How much do you mark your products and services up by?

Lynne Level 1

1

August 28, 2016, 2:53 pm

11

How much do you mark your products and services up by?

Just out of interest I would love to know by how much you mark your products up by?

Do you work out your physical product pricing mark up differently to services that you sell?

I have heard that with anything you purchase to resell you should make your sale price double the price that you paid for it. Is this what you do?

Are there any other things that you take into consideration when reselling products and services?

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Everett

For my services, that I currently sell such as my PHP scripts. The price is based upon similar scripts, and market average. I price either a bit above average or right on the average mark. If I were to actually create products and sell them on ListingDock, I would probably keep in mind the 20% fee on all transactions, and add this into my profit margin.

A good profit is about 20% to 40%. You don't want to list the items too high or they will never sell. So for instance, if you sell shirts, and you can bulk buy the shirts from another vendor, and you get them at $5 each. You could probably sell them for at least $9 to $15. This is a good mark up. It usually depends on the type of stuff you're selling though.

1 8 years ago

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Lynne

Thanks Mike, that makes a lot of sense. I appreciate your insight into marking up products.

What do you think about marking up clothing items 100%? Do you think this is viable? I guess once again it would depend on that particular clothing item, the quality and the price.

0 8 years ago

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Everett

I would think this would depend upon the type of clothing. What kind of clothing are you wanting to markup 100%? 100% markup seems like a big price inflation to be honest. I guess you could do a 100% markup if you were to sell like custom design Tshirts where the designs are exclusive.

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Lynne

I was once told by someone in the retail clothing business that you should always put 100% mark up on clothing. I always felt it was a little outrageous.

0 8 years ago

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CryptoGuru

You know for me this really depends on the client. I look into the clients eyes and i say an outrageous price sometimes 4 times the amount i pay. Why do i do that? I test the waters if you will to see the reaction the client gives me, If they get riled up then i offer a discounted price and if they agree im in the money. As a small business owner and marketing professional i have to maximize the dollar on every sale. If i cannot use this method i will try and double up every time because we have to pay a % to sell those services either to the website or to paypal or both.

0 8 years ago

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Lynne

LOL yes that might be a good thing to try, test out the price on a few people!

0 8 years ago

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Heatman6190

I would say it all depends on the quality of the products when you want to resell it that would determine the amount you are going to fix on it when trying to resell it. If it's a product that you have used for a while and enjoyed a good benefit of it, I doubt that placing double amount of the cost price of the product is not feasible at all. But if it's a new product that you just procured and wish to resell it, there is always a good chance of selling it double the price of what you bought it.

0 7 years ago

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tophew

for me right now i am selling dota 2 account and it depends on the market price i mostly follow it like how much is the current price for dota 2 3K MMR value and then i sell it with little bit higher price. and also some are home made siomai i sell it with the average selling price of it in order to compete with others through online or offline.

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Judas2018

I sell my digital services based on their overall value and the current market price. A healthy mix of both. My physical products, like stuff sold on ebay or Amazon? Is always marked up based on condition and value. If the item is hot (really popular right now), plus brand, shiny new? I will mark it up as high as market value dictates. I might knock $20 or so off around the holiday season. If the item is used then I charge mostly using the brand, and its overall functionality. However, I never sell items that need repairs or partially work when it comes to physical stuff. Used? Yes, but if it isn't working right I try and get it fixed so I can then sell it as refurbished.

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augusta

The law of sales entail one buying items very cheap and selling them high or very high to maximize profit but at the same time taking a look at the market price or a competitor price unless one is a monopolist.So giving a price to an item depends on the cost price and other sundry expenses that came from purchasing the item like transport fare, taxes etc.Every expense must be taken into consideration when setting a price for an item to be resold.

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