Your One-Stop for Pop-Up!
Sounds obvious, but here are few tips on pricing that will make life easier for customers, and get you more sales in your pop-up shop.
Firstly, you need to have a mix of price points, from low to high, which will appeal to different customers, in different areas of the shop. I’m not suggesting that if you sell luxury handbags, you should discount anything, but make sure you have a range of options, and possibly drop in a few extras at the till. Handbag charms, specialist cleaning products, or purses at the tillpoint can all be priced at the low end, and will encourage customers to add to their purchases.
There are differing opinions on the pricing of luxury goods, but I don’t believe in the ‘if you have to ask the price you can’t afford it’ motto. This will lose more customers than you gain, so make sure the pricing is discreet, but clear.
If you have clothing, ensure each item is tagged, and also add a price list either on the wall, or on the actual rail top. This doesn’t have to look cheap, and please don’t ever use those neon star shaped tags. It screams pound shop, and desperation. A few ideas for price tags;
- You can really go to town with your branding on price tags, but if you are on a budget stick to neat shaped brown or white card labels, punched with a shape (hearts/stars/balloons/faces) and tied with string or a coloured ribbon.
- If the item requires a price tag that is self standing, use the same card (you can even buy ready folded place tags from wedding supplies), and make sure your price is neatly printed in the middle.
- Price lists behind the counter in a vintage frame, or up on the wall around the shop in your branding also look great, and help customers out.
- Prices printed on a helium balloon rising from a table of goods can look very eye-catching, but make sure it is clear exactly what goods are available for what price.
The 99p saga… It is true, if something is £49.99 we are more likely to buy than if the tag says £50.00. Subconscious discounting! Take advantage of this, and ensure you are actually making a profit on the mark up. If you are making stock, or buying in wholesale, and an item costs you 10p, you need to try and maximise your profit on it. Some products will cost more to make or buy in, or will be labour intensive, but always make a profit on a sale, even if the margins are smaller on some items than on others.
- Make a profit
- It can be very hard to raise your prices, if you decide to start of low. The exception to this is if you have offers on launch day. Then, make it very clear that the prices will go up for the duration of your pop-up.
Make sure your staff know all the prices, and keep copies near the till area.
Featured Header Photograph; Daisy White’s Booktique