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Topic: Are people pricing right on Etsy?  (Read 7021 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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« 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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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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« 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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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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Lyrelle
« Reply #10 on: October 27, 2006 01:27:03 PM »

I completely agree with Sue - I have *no* idea what I should be pricing my items at. So I've looked around on etsy to see what other people are doing, and priced accordingly (I hope, I think), but that factors in the low-prices-because-of-crafty-audience factor.

Based on what I've seen at craft shows, I'd probably double my etsy prices if I were to sell at one.

But I do wish there was a better way of pricing my things than just guessing - the supplies + time doesn't work well for me, either . . .
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« Reply #11 on: October 28, 2006 03:51:08 AM »

I know I price my items too low on Etsy, as I only charge for materials & shipping right now.
When I set up shop on Etsy, I browsed all through the relevant category and looked at what price others were selling their work at and then based my prices on that. I'd love to charge more so I could get my costs covered, but I'm also afraid that were I to raise my prices to what they really should be I'd lose customers by charging more than people normally do for similar stuff.
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« Reply #12 on: October 28, 2006 04:27:08 AM »

I am also mystified by the etsy buying process. I make purses, accessories and clothes and I've sold 1 item in the 10 months or so I've been on etsy. I look at listings similar to mine and some sell hundreds of like items at prices much higher than mine. So I am trying to figure out the difference. Is it the colors, the styles, the professionalism of the site, the way the pictures are taken, the description, etc?Huh I'm not sure. I love making things from recycled neckties but I'm beginning to think I'm the only one who likes them. lol
Oh well I guess I'll keep trying until I decide to stop but it is a bit frustrating.
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« Reply #13 on: October 28, 2006 10:02:23 AM »

Here is how I go about pricing my items...

I add up all of the costs including the ACTUAL shipping costs. Most times I get killed on shipping.

Then I look on ETSY for similar items and see what they cost and how may of them have sold at this price....call it poor man's market research.

Then I set my price so I get as much profit as the market can take.

As an etsy buyer I'll typically buy something "I have to have" or from someone I "know" from the forums here or on etsy. 

I look in the Treasury and Time Machine and if something catches my eye.....it's just a couple of clicks and it arrvies a few days later.

If I'm going to buy supplies on-line I'll buy them from an etsy seller unless they are substantially more. I figure if I'm going to buy something anyway why not support fellow etsy-ans.

I do have a touch of "I can make that" syndrome. But it isn't too bad.
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« Reply #14 on: October 29, 2006 05:34:07 AM »

It's unfortunate that people don't charge what the cost of supplies/time is, because this creates an unrealistic picture of what a handmade item really costs. If you get people used to low prices, they squawk that much harder when faced with a realistic price.

On the other hand, you can get the price you're looking for if you market your butt off. Etsy is just a convenient storefront, after all. It's up to each individual shop owner to market their particular corner of the shop and get sales.
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K_lox
« Reply #15 on: October 29, 2006 10:24:14 AM »

This thread is great. I'm going to get started on etsy soon, and have been having some dilemmas about pricing.

It gets frustrating when I ask my non-crafting friends what they'd pay for an amigurumi that took me hours to make. I've gotten responses that range from $5 (!!!) to $15, when the norm I see for similar items on etsy is $15-30. Their rationale is that it is a small item and "if beanie babies cost 5 dollars, then why shouldn't the amigurumi you made cost 5 dollars?"  Embarrassed

I think a good thing to keep in mind that a lot of etsy buyers are "craft-aware" themselves and understand how much work it takes to craft.

One question, how much does size matter in pricing? For example, if I had a 5 inch tall amigurumi and a 8 inch one, would buyers expect the 5 inch to be a lower price even if they took the same amount of work?
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« Reply #16 on: October 29, 2006 04:40:50 PM »

One question, how much does size matter in pricing? For example, if I had a 5 inch tall amigurumi and a 8 inch one, would buyers expect the 5 inch to be a lower price even if they took the same amount of work?

