Advantages of keeping your prices higher than your competitors1) You can keep less stock and the orders will be less frequent (great if your storage space is very limited)
2) You have less orders to pack and post for the same profit
3) Returns, breakages or loss in the post, and unsaleable stock will have a lot less impact if you have a significant profit on each sale.
I have an average rule of thumb that if I had to ship the same product twice for the one payment, I shouldn't make a loss.
Also taking the time to claim from the post office is frustrating and slow, so I let my profit take care of smaller losses, and only claim for larger losses.
How to have higher prices and STILL make sales1) Find a unique use for the product and advertise on that basis. If you can think of a useful keyword that others haven't thought of, you could come up on some search results with little competition.
2) Advertise a friendly and generous returns policy.
3) Give greater value for money than your competition - by including an extra item or extra instructions, or another draw of some sort.
4) Ship worldwide - knocking out some of the competition who only sell to the UK.
5) Offer free shipping internationally, this is a great way to increase international sales - even if you have to increase the item price accordingly.
6) Make your pictures unique and enticing to set yourself apart (poor pictures or copied pictures are never a good idea so experiment with them)
7) Make your description unique and as helpful as possible. Include extra pictures to show detail. (see this guide for hints on pictures)
Believe it or not I have had few complaints about having higher prices. Those who choose to buy from me are in the most part good buyers.
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I have written other Guides, if you are interested in reading them you can see a list of all my Guides here