Pricing?

[db1]

Hello,

We started our store a few weeks ago and sales have been starting to come in. However, we are wondering about pricing. Our product is a hair fiber that makes the hair thicker and hidens bald spots. Our current price is $29 and sales are coming in. We offer free shipping. Our net on this pricing is about $8, which is very low. We would need very large amounts of sales to make decent money. We do not yet know however the % of rebuys as we just started. If 1 in 3 buys the product again, the math will look totally different, but we dont have that data yet so cant really include it.

Our goal is to scale this product big, selling at least 5000 units per month. We are considering increasing the price from $29 to $39 which would result in a $18 profit per unit sold instead of $8. We do not however know how much it will affect sales and conversion rates. Its really a dilemma.

How should I think here? Better to offer cheap and try and scale?
Will they buy for $39 if they are already buying for $29?
Go in the middle with $35?
Split test both prices and see what works best? (hard as Shopify dont offer multiple prices in one store)

Need help! Thanks in advance!

D

[Nicolas_Davidou]

Hi, 

We currently have an app to help you with your dilemma. Our app allows you to set your margins and then it prices your products according to what your clients are capable of paying. We also allow for A/B split testing, so if you want to know what works you can try it out here

Currently the trial period is a standard 14 days. If you think that might be too short let me know, I'll get you an extension ^^

Cheers,

Nick