Here are some time-saving and helpful pointers on pricing to ensure that your brand is getting the exposure, reputation, and traction you want!
Consistency – to maintain consistency for retailers interested in your brand, check to make sure your pricing on different platforms (whether it is on Modalyst or your own website) is the same across the same products.
The Suggested Retail Price (MSRP) you list on Modalyst is imported directly into the dropshipping sites retailers use (Shopify, Big Commerce, WooCommerce, etc) – thus , you always want to list the exact same item for the exact same MSRP. This will help to maintain the integrity of Modalyst, and more importantly, your brand!
Price on Modalyst:
Price on Brand site:
MSRP Breakdown – the MSRP is an industry wide standard metric that is defined as the “Manufacturer’s Suggested Retail Price.” It represents the amount of money for which the company that produces or manufactures an item recommends that it be sold in stores (retail channel).
MSRP does not necessarily correspond to the price retailers actually end up using or to the price customers are willing to pay, although more recently, MSRP has attempted to take into account market demand. MSRP prices combine the cost of production along with the administrative (marketing and sales) and distribution costs, and finally, intended profit. Given this information, check that your MSRP makes sense and works for your brand!
Mark-ups – to determine the ideal price point for your items or just understand how markups work in the retail industry, you can use this simple framework – called Keystone Pricing. This will help to ensure that your price is always right!
By Anesha Agarwal, Modalyst