How does really large shop price their items?

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scarlets_walk's picture
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How does really large shop price their items?

How does really large shop price their items?

Do they take the lowest price of an item on the market and multiply it by a number?

Andimum's picture
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Joined: 30/07/2009 - 3:03am

My shop is size 877 and fully stocked. I tend to price low on quest items and a standard mark up on the other items. Then I wonder though my shop and if things are not selling, I look up the price and adjust accordingly

aeleniel's picture
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What is your "standard markup"?

americanreject555666777's picture
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Joined: 20/04/2009 - 8:44am

i look at what sells the most and price them a lil higher. i also price the pretty lookin items higher so people dont know how much it is and theyll buy sooner or later. along with this i advertise with my mall on the notice board to help increase sales and a lot of noobs shop that way. the only thing is that unless ur in the top 2 or 3 on the first page theres really no point in posting an ad.

SuzieRainbow's picture
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Joined: 10/12/2009 - 2:17am

Hi!
I guess to best answer your question, is that it is really up to the user how to price their items. I have seen Big shops go crazy & price all items in the 1-10 NP Re-stock range @ 1000 NP. Personally, I just do not feel this is right, but to each their own. I as a manager would not let my shopkeepers do this, even though it is not in the rules, it is in the name Biggrin So it is sort of an assumed thing, I've never had to reprimand someone for this but would if I thought it was a necessary. Some people do percentages, like 5% - 20% depending on the type of item or how often they have to restock. There is no rule, but when your shop gets really large, I can see how it could get to the point where re-stocking becomes a job & is no longer any fun.

Hopes this helps, the real answer is to each their own unless otherwise, stated in the rules & regulations of being in a mall.

Hugs, Suz Smile

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Best Priced Malls Toys, Plushies, Usuki's, Paintbrush's, Job Coupons, & Morphing Potions

http://www.neopets.com/browseshop.phtml?owner=suzierainbow

mizleah's picture
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Joined: 17/08/2009 - 7:48am

I usually price expensive, unpopular items cheapest in my wiz category, and I do a percentage markup for the rest of my items-- a little higher for popular, pretty items and a little lower for the first 3 rows of items.

davymuncher's picture
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Joined: 10/08/2009 - 10:41pm

I don't have a very large shop, especially compared to most of the people here, but I still stock about 100 unique books. I price them according to how much time I have to check the prices, and I also keep in mind when I'll be able to restock next. School has been keeping me really busy lately, and I've only been getting on neo once or twice a week, and only having enough time to restock once every week or two. So for me, I price a certain selection of my stock somewhat competitively or even nearly sw priced, then I raise the prices on the fastest selling parts of my stock. I often end up with about 20 % of my stock sold out, and much of the rest of it bought from. I price everything where I can get a profit, but I toy around with the prices depending on how much time I have.

So my advice is consider how much time you have to tend to your shop. If you price lower, you'll need to be online more to keep up with the sales, likewise higher prices will mean lower number of sales and less time required to restock.

Good Idea: Feeding stray kittens in the park.
Bad Idea: Feeding stray kittens in the park... to a bear.

americanreject555666777's picture
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you have to know what sells and what doesn't. the items that do sell most price them a lil higher and the ones that dont, price a lil lower. this varies for every user it seems. i also price cheaper items a lil higher cuz packratters will pick those up.

babird1's picture
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In the past I have used a ranged markup. After looking up the cheapest price of an item on the Shop Wizard, I add a profit as follows: 1-100 +10, 101-500 +50, 501-1000 +100, 1001-3000 +300, 3001-7000 +500, >7000 +1000 (I don't sell REALLY expensive items yet). My goal has been to make a balance between profit and good prices, so this would probably not suit everybody. Still, it gets easier with time and a higher volume of sales. I realize it's hard work to Shop Wizard every single item when you have huge inventory, but the outrageous profiteering I have seen in some shops is not my cup of tea and I consider passing on good prices to the shoppers to be akin to helping others.

EWP
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My minimum price is wiz+1000 up to about 3,000, then I start working towards doubling wiz, up to about 20k. After that, it's about wiz+10k.

If I find I'm getting hits from shop wiz, I know I'm too low. The only time I allow shop wiz is if I'm selling off non-category items quickly.

It may sound greedy or excessive, but I have always done this, even as I was growing through the market-places. I don't see why mall shops even allow wiz pricing, when it has taken so many millions to buy growth and hut placement. If ppl want to shop wiz their purchases, that's their business, but if they insist on buying through the marketplace, they will pay the premium. (I feel like this needs an evil laugh or Peter Lorre's sinister voice. LOL)

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more hits=more sales, more sales=even more sales. Real world shops price competitively hoping for many customers in to buy their stock, which translates to more sales and more cash coming in. If your stock isn't selling because it's too high priced, not many are going to come in no matter how prestigious your shop position is. And less sales translates into less profits being made. And most real world shops have items that are priced a bit more expensive than other items. There's a mix of wiz priced items mixed in with medium to overpriced goods.

I can sell ten items for 1200 np bought at 600 np, and make 600 np per item and make 6000 np. However the highpriced person sells his at 3000 np and makes only 1 sale. The person selling competitively priced will have made more np than the person selling high. Get my drift?

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