Hello Hello, guys!
First post in the forum, technically second if we count introduction.
I am starting a
1) Expensive vs Cheap products?+100$/under 100$.
I have seen people normally suggest for at least 100% profit, (double the manufacturer price) however, in case of a eg. 300$ 3d printer(aliexpress price) how much would you sell it for? Doubling the price would make it noncompetitive with local and amazon retailers. Whats the sweet spot price margin, considering 300$ it is not a impulse buy?
2) Second, I have found some TECH niches and I dont know if it is OK one "tech" store with many products(all tech related), following that with expansion drop the non-converting, or should i start with one niche=one store?
3) Since everyone is talking about a brand, has anyone contacted the suppliers to include custom brand stickers on the products so that it would look like your brand ?or maybe custom leaflets included in the packaging ?
Many Thanks to everyone posting here vital information, especially IAmAttila tricks, Carumen advices, Evy123 strategies or combinations of it! =)
Cheers,
Jonathan
Your price should give you enough margin to work with.
For cheap products, that would mean double or tripling the prices.
You determine your price based on a lot of factors, which included the margin you want to make, as well as the competitive situation. Keep in mind the price elasticity, or in other words how much demand will change based on a price change.
For some products, a change in price will have a big effect. For others, not that much.
You should test this.
If you find it too difficult to set the price, follow the leader. (The market leader sets the price as that's the price which is most visible and as such is the anchor point for most people).
You can then decide to match, go below or above that price, based on where you position yourself. That position should be based on research. In other words, where there's a competitive gap you can fill.
One nice, one store will be a lot of work. I would go for one store with a brand name and build landing pages and categories for the different products you want to sell.
As for the branding, sure, it's possible. As long as your volume is interesting enough for your supplier. Don;t expect them to do it if you only buy 10 pieces.
If volume is too low, just do it yourself.
Keep local stock and put the sitckers on yourself and put in the lealfets you want.
Hope this helps, but if you need more info, let me know.