- We get a lot of questions about pricing children’s clothing for resale. I’ve noticed that some Moms get so frozen with the question, they sometimes end up not listing their items for sale at all!
Here are 3 approaches and some additional tips on item aging, pricing psychology, and lots that will help you get started. And, on LoobaLee, you can always adjust your pricing – no hidden fees. Remember this:
- It’s better to try, and adjust, than to not list at all.
- It’s better to some return on your investment, than nothing at all.
- It’s better to circulate clothing you’re no longer using, than to hang onto it indefinitely (it’s green, it helps other people, and it helps you de-clutter).
Search Goolge's Shopping Results for Your Items
Pricing shipping cost is an entirely different subject and psychology. I’ll give some tips in an upcoming blog post, so watch for it!
Method 1:
Go Google surfing. Type the brand and characteristics of your item in Google Search, and select “Shopping”. Google will return items the same or similar to yours from a plethora of both retail and resale platforms. It’s a good way to pick up some price points, especially for brands that maintain their resale value very well over time.
Also, take note of the retail prices of brand new items. These may be helpful to use in Method 2 below.
Method 2:
Here are some wide ranges that your item likely falls within for resale, assuming its a quality brand. Age, style, specific brand, and size all influence where your item actually falls within (or outside) these ranges.
High demand, rare items may sell at prices greater than these ranges. Very low demand, lower quality brands, and very outdated items will likely sell for less.
What price to pick? The very best rule of thumb is to price an item for what you would be willing to pay for it yourself.
Method 3:
You can get a little bit more precise with this method.
Pricing Psychology
Fixed Price vs. Auction format
- With auctions on other sites, you want the market to drive the price up, and you take a risk that it will. And, in the combined auction and buy now format, you are psychologically motivated to set your Buy Now price a little bit on the high side, because what you really desire is for the auction to drive the price up over that price. These strategies take some practice, and sellers who have high volumes of listings plan on the winners covering the fees and costs of the losers.
Setting a fixed price on LoobaLee triggers a different psychology
- If you price your items too high, they will likely sit. The risk you are taking is with lapsed time from listing to sale, not fees (since LoobaLee is free).
- With your listings, you’re are appealing to moms just like you who are shopping and comparing your item and price with other things available.
By following the method above, you have the opportunity to set your item price to sell, or to knowingly set it a bit high. By setting it high, you are either confident there is high resale value, or you are willing to wait for the right buyer to come along.
Tips on Aging Items
- As you can see in Method 2, generally the older an item gets the more it loses its value.
* - This isn’t true for all items, however. For example, popular Gymboree Lines that sold out quickly on retail, and continue to sell well on resale can often go for top dollar. An auction may drive an item up over the original retail price. A fixed bid price can be set at the higher end of the marketable price range, and potentially a bit higher. These items are few and far between.
* - Quality and/or popular brands, like Gymboree, can also gain in value over time as they age to “vintage” status, about 10+ years old. These items appeal to serious brand advocates who enjoy building and managing a child’s wardrobe like a collection.
* - The vast majority of children’s clothing items do, however, reduce in resale value over time. So, if you are faced with the question, “should I save this for my next child?”, use Method 2 above and consider what you can for the items now vs. later, how much you love the items, and the cost to replace the items if you need to in the future.
What about Lots & Outfits?
- Selling in lots and outfits are a great way to go when you have several items that match together, but individually price out less than about $7.00 each. Even low-priced items need to bear the cost of shipping, and individual item value just might not be there to sell bear this burden alone. But, when multiple items are grouped together, shipping becomes less of an issue, psychologically, for potential buyers.
- When pricing lots, the first place to start is to determine the value of each individual item using Method 2 above then total them all together. Since lots can be so unique, you are less likely to find something similar via a Google search.
- Psychologically, buyers want a good deal when buying multiple pieces at once. So, as a rule of thumb, I like to price lots at the lower end of the marketable range.
- And, to sweeten the deal, I like to set shipping to FREE, and include it in the price of the lot.
Do you have tips or questions on how to price kids’ clothing for resale? I’d love to hear them and discuss in the comments below. I’m constantly working on refining the approach. Thanks! ~Suzanne