It is important as a new online seller to do some competitive research. Much of e-commerce is price-based and you will want to make sure you can price your items competitively. It will be difficult to compete against another seller who is selling your product for less than you pay wholesale, so it is critical that when you source for products, ensure your prices can be competitive with other sellers on the Konga Mall.
Taking time to view your competition critically will give you insights into how you should (or should not) price and market your items. This goes back to understanding your costs and should be done before you order your inventory.
Here are a few steps to achieving the above:
Determine Your Items Value - It is best to make sure you set out a price that’s fair for you and your buyers. To determine a fair value for an item, conduct an advanced search to see how other sellers are pricing their listings for similar products.
Price Competitively- Most importantly, trust your own instincts and shopping attitudes. Keep yourself attuned to what you like and dislike about the online stores you frequent and you’ll be likely to develop a store that attracts a reliable base of repeat customers. Put yourself in your customers’ shoes at all times. When you think about the stickiness factors that you prefer, and apply those to your own store, you’ll excel at meeting and exceeding your customers’ expectations upon their every visit.
Make It Easy to Find- When the item price and shipping charge are balance, it increases your listings visibility in search. Setting fair product pricing, keeping your seller rating high, and offering a fair shipping price will get your items seen more often by more people.
Longer Duration Time Attract More Buyers- It is advisable when you put in a fixed price you run it through for at least a month, this will give buyers time to see it and if there is eventually a price reduction, it will be better appreciated. It can be a good approach to use for highly sought after or hard-to-find items that will eventually sell to the right buyer. However, be prepared to offer an item that has stayed too long in your store at a rather reduced price for prompt sales turn over.