Flea market question

Full Member
jfaudet
Posts: 13
Joined: 02 Nov 06
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13 Jul 13 06:10:42 pm
To all salehoo community,

I want to try something new and possibly start a business out of it if the snowball get bigger with time.

I want to try selling jewelry and possibly open a business but I want to start selling at flea market first since it is cheap and I have one near that is pretty big in my area in term of visibility.

I did search online for my question but didn't find a definitive answer. My question is : how to setup my price in flea market?

I know that customers in flea markets are looking to haggle and bargain a lot. I am alright with this. However, compared to the retail value of an item, how should I set my inital price?

I thought first that 50% of MSRP would be a good place to start ? With the haggle, it will probably go down to 60-70% of MSRP.

Any experiences? Thoughts?

Thanks for your time!

Full Member
stuckeytabitha
Posts: 59
Joined: 26 Nov 07
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14 Jul 13 04:09:04 am
Is this the type of flea market that you will remain at your booth and handle your own transaction? I have booths at some that are run by someone else for a commission, but have also done the weekend flea markets where I run my own. If you are there to do some back and forth, you can afford to price a little high since you can go down. But no matter the outlet, the best thing I have ever done is to research my flea markets in advance and ongoing. Shop ahead of time and see what others are pricing and selling at. Are others selling the same thing? Be sure you aren't too much higher or lower than a booth just around the corner. Beyond that advice, as an avid flea market shopper, I look to pay more than I would at a yard sale or Goodwill but less than 50% for sure. I'm assuming this is new jewelry. Too high will prevent some from even considering. Not all want to haggle.

I hope this helps.

Site Admin
richelle_salehoo
Posts: 5226
Joined: 20 Oct 08
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15 Jul 13 05:02:05 am
Hello JFAudet,

I'm no expert when it comes to pricing products in Flea markets as I have not sold in one but I have shopped in quite a few! But you have to keep in mind that people that shop at flea markets are there to look for a great bargain so it might be best to take this into consideration when you source items to be sold there. With all the haggling and negotiating I'd say its difficult to stick to a certain profit margin percentage. It might be best to set a base price for your items.

I found this forum thread that might interest you - Link hidden: Login to view

Also stuckeytabitha has provided you with a great tips, and coming from a seasoned flea market seller I'd take her word for it!

I recalled one of our members also published a guide for flea market sellers, I reckon you might find it helpful - Link hidden: Login to view

All the best!


Richelle

Customer Support Manager
SaleHoo Group Limited
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Site Admin
fudjj
Posts: 5913
Joined: 27 Jul 07
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15 Jul 13 08:55:41 pm
Plenty of good advice above. Only thing I would add is that you have to consider that your average flea market visitor is more of an impulse buyer. They're out to get some breakfast and have a bit of a look around, but most don't have any real purchasing desire.

So, you have to do your best to build desire and that's done through your marketing of course, both visual and practical. Visual marketing is what get's buyers attention when they are walking around. Your pricing is all wrapped up into the practical marketing side, and the way you set that is to understand your environment.

Are there direct (primary) competitors there, are there secondary competitors (sellers in the same genre, but different stock profiles). How far away is the nearest retail shop competitor to you, I mean out side of the market and what are their trading hours.

What is the demographic of the market goers, high socio-economic traffic or low. Factors such as these all bleed into setting a price, because you have to cover your competition and be relevant to your customer demographic to have any chance of success at all.

Forget trying to come up with some equation in your head and thinking you'll be able to get close, you have to get out there are research your market environment.


Mark (fudjj)

Community Manager
SaleHoo.com

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Full Member
jfaudet
Posts: 13
Joined: 02 Nov 06
Karma: 
17 Jul 13 05:37:07 pm
Thank you all for your great tips. I will go after the flea market and see by myself then how are my competitors price and products, then sit down and see if margin profit (if there is any).

Looking around the market could also ring me a bell about a product possibility.

Thanks!

Site Admin
richelle_salehoo
Posts: 5226
Joined: 20 Oct 08
Karma: 
19 Jul 13 01:34:01 am
The best of luck, JFAudet :)

We are all cheering for you (and your success!)!!!


Richelle

Customer Support Manager
SaleHoo Group Limited
Sell more with your own professionally designed and search optimized e-commerce website. Check out Link hidden: Login to view now!

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