You may be interested to read: Why Choose Dri Fit T-Shirt Printing Singapore?
Are you considering selling dri fit tees? If yes, then the first thing that many usually ask is how much you will charge at retail. It’s not an easy question to answer and guessing on it is a bad thing to do. There are things that you need to consider. This article is your ultimate dri fit t-shirt printing Singapore pricing for a retail guide.
Most of the transactions today are conveniently done online. If you’re thinking to sell your dri fit shirts through the internet, you will need to think first about how much you need to invest in producing them. We should keep the costs at a minimum as long as you do not sacrifice quality. Many individuals are willing to pay more for good quality retail tees, rather than shirts that do not make them feel comfortable.
With this, disbursing for one to two dollars more upfront might let you charge at least $5 to $10 more, and you’ll have more clients who likes or loves wearing your products. That is how you establish your brand to achieve success. Do not hesitate to put a price tag on your brand, most especially if you sell quality tees. If you charge them at a lesser price, your customers will think they have lesser worth.
Studying the market is one way to determine the retail cost. Check out the competitor’s shirt line and see how much they charge and how they are pricing them. It’s crucial to understand what they are charging for their items when you are trying to convince people to choose you over your competitors.
When you have your t-shirt cost, you can then calculate a price that’s according to your desired profit. Most retailers hit a profit margin of around 50%. With the 50% margin, multiply production cost by 2, then you’ll get your retail price. But if you are considering another profit margin percentage, you can use this:
[(cost to produce) ÷ (100-profit %)] x 100 = Retail Price
Step 1: [(10.00) ÷ (100–60)] x 100 = Retail Price
Step 2: [10.00 ÷ 40] x 100 = Retail Price
Step 3: 0.25 x 100 = Retail Price
Answer: $25 = Retail Price
After the pricing, next is psychology.
Price for Individuals, Not for Figures
Fact: Individuals do not act rationally all the time.
Good pricing needs to consider human emotion and human behavior to find the right spot in enticing people to buy your dri fit shirts. Here are some pricing tactics that can help boost your price for emotion above logic:
- Ending price using a non-round number, and not a five or zero. Why? Because people are lazy in looking for information just to finalize their decision.
- Bundle your items together and provide a price break. Don’t just focus on selling them one by one, and try doing it by the bundle.
- Utilize Anchor Pricing. It means placing the original price and showing the price you are setting for the shirt.