I have a question for you ladies. Most of you know that I have recently opened my etsy store, and I have been arguing with Nick a bit about my prices. Like most of us jewelry ladies, I struggle.
I originally made it for a friend of mine, who wanted "a purple necklace". Now I love it so much, that I might have to keep it and make another one for her. I know I will never get rich like this.
Which made me wonder again if there is a market for jewelry like this. You can buy stuff so cheap today.
So here is a question for you. Have a look at my newest creation.
I originally made it for a friend of mine, who wanted "a purple necklace". Now I love it so much, that I might have to keep it and make another one for her. I know I will never get rich like this.
But I thought about the price for this anyways. So I first thought about what I would pay for this. Maybe about 40 Dollar? Well when I made my calculation, it came out that the components alone cost about 50 Dollar (and nothing is even sterling or so). And I spent about 2 and a half hours putting it together.
Which made me wonder again if there is a market for jewelry like this. You can buy stuff so cheap today.
So I need help from you.
Do you think there is a market for such jewelry or will people only buy your things if they are super special?
What would you price this necklace for if you were the seller?
October 13, 2010 at 2:49 PM
Nicki, It's a quandary and is the reason why I try to make as many of the components I can in order to keep the costs down. Right now, to pay yourself $15/hr, you'd have to ask $87.50 for the necklace, which believe it or not is not far off from the $89 price that popped into my head when I first saw it ... before I read your post. However, that price includes no profit.
I think at Etsy it's difficult to get that price, unless you have a following ... you've cultivated a clientele.
But, you can't give it away. Put it on etsy, but wear and enjoy it while you're waiting for it to sell. There is so much competition on etsy and many people buy on price. Your piece is absolutely lovely, shows design sophistication, and beautiful components. Do you have any boutiques in your area that you might approach?
I think for the most part, to sell on etsy, you have to make things with the price in mind ... while still introducing a few extra special pieces!
October 13, 2010 at 4:08 PM
I agree with Barbara. I also thought immediately that you need to attempt to keep your cost down. Do you have a business license? If so (and you should, btw) then look around online at buying most or all of your components wholesale. I think that will make a difference.
Best of luck. It's a tough one.
October 13, 2010 at 4:28 PM
I agree with both Barbara and Lori. Pricing is tough, especially on the higher dollar items when selling online/etsy. The weight and quality of the item comes across in person and may be easier for you to sell in person until you have built up an online clientele. I think the $90 is a fair price, but like Lori said...you need to watch your materials to keep costs down.
Such a fun/difficult line to walk. The necklace turned out just lovely, Nicki. Nicely done!
October 13, 2010 at 5:36 PM
I agree with the $90, but I also agree it's probably a better piece for boutique, etc where people can see it before they buy it. Etsy is killing me with having to keep prices low. I plan designs now so that I don't use too much lampwork, silver, etc because it makes them harder to sell (i.e. i typically save the expensive beads for earrings - you can spread them out and they have a better profit margin)
beautiful piece though!
October 13, 2010 at 8:11 PM
What a beautiful necklace, Nicki! I can see why you are tempted to keep it. I can see that it took considerable time to make with all of that wire wrapping...and I agree that one can never quite tell the weight and quality of an item without seeing it in person. I find that even with the expensive pieces, that they eventually will sell once the "right" person comes along.
October 13, 2010 at 11:31 PM
I think it is so hard to price some pieces, On some of my pieces i make loads and loose out on others.I love using copper which i try and use old copper pipe so i have no outlay, but you get looads of people think cause it's handmade that it should be cheap.