I've had a hard time with just this issue - i make little stuffies and some other things, and often the littlest ones were the most time-consuming.  Honestly, i really believe you should price what you feel it is worth, and others will follow your lead. (I believe this, but can't always remember it when pricing my own things).  Just, when you're making up your descriptions, emphasize that the little guys are highly detailed, or "miniatures" or other words that communicate to people that they aren't less than a big guy just because they're smaller in size.
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« Reply #17 on: October 31, 2006 11:19:39 AM »

One question, how much does size matter in pricing? For example, if I had a 5 inch tall amigurumi and a 8 inch one, would buyers expect the 5 inch to be a lower price even if they took the same amount of work?

I've had a hard time with just this issue - i make little stuffies and some other things, and often the littlest ones were the most time-consuming.  Honestly, i really believe you should price what you feel it is worth, and others will follow your lead. (I believe this, but can't always remember it when pricing my own things).  Just, when you're making up your descriptions, emphasize that the little guys are highly detailed, or "miniatures" or other words that communicate to people that they aren't less than a big guy just because they're smaller in size.
This sounds a little "slick", but depending on how much of a time difference there is and what the price you thinking of is, you might just set a fair price for the amount of work it took for you to make the little one and just charge incrementally more for the big guy, despite the fact that you didn't put as much actual time into it. Or, try to split the difference - underprice the little guy slightly, and overprice the big guy slightly, so that if you sold both, the difference averages out.

Hope that made sense . . .
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« Reply #18 on: October 31, 2006 01:45:56 PM »

It made sense, and it's slick but logical, pointysticks.   Smiley
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« Reply #19 on: October 31, 2006 02:13:07 PM »

I agree. Thanks for the advice, likespointysticks. Pricing seems like one of the hardest things to figure out for me. Stupid pricing.  Roll Eyes
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« Reply #20 on: October 31, 2006 03:01:30 PM »

Ditto on pricing being hard, SickRose, especially when it's something labor-intensive. I try not to cheat myself, but I'm pretty cheap, so it's hard for me to price things as much as what they're worth.

One other way to deal with the small does not equal fast conundrum that some sellers use, is to list how much time it really took to make the item in the description. Then your buyers have another way to compare items other than just on size.
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« Reply #21 on: November 20, 2006 05:58:33 PM »

I was just reading through this, and feel the same as many of you.  I actually got a PM about the link swap here on craftster from someone who said that I shouldn't undercharge; that my products were valuable.  It was the first time I realized I had been ripping myself off.

It is hard, because I always know where the one little, unimportant flaw is on the garment, and discount myself.

I think it is important to realize, though, that if things are priced too cheaply, people assume they are of poor quality.  I have sold more since upping things a little bit.  Though, nobody will buy my 'expensive' things, even though they cost less than a machine made dress in a store.

End ranting.
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« Reply #22 on: November 21, 2006 02:08:04 AM »

isnt pricing the worst? for me at least, too.
to be honest i price things so wack like ill cover the cost and add a bit if 'i made it fast' - but i dont put that in my descriptions '-' - basically price just enough to make back whatever i spent on 'that lot of charms/beads' and to be able to buy more supplies- so then i have the rest of the lot here at home *free* which i make into actual stuff to sell at stores.

that said i totally sell cheaply on etsy ;; so im trying to raise my prices and list stuff thats not just supplies O_O
 (i stopped listing bags-- i think i burned out from underpricing lol)
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« Reply #23 on: November 21, 2006 12:36:44 PM »

i do tend to undercharge
but as of v2, i increased my prices a little
Smiley
pricing is difficult! i should ask someone else to price my items Wink
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« Reply #24 on: November 21, 2006 01:21:53 PM »

i do tend to undercharge
but as of v2, i increased my prices a little

I have too. Not by much, just a dollar here and a dollar there... I needed too badly on some items!
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« Reply #25 on: November 21, 2006 11:30:43 PM »


pricing is difficult! i should ask someone else to price my items Wink

i always wish for that too. but like someone psychicly conneced to me or something. so i dont get offended if they price too low...  just in case.
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DsgndbyRJ
« Reply #26 on: November 22, 2006 10:05:20 AM »

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 price my items out at $20/hr.  It depends on the skill required for your craft, as well as how long you've been doing it and your own skill level.

