How to set a price for socks
One of the hardest parts of selling online is setting your pricing. How do you set a price for socks, without being overpriced, or even worse, underpriced?
You need to do some research into your demographic and target market, take a look around at some other sock brands and take a look at what they are selling for. You should always keep in mind the quality comparison, brand placement and awareness, plus your own target market and their spending habits.
According to Quora, the average price for a ‘quality’ pair of socks in the US ranges from $12-20. These socks are your good quality own branded socks from the likes of Wallmart. However, for custom printed socks, the price is starting from $20 a pair, all the way up to $30 or $40.
Let’s take a look at the markets, and also the purpose of your socks
1. Novelty socks – these are less likely to command a high price, they are used more as gift items and less as everyday wear. They could fall into the $15-20 range.
2. Fashion socks – these are designed to stand out and make a statement, they are a part of your customer’s outfit and not just a practical item. Custom fashion socks can be sold starting from $25.
3. Everyday socks – if you are going for an everyday style, socks that your customers will use on a daily basis, you should be aiming to sell at $20-25. This may seem on the high side, but don’t forget, your socks are custom print. You have something that many of the larger brands don’t have, flexibility and creativity.
Getting your pricing right is also a case of trial and error
You need to take into account any marketing costs that you might have. You also need to consider what platforms you will sell on and if they incur any fees.
There are of course some tips and tricks for setting the right pricing for your socks. If you are just launching your store, you can always run a ‘limited’ edition design with a higher price, if people buy, you know that there is a market for that. One more trick is to offer free delivery, from your side you include the cost of shipping in the retail price, but a nice big banner displaying free delivery is a good way to raise your price, but also give your customers a bonus at the same time.