New! Pricing Guidance for your products
Today we released Pricing Guidance - this feature is designed to help you with the difficult task of deciding what to charge for your products for all your sales channels. You’ll find a new section on your project pages called “Pricing Guidance” showing your suggested pricing and margins - we’ve preconfigured 4 of the most common ones for you for starters, but you can easily add and remove these over in your settings pages.
So, how does it work? Much like our popular manual Etsy Pricing Calculator, our newly built-in price calculator takes your manufacture cost (automatically provided via your Batch Recipe) and uses your configured Sales Channel Pricing Markup Percentage to calculate a suggested price for each of your Sales Channels. If it sounds technical, it’s not really! To explain it best let’s use an example:
Jane makes a product called a “Star charm bracelet” which she sells both at her market stall on the weekends and also through her Etsy shop.
She creates this as a project in Craftybase and creates a batch recipe to calculate the material costs involved in making the bracelet. She finds that to make 1 bracelet it costs her a total of $17 in materials. She has set her labour rate to $6.50 / hour, and calculates on average it takes her 2 hours to make. This results in a total manufacture cost per bracelet of $17 + $13 = $30.
Jane has already pre-configured her Sales Channel markups in Craftybase to be Etsy as 150% and Market as 100%, so over on Jane’s “Star charm bracelet” project page, she should now see the following pricing suggestions:
These suggestions will be recalculated with the latest information we have about your project, so If your material costs increase, these suggestions will also increase - so you can always check how close you are to your target suggested retail pricing.
A new help article is here if you would like more information about how this works:
We would love to hear what you think of this new feature!