To the topic at hand - I completely agree that people way under-price on Etsy, which creates problems for the rest of us.  I price my items the same as I do on my own site, unless they are clearance - then they are generally priced at wholesale.  I'm at the point where I will only be listing really fun items (like my holiday earrings and keychains) on Etsy, as well as clearance items and supplies - I haven't sold any of my higher priced item (and we're talking $16 here, nothing exhorborant) on Etsy - so once they expire, they won't be relisted.

Unless you have a really fantastic stand-out item - which earrings (in my case) or totes (in Oktak's case) aren't - it's going to be tough going.  And until regular non-crafting shoppers become the bulk of the shoppers - as opposed to fellow "I-could-do-that" crafters, higher priced items just aren't going to fly off Etsy like they would at shows or our own sites.
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« Reply #27 on: November 22, 2006 10:09:05 AM »


pricing is difficult! i should ask someone else to price my items Wink

i always wish for that too. but like someone psychicly conneced to me or something. so i dont get offended if they price too low...  just in case.

*lol* I'd offer but I couldn't just look at something and say "price = this".  Wink 

Have you ladies tried a pricing formula?  I find it works quite well.  And you can always tweak it a dollar here or there (I always round up to the nearest $5).
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« Reply #28 on: November 22, 2006 11:13:46 AM »

I too have been messaged on Craftster about "underpricing" my etsy items, but I personally don't feel that they're underpriced at all.
In the beginning, I might have underpriced because I wasn't so sure on how I should be doing it. Now I think I have a hang of it, unless I add something completely different and when that happens I tend to research the prices of similar items to see what I think I should be pricing mine as.

My biggest "thing" with etsy pricing is shipping prices. I tend to offer free shipping 99% of the time because I feel my items are small enough, and on top of that I think it's a small thank you gift I can offer to my customers. But it really confuses me when I see someone selling a button for 50 cents and then shipping is $1.50. Or a purse for $30, and $10 shipping (domestic)...
I've wanted to purchase things many times and shipping alone has made me say no. I understand shipping is a secret way to make a profit as well, but sometimes people have to realize that ripping someone off is different.
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« Reply #29 on: November 22, 2006 12:37:30 PM »

On some of my items I offer free shipping, but many of my things are heavy and require a lot of packaging, and cost due to weight. Still though in the end I usually take a hit on shipping most things. Like the package I shipped today, I charged $3.00 and it actually cost me 5.30 for that order to be sent.

In the end though I try to make a certain amount of profit my time, and materials.

One thing I saw the other day though made me do a triple take on a price. A microscope slide was being sold for $125.00   Roll Eyes
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« Reply #30 on: November 22, 2006 12:46:51 PM »

$125?? Was it soldered with real gold and diamond encrusted?? lol
I've sold all of my pendants for $8! lol
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« Reply #31 on: November 22, 2006 02:10:49 PM »

ROFL! The really odd thing is that there was nothing special about it. Not enough to warrant the $125.00 tag.
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« Reply #32 on: November 22, 2006 04:39:27 PM »

my gosh 125 for a slide sounds mad.

i raised my prices! and listed some stuff i have in actual shops so they are more expensive.

and i sold one of them higher priced items today. felt awsome.

im keepin' it up!
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diosaperdida
« Reply #33 on: November 22, 2006 04:54:44 PM »

I honestly believe one of the big problems with etsy, is that the main viewers are other crafters. Those that know about etsy...are pretty darn handy themselves.
And in spite of all that is said about handmade merchandise making a comeback, when non-crafters think shopping...they still think big department stores.
And if they do think to look for handmade..they have a very distorted idea of what it takes in time and effort...and cost to produce handmade.
THAT fact was driven home to me when someone asked me how many handknit socks I could crank out in a day!

