Figure out how to price used items on Carousell so you can guarantee a successful sale by setting prices that attract buyers to your listing.
If you’re selling your second-hand items online on Carousell, you might be wondering what’s the best way to price used items. It’s not one of Carousell’s most frequently asked questions for no reason.
The price means everything to a potential buyer. I bet you shopped online and compared its price before you buy the cheapest available option online before.
I’ve been there too.
Besides, why would you pay $50 more for the same thing when you can get it for less? I definitely wouldn’t.
But, you don’t have to lose money and sell your used item at the lowest price to be a successful seller on Carousell. I’ll cover why in greater detail below.
For now, try doing this quick activity; search for what you want to sell on Carousell. Scroll through other listings, do you see a bunch of different prices for the same item?
The lowest price will attract a ton of buyers, but it might not always be the best option. The item’s condition might be terrible. I don’t know about you, but I wouldn’t be spending my money there.
So the next question is, how do you decide how to price used items accurately to attract buyers to your listing considering the various other options around?
Remember, the right price will attract a wave of interested buyers so here’s an infographic our team did to help you get started with how to price used items on Carousell.
How to price used items on Carousell
There you have it!
Your fellow Carousellers and the general public widely accepts the four tips within the infographic above on pricing second-hand goods online.
While this sounds super cliche, how to sell on Carousell starts with being a responsible and fair seller.
If you’re interested in learning more, I’ll touch on the four tips in greater detail and explain how each of them is crucial considerations when you price used items.
1. Do Your Research
2. Consider Demand & Supply
3. Apply the 30% rule
4. Take into account your item’s condition
Feel free to skip to the one you’re most interested in learning. (Psst, read all!)
1. How to price used items by doing market research
Remember the activity earlier where you had to search how others price their items?
That what we mean by market research.
It’s always good to monitor prices from fellow sellers who listed items similar to yours. That way, you know how competitive your pricing can get.
Now, let’s try a search out; I’m going to compare how different iPhone X prices can get.
The listing on the left costs $100 lower. But, does it make it the best option?
Selling your item at the lowest price is a common trick but here’s where you’ve to be extra attentive. The lowest price doesn’t necessarily mean that you have a “competitive price”.
It’s not necessary for you to sell your item at the lowest price to guarantee a sale.
So before you set a price so low that you’ll regret, read on for the next three tips to know how to price used items that will make both you and the buyer happy.
How to price used items according to its demand & supply
Let’s look at what you want to sell again. Try to answer these questions:
1. Is the demand for your item currently very high?
2. Is it in limited stock or rare?
Based on your answers, take a look at the three scenarios I’ll go through below to get a better understanding of how to price used items based on demand and supply.
If your answers to both of the questions are a yes, it is entirely okay to set a high price due to its availability and demand.
Chances are, many buyers would purchase it even if it’s expensive.
If your answers to both of the questions are a no, consider your current situation.
If you’re in a hurry to sell away your second-hand things, price it lower than your competition. If not, you can afford to list it at the same price and wait for an interested buyer.
PS, you might need loads of popcorn cause it’s probably a long wait.
What happens then if your item’s demand is high, but it’s a standard item you can find on the shelves?
The iPhone is a prime example of this situation. What brings buyers to find iPhones on Carousell is the fact that they can find a better deal in our marketplace.
Now that you know the buyer’s intent in searching for the best deal on Carousell for items like the iPhone, you should price it slightly lower than your competition if you’re in a hurry.
If not, setting it at similar prices as your competition isn’t a big issue. Your item sells like hotcakes anyway; a short wait won’t hurt.
Let’s move on to the third pricing tip for second-hand goods!
3. How to price used items by following the 30% Rule
30% rule sounds complicated, but it merely means that you should price your second-hand goods at least 30% lower than retail.
Let’s face it; nobody would buy your item if you priced the same as its retail price since you used it before. Wouldn’t you instead buy a first-hand version of it? I would.
As a benchmark, you should price used items that are in “excellent condition” at least 30% less than its retail price.
The lower the condition of your item, the smaller your asking price should get.
But, this rule doesn’t apply to everything.
This 30% rule works best when your item has a high demand and supply.
Important note: Do not apply this law if your second-hand item has high demand and low supply; it usually qualifies for a higher than retail price.
On to the final tip on pricing your used goods!
4. How to price used items by its condition
Remember how I mentioned previously that your item’s condition affects how you price it?
It’s the most vital criteria when pricing second-hand items.
It doesn’t matter to buyers if your item is rare and high in demand if it’s poorly taken care of, nobody is going to buy it off you.
On Carousell, you’re able to indicate if your item is new or used. Here’s an example below:
Don’t stop there. You should explicitly inform potential buyers how well you cared for your item. You can take pictures of your product you’re selling and its defects if it’s hard to explain.
If you’re wondering how you can describe the condition of your used item, a 0-10 scale is commonly used within online communities to rate their used goods.
Price used items fairly to ensure a happy transaction
You’re all ready to price used items after reading this guide!
Save a copy of the handy infographic we made so you can take these four pointers with you around whenever you’re selling your pre-loved goods on Carousell, or anywhere else!
Thanks for sticking to the end! Here are useful links for you in case you need extra tips on selling on Carousell:
- How to sell on Carousell: Make extra cash from used items in 3 easy steps
- Product photography tips: How to take shop-worthy photos on Carousell
Best of luck with getting the right buyers at the right price! Happy Carouselling and feel free to leave your comments here if you need any help.