How should you update the retail prices of your products?
There are three options: Competitive, Premium, or Standard* Choose the one that best suits your personal needs;
Competitive Price
The love spreader;
If your desire is for your art to walk the streets and for your clients to pay the lowest price, this option is for you. You’ll make a hassle-free 15% margin from your Storefront or a 30% margin would you choose to order yourself from the Portal and sell directly (art fairs, personal website, events, etc.);
For those who love the ring of a new sale!
Volume-driven entrepreneurs will love to sell Kate dresses for as low as $94 (instead of $149), kimonos for $72 (instead of $119), or a $30 scarf (instead of $49.90).
If one of these approaches feels like you, go to Manage Prices, select “Competitive” (former "Aggressive" pricing), and click “Save”.
Premium Prices
Two types of people should go for this option;
The Exclusives;
You love exclusivity and uniqueness. You like limited editions & custom orders from important clients. If this sounds like you, Premium Prices are just what you need! You are unlikely to sell dozens of units, but with a margin of 50% from your Storefront sales and 60% from your direct Portal sales, it may be the right thing for you.
The Brand Protectors;
If you wish to protect a retail price for your boutique partners, Premium is the price for you!
PS: If you have active boutiques, you should consider asking Customer Service (team@legaleriste.com) to update your margin to 20% if you want your stores to make a 50% margin (2.0 markup) at this new price or 10% if you wish for your retailers to make a 55% margin (2.2 markup);
If one of these options describes your intentions, go to Manage Prices, select “Premium”, and click “Save”.
Still indecisive?
If you are a new community member, we recommend you test the waters with the best price possible and select “Competitive”.
If you have been with us for a while and don’t feel that any of the four scenarios listed above describe your intentions, you should consider the “Standard” pricing (same margin as before but with a lower price to reflect the new lower base price).
* If you already have some products associated with "Competitive/Aggressive" or "Premium" prices, the new prices/margins didn't apply automatically. You will need to go into your Manage Prices, make your choice & "Save", in order for the change to take effect.
Update your retail prices today and let your clients know about the good news!