I think we need to start an international movment to educate people on the joys of buying handmade...start a "get to know handmade" task force...that is, if it isn't being done already. And if it has we all need to join in.

I'm getting carried away in my answer...

to get back on track...your items are gorgeous. To drive the point home even more..if your bags were on a site like http://www.anthropologie.com (anthropologie .com), they would be 150 dollars.




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« Reply #34 on: November 22, 2006 09:29:32 PM »

I've seen lots of people say things about it being a problem that Etsy shoppers are mostly handy diy-ers, and in some ways it makes sense.  But I also think that it's that fact that actually counteracts the problem of distorted price expectations.  People who make things, or know other people who make things, know the value of hand-made things, and know the effort that goes into them.  I sew, but I can't crochet or work wood, and I buy things from other people on the site that I don't make myself, and my crafty friends are good customers, too.  I've stopped thinking of sales to other crafters as kind of cheat sales (somehow less valid than 'outsider' sales to people who don't craft). I like to think eventually more and more people will make things by hand, and buy the things they need from others who do the same.   
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oktak
« Reply #35 on: November 23, 2006 07:10:54 AM »

I couldn't check this site for a long time, and today read all the posts.
Thanks all for your comments. (& compliments!>diosaperdida)

 Re your last post, Tiph, I do think that crafter customers can be both supportive as well as tough on other crafters who sell their goods. While we purchase crafts that we clearly can't make ourselves, we would not buy something that we "think" we can make. ("Thinking" we can make them does not necessarily mean we actually can, though!) And crafters know the cost of the materials.

 Last weekend, a friend introduced me to the owner of a hip boutique in Manhattan. I looked at the accessories that they were selling, and almost fainted when I saw the $120 price tag on handmade ribbon belts almost exactly the same as the ones I made a while ago. Although the material cost was quite expensive (European embroidered ribbons are generally pricey), it took me maybe 30 minutes from start to finish. Assuming that the wholesale price was around $50, the creator probably made enough profit to cover the cost and her own labor, but I was thinking that the same product would never sell on Etsy for $50 ...  The setting (cool interior! great staff!) probably made the belts look they were worth $120, but I would never buy them myself for that price, precisely because I am a crafter, know what the materials cost, know how long it takes to make, and can make them myself!

 While I think it's nice that there is a place I can purchase cool handmade goods at low prices (as a customer! Smiley), I do think that by underpricing our own creations, we are not doing ourselves or other crafters any good. Definitely no need to overprice, but I do wish other crafters valued their own skills and time more on Etsy...
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tomatedepingles
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« Reply #36 on: November 23, 2006 07:14:28 AM »

so... i just wanted to add that i raised all of my prices by 2$ Wink
to cover shipping...
i've been loosing money on shpping since day one, and decided i couldnt afford it anymore, now that my sales are picking up Smiley
i've also listed 5 new items in my new "price range" and was wondering if anyone would like to comment on them (the are all in the "new items" section of my shop)
thanks!!
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« Reply #37 on: November 23, 2006 07:37:21 AM »

tomatedepingles - See that idea works! You're not charging $15 on a $16 item! Wink I would totally buy something from you like that because a) your shipping isn't outrageous, it's actually ver affordable and b) I have no idea that you tacked on a few extra bucks to cover your shipping expenses.

People who actually need shipping money for mailing out heavy items I can completely understand. I, however, mail out purses all the time and I know that it doesn't cost $10+ to mail one purse (domestically).
Part of me wants to buy a bag from one of these people just to see what exactly we're paying for with these shipping costs. Are they packing this tote in peanuts and a box? If so, that's pretty ridiculous too because it's really a waste of the customer's money. A totebag is easy shipped in an oversized bubble envelope. Heck, sometimes I even put EXTRA bubble wrap and presents in the envelope and my costs are still under $5!

