Stay at price set or lower price to keep item moving

[nozwot]

Hello, 

General pricing question here. I have an item that I started recently selling(action figure). Over the past few days I have sold 4 items at the price I set($64.99) however in the collectibles world prices can fluctuate from day to day obviously, and I now see the item selling for $20+ lower than my price just days after it was selling for higher price. I have a bunch of these in stock. 

Here are my questions:

1. Should I keep my price(listing is less than a week old) and hope that the item starts trending up again?

2. If I lower price on current listing, wouldn’t that alert watchers that the price is lower(including those who have purchased and are still watching)

3. Do I risk returns by lowering price less than a week after someone has purchased?

4. End current listing (that has 450 views and 10 watchers) and start a new listing with lower price?

5. Am I overthinking this and just leave it alone?

I guess I am just concerned the selling price may not get back to where it was, if I wait a month to adjust pricing lower to be competitive by that time it may not be worth it for me to sell anymore.

Just looking for some opinions

Thank You

[southern*sweet*tea]

It depends.

Are you dead set on making the most profit from each item no matter how long it takes, or are you wanting to turn and burn while still making a decent profit with an increase in volume? If you bought your inventory at a good price, you should be able to make some price adjustments and still profit. After all, you make your money when you buy, not when you sell.

If you can lower the price and still make a decent profit, by all means do so. It could mean selling many more items thus leading to more money in your pocket sooner.

If you are running a museum, by all means keep the price at it's current point and let the items sit on the virtual shelf collecting dust.  Maybe you'll sell one every now and then.

I know nothing about action figures, but I am going to assume that like most collectibles they're only worth what someone is willing to pay.

Stay tuned, you'll be getting plenty of comments I'm sure.

[lintbrush*]

I think lowering it right away might not be great.  As you said, your very, very recent buyers might see that and demand a price match or return.

Since it's only a week old, I'd let it run a bit more and see what happens.

Do your competitors have many?  Is it the Capt. America?  Do you have a lot of $ tied up in it?

Viewing the Solds of it, most do sell for lower prices, so whatever made the buyers get yours over the cheaper ones may still continue to do that.

You say you have many, but it only shows 1 available.  Lots of watchers, but they could also be your competitors and potential buyers.

You can always run a % off sale.  Sometimes that gives a nice boost, and it'll keep your main pricing structure.

[nozwot]

Thank you for your input, nope not trying to run a museum(regardless of what the wife thinks) lol.

[nozwot]

Thank you, yes the Captain America, the prices looked to drop over night as they became more available in store. That was what I was thinking, I don’t want to have recent buyers get upset and initiate a return or price match. I have about 15 left(I only list 1 at a time for most collectibles, package conditions have a lot to do with that as well as buyer psychology)

[lintbrush*]

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@nozwot wrote:
Thank you, yes the Captain America, the prices looked to drop over night as they became more available in store. That was what I was thinking, I don’t want to have recent buyers get upset and initiate a return or price match. I have about 15 left(I only list 1 at a time for most collectibles, package conditions have a lot to do with that as well as buyer psychology)

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Or it could annoy your buyers.  I see Only 1 Left and gotta have it, but then there's another one? and another one? and another one?

You may also find the buyer then wonder if you cancelled their sale because you relisted it.  Trust me, we've seen that kind of post quite often on the Buying board.

[nozwot]

I gotcha, I’ve only ever cancelled 2 transactions and that was because a store cancelled my confirmed order after item was listed and sold. I do not play those types of games with cancelling an order to sell higher.

Is it wiser to just put all the inventory out there and maybe just put disclaimer “box conditions may vary”?

[doubledz-a2z]

To be fair to your buyers I would keep the price set at what just sold.  If you lower to match other sellers, then they lower their price then typical with most online sites it becomes a race to 01 cents.    Your seller reputation may be better than the lower priced sellers..... feedback, etc.  

[myjunqueyourtreasure]

I'm sure you're aware the collectors market for such can be extremely fickle, especially when the figures are tied to a movie release.

Me - if I'd sold a few at the price I wanted I'd drop it some,  sell them (still at a profit) and move on to the next new shiny = )

[lintbrush*]

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@nozwot wrote:
I gotcha, I’ve only ever cancelled 2 transactions and that was because a store cancelled my confirmed order after item was listed and sold. I do not play those types of games with cancelling an order to sell higher.

Is it wiser to just put all the inventory out there and maybe just put disclaimer “box conditions may vary”?

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It's not that you cancel, but the immediate thought that you might've.  We've all answered posts regarding immediate relisting not meaning a cancellation or flaky seller and have to explain over and over that the seller may have another one (or 15).

[toyshnip]

Leave it alone. You have sellers who want to get rid of stock so they lower the price. Once they sell out, the price goes back to normal.
So if you can afford to wait a bit, hang in there. If your price is where the market is, no reason to lose over it.

[myjunqueyourtreasure]

Yep. If I have multiples that for strategic reasons I'm listing fewer than I have and the last one listed sells, I ALWAYS wait until that sold one has been shipped before adding more qty.

I don't want to be answering msges about why I've cancelled their order = )

[tunicaslot]

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@nozwot wrote:

Hello, 

General pricing question here. I have an item that I started recently selling(action figure). Over the past few days I have sold 4 items at the price I set($64.99) however in the collectibles world prices can fluctuate from day to day obviously, and I now see the item selling for $20+ lower than my price just days after it was selling for higher price. I have a bunch of these in stock. 

Here are my questions:

1. Should I keep my price(listing is less than a week old) and hope that the item starts trending up again?

2. If I lower price on current listing, wouldn’t that alert watchers that the price is lower(including those who have purchased and are still watching)

3. Do I risk returns by lowering price less than a week after someone has purchased?

4. End current listing (that has 450 views and 10 watchers) and start a new listing with lower price?

5. Am I overthinking this and just leave it alone?

I guess I am just concerned the selling price may not get back to where it was, if I wait a month to adjust pricing lower to be competitive by that time it may not be worth it for me to sell anymore.

Just looking for some opinions

Thank You

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If this is the Marvel Comics Captain America - as others have said - please check the sold prices. These were going for $90 back on May 25th but due to more being listed have lost some of their value so keep track of the trending price and price appropriately.