his prices so low? I've started an online business selling marine electronics. I've been trying to determine what prices to set my products at and comparing where my competitors have their prices set. Most of my competitors have their prices set at 5% - 50% above the wholesale price, depending on the product.
One of my competitors has all of their prices set at 1-3% above wholesale price and I know that they get their products from the same distributors as me and have them dropshipped just like me. So they are not buying in bulk. If I set my prices this low I would lose money because of the fees the credit cards and paypal charge. They even have a low flat shipping fee so they are not making anything off of shipping.
How is it possible that they are able to sell their products so cheap and still make a profit?
Where am I supposed to set my prices when they sell everything practically at wholesale price?
One of my competitors has all of their prices set at 1-3% above wholesale price and I know that they get their products from the same distributors as me and have them dropshipped just like me. So they are not buying in bulk. If I set my prices this low I would lose money because of the fees the credit cards and paypal charge. They even have a low flat shipping fee so they are not making anything off of shipping.
How is it possible that they are able to sell their products so cheap and still make a profit?
Where am I supposed to set my prices when they sell everything practically at wholesale price?