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How To Price Your Products in 2019 Shopify Dropshipping
How do you properly price your products sourced from Aliexpress, Alibaba, or from China in general when you’re dropshipping. Here is a standard to follow.
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don't know how to price your products let's find out hey guys how's it going welcome to my computer if you're new here be sure to subscribe for more content and turn the notifications on if you're not welcome back so today we want to talk about how to price your products for your Shopify dropshipping store in 2019 so we're going to be talking about the rules why the rule find the perfect balance and you know all about perceived value of the item that you're selling so let's get right to it so basically just sum everything up you want to have you have to follow the 3x rule which basic means you want to price your item three times higher than how much you are sourcing it for so for example you have an item that's five dollars you want to charge at least fifteen dollars for it or if you have an item that's you know relatively higher like fifteen dollars then you want to charge it for at least you know forty five dollars or above and so you know this is just the general rule to follow and you know you might be wondering why the freaks rule well it's because you want to leave more room to work with for scaling your Facebook Ads and to you know reach more customers and more people as well and usually Facebook Facebook Ads to be increasing that spins your your margins generally will go down so you want to make sure that you have that cushion for you to lean on in case you know you have bad days and you're spending more money on that spend so yeah like I said here you're increasing ads ban on Facebook will generate minimize will go down especially if you're trying to scale vertically increasing the budgets of the existing ad sets are you know running Eusebio's that are usually quite expensive you know at least hundred dollars to be effective you know especially if you're doubling the budgets and duplicating them so you know the ad spends are really going to rack up so this is why pricing is very important when it comes to you know making sure that your margins are still in place and you know playing it safe so you know as I said you know you can provide a cushion for you in case was bad they strike so you know make sure you have the free accrual in place and price it 3x higher or above so it's also important to find a perfect of you know the the price so usually if you do like to mix the price or even if it's like you know one dollar item you don't wanna you don't want to you know price it at ten dollars because what this will do is decrease the fizzy value you know as you know to cheap of an item actually makes the product and your stores a bit scammy and fishy you know you want to be able to have a store that's you know that's trustworthy and credible and you know price is actually a huge red flag to many people if you're pricing for example even a product like an iPhone case for like ten dollars there might be some red flags that are raised because you know generally having ten dollar products usually aren't enough to cut it for you know running a business so a lot of customers do understand that and you know so make sure you have the product not too low but on the flip side to expensive an item can actually make even I'm justifiable to buy so let's say you have an iPhone case for example if you price it at $50 $60 and you know people don't see people can't justify you know the value of the the item then you know it's not worth buying and people buying anymore gaining conversions so it's really important to find a perfect balance to see what works for you and the product and test from there but the general rules is you want to have 3x the price of the sourcing price so usually what you can do is you can use your free extra apply to your product and work your way up you can try and incrementing increasing your price increments of two to three dollars every few days until your conversion rate drops so you can you know increase your let's say your iPhone case for example again by two to three dollars every like two to three days and then see if there's a drop in conversion rate or huge drop in conversion rate and that's usually the case then it's it might be because your product is too expensive and people aren't seeing the value in that price anymore so that's when you're going to really you know drop that price back to the original amount that you know where your conversion rate was maintained and then keep it at there so usually this way your customers will tell you this information whether the price is too expensive or not or too cheap so definitely keep an eye out for that what you can also do alternatively as you can actually download a few apps that can help you split test the price of the items so you can have apps like need a be testing which I'm using right now it's pretty pretty effective obviously you are going to have to pay for it I think it's like 20 dollars or so a month or $30 definitely not for beginners but you know if you want if you found a winning product and you really want to kind of you know see the details behind it and see which price works better you want to be able to test the price and see yourself and so you know you can split tests between different prices like twenty nine ninety or thirty nine ninety or like twenty dollars vs thirty dollars or like some minor differences and see which one works best as usually sometimes the results that you get might not be consistent as consistent as you want it to be especially Facebook ads you know how it's pretty inconsistent so with that being said at the end of the day it's all about the perceived value of the item you know your price we're charging comes down to proceed value of the item that you're selling so for example I am an item here from Aliexpress it's a monocle monocular telescope a mini monocular outdoor hunting telescope for your phone and you know it kind of hits the criteria of a winning product that is you know pretty unique and you can't be find out in stores and you know it has the wow factor to it but you can see here that the price is $12 so you know what you might want to do is test these product on your store or let's say you know thirty five dollars or thirty six dollars upwards and then your start getting sales and you find out the winning product maybe you can increase your price by two or three dollars so you know twelve dollars here you want to be aiming for at least the thirty five dollars so you can have like a you know at least twenty dollar margin to work with so it's just different pictures yeah so just a little bonus tip for you guys so how can you actually increase the perceived value you ask well there are actually a couple of things so first off is you have to have a clean website of course but second you can also have really custom photos on your website that is kind of different from what you're seeing on Express and so what this will allow you to do is differentiate yourself from other people selling the same cars as you probably either drop shipping websites you can have good packaging with your logo on it you know you can contact the suppliers about that you can really good client descriptions actually spending your time to craft the part descriptions that sell actually have a video somewhere like I made in my channel so you can check that out we once you really have to have a clean product page you know something that doesn't raise any red flags you know not too many pop-ups or you know countdown timers trust badges like that and over-the-top really improving your shipping times and actually make that transparent on on your product page or your guarantee or whatever shipping delivery information so yeah ultimately what this will do is improve your customer experience and if your custom makes experience improves then your ability to increase the price and charge their premium improves as well so ultimately it's about the customer experience how many value you see in the item and shopping with you and if you can provide a really premium experience then usually then you can charge higher we're talking about you know even an item that cost 10 dollars you can actually charge it you know charge them $50 but of course you want to help that you know healthy balance between you know not send too high and not banal also not select too low an item to kind of sacrifice your margins and you know make it seem like your spam store so yeah this is all the information I have and make sure to subscribe and let me know down in the comments if I miss any information and hope you got some value maybe did please like the video and comment down below and thanks for watching guys