How do you come up with your prices?

[heatemyfather]

Do you pluck them out of thin air, spend hours researching current trending prices for each item, throw a handful of dice, what?

I'm just curious as they say an item is only worth what someone is prepared to pay, but if I started all of my auctions at 99p I might be selling something worth far more but for 99p because only one person found it. I see people selling some of the same kind of items as me and their prices look really random, all over the place, sometimes in 20 items no two prices would be the same. If it's based on trending prices then how often would you update your prices to reflect the current trend (which might change daily or even hourly)?

[madelaine]

It depends... I tend to look at completed listings on the other side and then take a bit off for lower fees and I always start everything here at a price I'd be happy with (or... it's all bin!)

[Mandart]

Virtually everything I sell is new and comes with a guide price - I then check Google shopping to see the price range and decide a price that still leaves enough in it for me to actually earn something.

[cornishmaid1961]

I usually check completed listings on the other side too and look at prices on the craft site. As Madelaine has said prices can be made a bit lower here because there are not horrific fees to pay on eBid !

[moonwitch]

Virtually everything I sell is new and comes with a guide price - I then check Google shopping to see the price range and decide a price that still leaves enough in it for me to actually earn something.

I do exactly the same as you do...as well as checking with your listings to see if I can avoid treading on your toes

[Mandart]

I do exactly the same as you do...as well as checking with your listings to see if I can avoid treading on your toes

Haha I do exactly the same with yours too!

[theElench]

Regarding the glass I sell, which is not new and also a bit niche. I've found that Completed Listings on the other site are not as helpful as they once were. I'm finding that almost everything I list there attracts Watchers, who are only waiting for a reduced offer and that without sales, more sellers are giving-in and making or accepting low offers (the famous Race to the Bottom).

I then look on the craft site and see some of them for sale for considerably more.

ATM (if I can sort the wheat from the chaff) I tend to look at live listings (and Reviews where possible) on the craft site, reduce my prices here based on them (rather than *bay). When listing on obay I take my price here as my benchmark and add on enough to cover most of the extra fees over there.

[Mandart]

...the famous Race to the Bottom.

I also monitor prices over there - some of them astound me, they're selling them far less than I can buy them at trade - I've heard of loss leaders but that's kamikaze commerce....

[moonwitch]

I also monitor prices over there - some of them astound me, they're selling them far less than I can buy them at trade - I've heard of loss leaders but that's kamikaze commerce....

How does the concept of loss leaders work on a multi-user site when someone else's store is just a click away?

[Mandart]

How does the concept of loss leaders work on a multi-user site when someone else's store is just a click away?

Beats me... I find some peoples' pricing strategies... unusual...