Inventory prices are what you charge your Customers. Costs are what YOU paid for your inventory.
So your list price should ideally be higher than your cost.
A few top tips for inventory pricing include:
- Always end prices with a 9. — This is referred to as "charm pricing" and has been shown to increase the likelihood of a purchase.
- Show the previous price. — Customers love a markdown.
- Test out different pricing strategies. — Set up deliberate A/B tests to optimize your prices over time.
For more insights on pricing strategies, check out the Shopventory blog.