Can't Figure Out How To Price My Items

I'll be opening an Ecommerce site with over 7,500 products. I've been trying to come up with some type of pricing and nothing is working. When I look at my competitors sites (and I'm trying to be among the cheapest) I am either much cheaper or much too expensive with any formula I have tried.

The problem seems to be that some of the items might sell for 20% over cost while some might go for 40% over cost, or anything more or less. It just depends on the item. I have to enter some type of formula and there just isn't a black and white answer. For example: I might pay $40 for an item and be able to sell it for $57, and the next $40 item sells for $52. I only know this by looking at already established well placed websites that sell what I sell.

Since I have thousands of products, I can't manually price each one, and besides that, I work with a dropshipper and an inventory datafeed, so my cost will fluctuate often! I have to assume there is a way to do this because I am entering a well populated field and everyone else has figured it out.

 

Better sell for higher price than lower.

Normal people buy whatever is the price !

 

You can categories all your products and fix the price by categories so it able to target different segment for example cheap price to target middle income level and high price and high end product to target upper income level market.

Set pricing really have to put lot of time in there.
For example, high demand product you may increase the price in return to earn more revenue.
Low demand product, you may lower the price or cheaper than the cost to create demand.
Pricing strategies play a huge role as well.

 

Set a reasonable margin by default and use sales and discount rules to match your competitors for certain items or categories of items.

Unless you can buy cheaper than your competitors, being the cheapest is not a good strategy. There will always be fly by nighters that come along and sell for very little margins and then they go out of business. Trying to be the cheapest is a race to the bottom, and you will never make money.

Instead try to differentiate in a different way.

 

i have always been told by other friends to go 20-30% profit on items. I say vinyl stickers and you will be shocked to hear my mark up is 1000% but i`m still 50% cheaper then other shops and sites by the meter