And don't even get me started on button shipping that costs more than the button itself!
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Getting back into crafting! Follow along with me on my blog and see what I come up with! Smiley
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« Reply #38 on: November 24, 2006 02:02:30 AM »

non-crafters think shopping...they still think big department stores.
And if they do think to look for handmade..they have a very distorted idea of what it takes in time and effort...and cost to produce handmade.
THAT fact was driven home to me when someone asked me how many handknit socks I could crank out in a day!
oh. my. god. for reals like as in 'how many socks can you knit in a day?' straight faced?

were those my bags on anthropolgie for 150? Cheesy that'd be awsome !

so... i just wanted to add that i raised all of my prices by 2$ Wink
to cover shipping...

you go girl. ! its still affordable!

is it me or have sellers in general been raising their prices on etsy?


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diosaperdida
« Reply #39 on: November 24, 2006 04:25:31 AM »

Indeed....straight faced...and when I was telling my sister the story, she didnt get it. She asks .."Well..how many?" And she was serious.
She was shocked that socks were fairly complicated as far as their construction and execution, compared to something like an afghan.
I ofcourse have no answer as to how long it REALY takes me to knit a sock..I estimate about 8 hours, IF ...I didn't feel the need to frog the heel 7 times before proceeding.

My sis redeemed herself in saying I could sell my scarves for "a bunch of money."
I assured her, that I probably couldn't make up my time, effort, and cost by selling them....not even paying myself only minumum wage.
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« Reply #40 on: November 24, 2006 04:45:01 AM »

I have discovered that people in general (at least in my neck of the woods) don't appreciate or understand the time and work that goes into handmade. I was discussing a recent holiday fair with a co-worker and she remarked on some handcrafted purses made from cowboy boots. She said after noting the price on the small  bag to be $25, she was afraid to look at the larger bags. I thought "$25 is not enough!" I am in West Texas so I wonder if it's any different in the "big cities"?  It is discouraging to me when I cannot even get a return on my materials and time involved in a product. Sometimes I wonder why I even keep doing this but I guess it's love..... Cheesy
I am in the process of re-thinking and re-vamping my etsy site and hopefully I'll make some sales some day. I hope I don't sound like I'm crying the blues because I'm not, just expressing an opinion.
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BeccaJaneStClair
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« Reply #41 on: November 25, 2006 06:40:28 AM »

I've noticed things being priced lower on Etsy, and I can't do it. For me, selling my wares on Etsy *is* my only source of income right now.  My big problem comes in with the Etsy plus paypal fees...I feel like I have to mark up my items accordingly to cover the listing fees!  The first (and only) item I sold on Etsy I went backwards and deducted all the fees, etc, and I wound up losing $0.95 on it.  I know that's not a lot, but if I sell 100 items and constantly lose $1...that's $100 that I totally could use. 

I'm trying to get my site up and running independant of Etsy so I don't have to worry about their 3.5% + .10.  I'll still have the paypal fee to deal with, but if I add $1 onto most items, that covers the paypal fee.  it's harder to add 3.5% onto the cost of something, when you also have to do it exponentially because if you add 3.5% onto the cost of your item to cover Etsy, Etsy takes 3.5% off THAT cost, and you sometimes wind up losing out on money or wind up making "extra" money (not nesc. a bad thing) on items because you keep adding the 3.5 on until things even out. (at least, that's what I did. somewher I have a LJ post where I go on about trying to cover paypal's 2.9%. 


But when nearly 7% of your total net (cost of item plus shipping) gets eaten by fees....THAT starts to hurt a bit. 

I have  a few items I haven't listed yet that I made over Thanksgiving. The necklace supplies cost $22, and when I add on my labor fees it will be at least a $50 necklace. I think it's worth that, and pretty, but will other people?  That's the worst part, I agree, with Etsy.  Someone seeing this necklace in a shop probably wouldn't bat an eye about paying close to $100 for it, but because we're dealing with a) crafters themselves purchasing your stuff and b) the non-crafter misconception that handmaking an item is way cheaper than buying a machine-made item, it's hard to even be able to get that $50. 

shipping also is a pain for me. I ship things with Delivery Confirmation AND Insurance, just to cover my butt. I tend to over-insure as well - a $30 item gets $60 of insurance, that way neither party is out the money if the item gets lost/destroyed.  Insurance tends to run between $2-4 for me, and Delivery Confirmation is .25.  If i charge someone $10 on shipping a $25 scarf, it's because of adding on insurance and delivery confirmation, and the most extra I might make is $1. 

