.  really no  simple  answer. I have never  used esty.
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looking for instant coffee from australia or russia made with mustard and champagne.  VIOLET CRUMBLES and VEGEMITE would be welcome swap items!!
oktak
« Reply #8 on: October 25, 2006 02:41:11 PM »

jloveg, no no, I didn't think that people who sell at lower prices make low-quality goods! I understand that those people are simply not aiming to make much profit. As you have chosen not to put higher prices on your goods, I have merely chosen to stick to what I think are legitimate prices for my goods. I probably won't be able to tap into the bigger market because of this, but hey, I'm happy if a small number of customers truly appreciate my stuff and buy at the prices I feel comfortable with! I guess everyone has different goals, and that's good! Wink

Maybe Etsy will be a different kind of place once the whole world gets to know about it.. people might start putting higher prices on their goods ... who knows? I'll keep checking out Etsy mainly as a buyer, and maybe I will continue to post the things I can't sell anywhere else, as you suggested. Thanks for taking your time!
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CogansCreations
« Reply #9 on: October 26, 2006 08:09:11 AM »

Sometimes, it's because we just don't know what we should price an item at.  At least that's the case with me.  I don't go out and buy supplies since I'm currently using up what I've been collecting over the past 10 or so years....so trying to use a formula that is a multiple of the supplies cost just won't work for me.  For me I've also found that because I can make a variety of things I really don't go out and buy the types of things that I currently sell, either handmade or store-bought so I have absolutely no idea what the going rate should be. 

I have asked on a couple of occasions in the forums on Etsy for advice on pricing my items....I honestly have no idea if they are too high, or too low.....and have only gotten answers regarding how to use formulas (supplies+time) etc.  I know that part, but even with that, what is the hourly going rate for my time that I should be factoring in?? (certainly not what I make at my day job, or no-one would ever buy anything - LOL).  I have become very frustrated with this aspect of my Etsy business...and yes, I really do want to treat it as a business.  I honestly think that my goods are high quality (of course I'm sure that's a matter of opinion), but I would really love to know if my prices reflect that belief and if they are realistic.
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