After considering the market capacity and competition level, we also need to consider the price range of the goods sold. Blindly setting a high price may lead to low traffic and low conversion rate, and the direct consequence is that the product cannot be sold; blindly setting a low price may have a price advantage and good sales, but if you suffer long-term losses, the gains outweigh the losses.
Before setting the price, we need to understand the pricing of the selected products in stores with higher sales volume on the platform. This is a price that is generally more acceptable to buyers. Then, we need to determine the purchase cost of the goods based on the various costs that may be incurred by selling the goods within this price range, and then determine the goods to be put on the shelves.
Take Bluetooth headsets as an example. From the query results, we can see that the price of products with high sales is 20~30 Malaysian ringgit (RM).
In addition, pricing should also be divided into levels. Products with characteristics, unique selling points, and high added value may be priced higher. For ordinary products, you can refer to the average market price. We can also compete with stripped-down versions of our products that are priced below the market price.