I hate pricing stuff. I wish it was more profitable to get booths at craft fairs, but anty of the fairs i've done haven't been entirely worth it between cost of the table, and getting me there.
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GlitteringPeacock
« Reply #42 on: July 08, 2009 11:05:57 PM »

Other people have mentioned this, buy my pricing goes as follows:
cost of supplies
+
cost of etsy/paypal fees
+
25/hr

That way I make a nice little profit, mind you this is also what I use for outside business.  Its a fair price, not underpriced not overpriced.

Speaking of DIY and overpriced items, a cousin of mine is partnered with another woman in Chicago - I won't mention the business name, but lets just say they sell jewelry that consists of simple (and I mean simple) necklaces and earrings with swavorski (sp?) crystals.  Their prices start at $90 and they are pretty successful.  Something about this has always made me sick since I know the cost of supplies and that there is little skill involved in what they are doing.  So obviously there is a market out there, just try promoting more and keep on fighting the good fight with fair prices.

P.S. My sister suggested I purchase their items for my bridesmaids for my wedding.  I said hell no, then went and bought the supplies and made it a bit fancier than anything they do and the supply cost for necklace and earrings were around 20 for each bridesmaid.











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sugarshoxcrafts
« Reply #43 on: July 11, 2009 02:20:37 AM »

I try to keep my prices low as long as I can make a small profit after the cost of materials and the time it takes to make the item.  I intentionally do not offer items that take an extravagantly long time to make or whose materials cost a lot, like my T-Shirt quilt.  I offer those on a custom order basis--that way I'm not losing out on labor or material costs when I make the item.  Plus, I remember my broke college days Smiley
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Cheyenneswthrt07
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« Reply #44 on: July 16, 2009 07:13:25 AM »

I will be starting an Etsy shop soon and I've been curious about the pricing myself.  Some items I see are posted on the cheaper side, but when you look and there's 145+ pages of the exact same thing, you can understand why in some cases.  Other cases like others have said, in the way overpriced dept, you have to just wonder about.

 I've always chuckled at the whole tutu dress phenom, it's an out fit that takes about an hour from start to finish with about $15 worth of materials and you see them up there for $100+.  I have to seriously wonder about the person who thinks her time is worth $80 an hour.  What's sad is that people shell that kind of money out not realizing how simple those are to create and make, ie, how ripped off thier getting. 

Talking to my mother and she's up there with pricing high ( she actually wanted me to count in the time it takes me to pattern design and mock up for kinks in there, which I think would over price my items to the moon), which seems wierd to me, as I actually want to sell the stuff I'm making.  Not to mention I think that being 'the new kid on the block' with no sales under my belt at first will work against me, so selling low seems reasonable, at least until I make a name for myself and have some sales to work for me. 

Also, sometimes the material I buy is bought cheaply, but not cheap fabric.  Recently I got a few shy a yard remenents of some nice cotton, bought at about $1 each, when those fabrics normally go for about $6-9 a yard.  So a little 2-3T shirt cost me about $3 in material and notions, when asked how much I wanted to sell the shirt for, I said $10-15 for the shirt, I think that's fair, I got some responses that it was too high ( they didn't know the base cost) and some that said too low.   To me it seems reasonable, I'm obviously making a profit, if the shirt sells. 

I think when walking the Etsy line, no one will be truely happy about the pricing on the site.  It maybe something that alot of people will be muddling thru. 
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ideabrain
« Reply #45 on: October 21, 2009 03:05:23 PM »

I think the only way to know if you're pricing things right is to do your own market research and don't trust any "facts" but the ones your personal research confirms!
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