Determining your item’s price doesn’t have to be a guessing game. Here are three tips on how to determine how to price your preloved pieces fairly.
1. Conduct a Yaga search
While it’s important to consider the value of your time and effort, offering competitive prices can boost your sales. A quick search on Yaga of similar items will give you a good idea of the price range you are working with.
2. All in the details
Next, you need to consider the item itself. Relevant information should be communicated both in the item description and reflect in the price. The following factors can be kept in mind:
Brand - High-end brands and designer labels have higher price points than items from fast fashion chains.
Condition - Items that are brand new and still have their tags on or have only been worn once or twice can be priced higher than items that have been well-loved. Flaws like piling, stains, discolouration, scuff marks, small tears etc. will lower the price. Honesty is crucial to build trust with buyers.
Availability - A limited edition, discontinued range or custom design can increase the value of the item compared to items that are readily available and easy to find.
3. The bottom line
How quickly you would like to sell your items also has an influence on price. The greater the bargain, the more likely your item will get snatched up. But there are two calculations to keep in mind before settling on a final price:
Delivery cost - buyers are charged a delivery fee upon checkout. Make sure the total including the shipping amount will still be a reasonable price for the buyer. It might be even worth considering offering free delivery if your item is at a higher price point.
Buyer Protection - a 9% Buyer Protection fee is applied to each purchase at checkout. Be mindful that there will be a small extra for the buyer with that as well.
Once you know what to look out for you will instinctively be able to price your items, but you can always edit the price later if needed. If you decide to offer a discount, remember to share the news on social media, because who doesn’t love a sale? 😉