"Know first-hand the smart pricing strategies you can use to optimize your sales and get more returning customers."
If you're a seller on Tradesy, no doubt you're always looking for ways to help you save time and sell faster. Optimizing your prices is one of the most helpful ways to boost your sales. Items have a 70% higher chance of selling by using Smart Pricing.
In this article, we'll discuss what exactly Smart Pricing is, how it works, and what you need to know about setting your floor price, along with the pros and cons of opting for Smart Pricing.
What is Smart Pricing?
Smart Pricing is the new and improved feature that Tradesy has created that has replaced Sales Feature. What it does is that it automatically works to optimize your prices to help you sell faster and attract more buyers.
How it works:
When listing an item, you automatically set a floor price. Now what Smart Pricing does is that it sets an optimized price that never drops below the floor that you've set for the item.
The price will drop 10% weekly until the item is sold or hits your floor price. Clothing and wedding items will be reduced by 20% weekly.
Any buyers who have favorited your item will automatically be notified each time your price drops. And your item will feature a sale badge after the first price drop to entice potential buyers.
And as the seller, it is at your discretion to adjust your pricing at any time.
How to opt-in:
From your Tradesy closet, you can edit your listing to turn Smart Pricing on or off at any time.
Go to your closet, select an item, and click on "Edit."
- If you're on the website, scroll down to the pricing section of your listing and turn Smart Pricing on or off.
- If you're using the app, scroll down to the pricing section of your listing and tap the Smart Pricing screen to toggle the Smart Pricing on or off.
Setting Your Floor Price
The floor price or price ceiling prevents a price from falling below a certain level and making you lose money. When setting your floor price, you must first consider the Tradesy fees deducted from your profit, like the Tradesy selling fees.
Aside from this is the demand and condition of your item. Do your research to gain an accurate benchmark for your listings. You may try searching for your item or something similar on Tradesy. Then type in a keyword, then narrow the search results by the Designer and Condition.
Pros and Cons of Smart Pricing
The advantage of Smart Pricing is that it maximizes your earnings by slowly lowering your price until it sells without breaking your price ceiling. And it also allows you to choose which of your items you want to opt-in, so you don't have to have your whole listings in.
The only disadvantage of the feature is that it doesn't filter listings, so sellers should be careful when choosing which items to opt-in.
Now it's completely possible to make top dollar sales on Tradesy and other platforms to maximize your income. To answer the question of how do you sell on Tradesy that will help you boost your sales, one of the best ways done by top sellers is to sell on multiple marketplaces. The process is streamlined through the use of automation software.
If you are looking for an innovative and customizable tool designed to act as your virtual assistant to gain an advantage over your competition and boost your sales, then OneShop is for you. It can effectively improve your sales by selling and cross-listing to multiple marketplaces like Depop. It also acts as your own sales expert. OneShop lists and re-list across multiple online marketplaces, which leaves you more time to work on more important things for your business rather than spending hours doing listings across platforms manually.
Try it for yourself, register for free, and enjoy a 14-day trial with assistance from our team.