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How do you set your prices as a new store? As a bigger store?

You might think that having the lowest listed prices is the best way to get sales. Consider a few things.

The lowest listed price might NOT actually be a true price. Some sellers have the lowest prices on parts but then tack on lot fees, handling charges, or inflated shipping to make up the difference.  So that low price isn’t really the price people are paying. Experienced buyers know that.

Adding extra fees is justified by saying they are to cover packaging, extra time to pull the lots or the gas to get to the post office. I call bull hooey on that. It is NOT my customer’s responsibility to anticipate the costs of running my business. It is MY responsibility as a seller to price my products sufficiently to cover my expenses. Either way, the customer is paying the same price to get their goods.

As a buyer, when I get to checkout and see those extra fees, I feel cheated, will cancel the basket, and least-favorite the store.  As a seller, I believe in transparency.  Yes, the added fee structure may be listed in the terms, but I still think it is bad business.

From a community standpoint, it messes with the last 6 month sales average statistics, driving documented prices down even though the buyers are actually paying more to get their product in hand.

For loose parts, Pretty_Pieces will usually price well above the last 6 month average, with no additional fees, and actual shipping costs. 

As a new store, I think if you are around the six month average on parts you will be fine.  Customers are looking for selection or groupings of items from their wish list, and individual parts prices don’t seem to be as important. For example if I’m paying $2.50 shipping on my order, I don’t care as much if your parts are eight cents or ten cents each. I want to know I can get most of what I need from your store.

If you lower your prices too much, you sacrifice your profit, and it won’t be worth your while to run a store.

IMHO, one of the best ways to get traffic to your new store is to have NO lot fees, NO additional fees, charge ACTUAL shipping, and PUBLISH that.  Make sure it is prominent on your splash page. Consider having it in the part descriptions so that it shows up in the search listing.  Add it to your tagline.  Put it in your banner. Mention it under your store name when you post in the forum.

Single Item Sales

A single sale item brings a buyer to your store with the intention of getting only that item. Examples are sets or minifigures. If you need a fast turnaround for quick cash you can consider pricing low. You should look at the sales history, but a better indicator is items currently for sale by other people. Be sure to read the descriptions. If you are selling a set that is “Complete including figures,” you don’t want to be priced lower than one that is, “Complete, but missing the dragon.”

Look at the items for sale in your country. If I get a hot item, I’m among the first to market, and I want to turn it fast to recoup my investment, (Like the 2019 bricktober minifigure packs.) I may match or price slightly below the lowest in my country. If I think the other seller is too low, and they have few on hand, I’ll list as second lowest.

Be cautious of joining the “Race to the Bottom”. This happens when you post an item on whatever platform, and list it a few cents lower than any other listing. That works great until someone else lists the same item a few cents lower than yours. You may think of dropping your price to be below theirs. And they do the same. It is a race you can’t win. If their quantity on hand is fairly low, stick to your original price, knowing that after theirs are sold, yours will now be the lowest. If they have a high quantity, consider just matching their price.

If you don’t need a fast turn, it is OK to price individual sale items higher, planning to wait for prices to reach your level. Or if it is a set you really want to keep for yourself. 😉 I have several times listed sets that I found at a higher than average price, with the intention that I will pull it from stock for me “Some day”. And then someone buys it and I pack it up and ship it out. A bittersweet win.

Pricing Minifigures

Grossly generalizing; Licensed minifig prices tend to start high when their sets are first released, drop down as more sellers list them, bottom out when the sets are on clearance, and then climb back up when the sets are no longer available. You can expect a jump when people are likely to be rebuilding an old set for resale, but some of the minifigures have disappeared.

Minifigures that only appear in one set are generally worth more and hold their value better. Minifigures exclusively from high value sets will sell for more, because fewer sellers will part out a $350 set than a $20 set.

And yes, there are ALWAYS exceptions.

CMF Collectible Minifigures

I am really mixed on these. Buying case lots at the full price has usually not hit my target part out value either as full sets, or splitting the figs into parts. Twice in the past year, I’ve secured reasonable prices on cases, only to decide not to crack the seal and sold them at my cost. Specifically the Harry Potter and Fantastic beast CMF, and the Series 18 collection. Some of the Series 18 that I put in inventory as full figures without accessories are now starting to move about a year after the initial release.

Have you found the sweet spot for making CMF sales profitable? Share below.