Pricing Your Products


Product assortment, store location, and brand name can justify your price

It is quite interesting how shops and stores seem to have different prices despite the similarities of products being sold. And more interesting is the fact that in most instances, I have noticed that every store has customers! I believe one reason is that there are factors that make each one of them stand out, and this is also the reason why some shops who sell with a higher price still gets a lot of customers!

Here are three pricing points I have learned:

PRODUCT VARIATION. Stores that provide a massive assortment of product usually sell low to average because they have the ability to attract a lot of customers, and cater for their various preferences.

LOCATION. Most shops that are immediately within eyesight from entrances are the ones that will catch your interest to buy immediately, but some of them actually price higher than others. This is because they have a “prime” location, as compared to those whose stalls are farther than them. It’s not a problem for them anyway, because improperly located stores will absolutely have seldom to no visits from customers at all.

BRAND NAME. Other stores that have their own outlet, logo, and name in prime locations would almost always sell higher than the local stores found along the streets, and this is because of their brand. They have their own business name and establishment which can justify their pricing.

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