How to set your prices
When you drop ship, you set all your own pricing. We list our suggested retail pricing for your reference. But the amount that you can sell your products for will depend on your customers,followers,and fan base. If you are used to selling your original artwork pieces for high prices (and your customers are used to buying at this price), you will be able to price your printed products higher. If you are just beginning to build your following, you may want to keep your pricing lower in order to be more accessible to more people. Perhaps you are starting a yoga line and hope to wholesale to yoga studios. In this case, you will want to keep your individual pieces priced higher so you can still allow for wholesale pricing to stores as well.
Here’s a few pricing and selling scenarios:
The Gallery Show
You’re selling draped kimonos with fringe at your Gallery show alongside your artwork which sells for minimum of $1000 for an original painting. Our suggested price on draped fringe kimonos is $79 and they cost $54 at drop ship price. Since your following is vast and are used to the high value of your art, you decide instead to sell your kimonos for $125. Compared to the high cost of an original and also since your followers love the fact that your art is now in wearable form, the kimonos sell out on opening night!
The Yoga Line
You come up with a new killer print for yoga leggings. You develop a line of 12 leggings that you post on your Etsy shop. A month after launching, a yoga store in your community finds you and asks to buy 6 of each to sell in their studio. You were hoping this would happen so had priced your Etsy store leggings at $79. You are buying them from Art of Where for $35. Since the store needs room to markup the price, you agree to a wholesale price of $55 with them. Now you have 2 sales avenues and are reaching a large local audience as well as online customers. Hurray!
The Anime Work-out Combo Set
You are testing a line of workout sets that feature a pair of leggings and an athletic crop top. You want to sell each separately then offer a discount when purchased together. In this case, you need to take into account you will be pricing the set lower and making less off the individual pieces, but you still want good margins and happy customers. The artwork on the workout sets targets the anime crowd who love that they can emulate their favorite characters when they’re working out! All your sales are made online via your Shopify store.
Your cost to have leggings drop shipped is $35 and $16 for the athletic crop top. You would like to make 40% profit when the pieces sell individually and 30% when the set is purchased together. This would mean you sell the leggings for $49 each ($35 + 40%) , the athletic crop tops for $22.40 ($16+40%), and the set for $66.30 ($35+$16= $51 + 30%) instead of $71.40. You advertise the 10% off as an incentive for your customer to purchase both the top and the leggings.