Presenting Meesho Masterclass - Episode 3 with Business Expert Lakshit Sethiya.
Become a seller & start your journey with Meesho now : supplier.meesho.com/?...
In this video you will learn everything you need to set competitive prices for your products and grow business. Meesho has all the tools and features to help you find the right price, helping increase orders and profits.
Before taking a catalog live, we always advice that you research pricing in detail. Customers are extremely price sensitive. Setting the right price means capturing your target audience effectively and staying ahead of the competition. How exactly do you find what price is best for your products? There are a couple of ways.
Let's first understand how to set pricing so as to ensure you aren't selling products at a loss. Consider the various components of pricing. The price of your product can be set at how much you spent to procure the product plus the margin you wish to earn per unit sold plus GST. Put simply, you can use the following equation: Product price = Supplier cost + Supplier margin + GST
You can also search for the product you're selling on the Meesho app to see how top-sellers are pricing their products. If you want to stay competitive, we suggest that you offer similar prices to the top ten listings. The higher your catalog shows, the most visibility it gets. Price your catalogs to show on top.
The Price Recommendation tool is a great way to find the best prices for your category across the internet. Meesho's Price Recommendation tool gets data from across e-commerce platforms, including Meesho, and shows you how others within your category are pricing products. It gives you valuable insights to make your decision-making process significantly easier.
Refer to the price recommendation tool regularly to keep your prices competitive real-time. Keep an open-mind and change prices for your products on an ongoing basis to stay ahead of the competition in your category.
Meesho now has the option to set 2 prices. The Meesho price, which is the higher price, allows customers to return a product for various reasons. The Wrong/Defective Return Price, which is lower, allows returns for much fewer reasons. Customers who buy your products at the Wrong/Defective Return Price need to submit proof of return as well.
Why set 2 prices? It offers two competitive prices to your customer as opposed to just one. The lower price makes chances of purchases more likely as well! Suppliers who have set up 2 prices have seen returns reduce by 50%-60% and orders increase by 30%-40%!
You're all set to stay ahead of your competition and become a top-seller on Meesho! Watch the video for an in-depth understanding of how exactly to go about product pricing with pro-tips to make you a pro seller! Come back for more lessons every week with Meesho Masterclass.
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