The price of jewelry makes them to sell or degrade on your displays. When the accessories are properly priced, more people will come to buy. If the price is too high, few people will buy. However, the price of diamond solitaire pendants is more than just placing a figure. The model you use to determine the price will have an impact on whether your business thrives or shrinks. Here are expert tips on how to arrive at the best price.
Materials used in producing the accessories will determine the price naturally. There are rare stones like gold and diamonds that will make the accessories pricey. Artificial stones or imitations will never fetch a similar price.
It is not just the material used but its appearance. The materials must be polished to give the accessories a feeling of quality and style. For instance, though silver, platinum and stainless steel are used as props for precious stones, they have to be prepared. Using materials that are non-irritant and stylish will allow you to quote a reasonably high price and still attract a lot of high-value clients.
How much have you spent in the process of production? There are handmade pendants and factor manufactured. A lot of work goes into producing the handmade pendants. They also come with some sentimental value that raises the price. On the other hand, investing in production equipment and systems pushes the price of factory manufactured jewelry up.
Customized and special-edition accessories are also slightly expensive. This is because of the special attention they demand in the process of production. This also explains why you have to ask for more money if you are dealing with a rare design.
Accessories that are ordered with specific instructions like the name of a spouse or date are always priced higher. This is meant to cater for the disruption activity that goes into meeting your exclusive demands. Some may also ask for the special features when there is little time to meet the demands. This means that they have to pay for it.
Who do you intend to sell the accessories to? Each market has a price it considers reasonable. The high end market will not buy jewelry that is cheaply priced even if the materials and labor cost demand so. The lower cadre will also keep away from any accessory that appears pricey. You might need to establish different sections and designs for each class.
Targeting markets is a very sensitive issue when determining prices. One will feel cheated if he buys an earring stud for 100 dollars only to see it going for 5 dollars at another store. You must therefore be very specific on designs and features when segmenting your jewelry. The main idea is to make buyers feel that they got value for money, whether the item was pricey or not.
Cost of Selling
Where will you be selling and what does it take to get the item to the buyer? Though you might not provide shipping or it is offered through third party, there is a part you will play in the logistics. You also have a platform where you display the items. Further, you must take pictures and create content that makes your jewelry attractive online or on other platforms. Identify the unit cost and add it to the overall price.
There are profit margins that you should consider. It is the desire of everyone to make so much money that he or she retires young. However, do not appear to be greedy. Make the price as reasonable as possible. Compare what other stores have quoted to determine whether you are within market rates.
Value for money is so important for any buyer. You need to convince buyers that the price is right. How then do you convince buyers that you have quoted the right price?
> Description Given- buyers will know more about your accessories based on the description you provide. You must therefore give accurate and comprehensive description of the accessories on offer. State the materials used and logistics of getting the accessories home. Falsehood will be expensive for your brand and eliminate chances of repeat clientèle.
> Photography- take the best and most compelling photos of the jewelry on sale. Choose a background that is captivating and helps to make your accessories appear stylish. Many people will buy online based on the images you have included as opposed to the description given. Take photos from different dimensions and display as many features as possible. Each client will be captured by one element and end up buying.
> Endorsement- have you convinced influencer to endorse your store or products? This is one of the best selling points today. There are celebrities who will also be photographed wearing your jewelry. Take advantage of such moments to market.
Where high net worth celebrities endorse your products, the demand will go up and the price has to follow. Endorsements are also expensive. This means that you have to recoup the money through high or reasonable pricing.
The price of diamond solitaire pendants will depend on the unique features you have given the accessory. Since buyers are looking for value, you must include features that guarantee this value. Compare prices with your peers in the category but do not be afraid to set standards. While you want to give your buyers the best value for money, you must remember that you are in the business to make money. All decisions made must consider the profit margins.