Added 18th Oct 2016 by Danny Lewin
Pricing a dress seems to be a little bit of a tricky decision. Price too high and it wont sell, price too low and you could be loosing money. But after a chat with a friend selling a dress recently it would appear that the mentality of many sellers is to price high (even if it may not sell) and then lower the price substantially at a later date.
"I'll try selling at a high price (just in case it sells) and if it doesn't sell in 6 months I'll reduce it!"
This is a bad idea for a number or reasons. You may get absolutely no offers so your dress WILL sit there for 6 months. Then by the time you go to reduce it you may end up needing to reduce it further, as its value has decreased even more.
Another problem seems to be that sellers are afraid of listing a dress at the right price as buyers may make a lower offer and then they'll feel obliged to sell at that price. So again they list high and wait.
Always remember that you don't have to sell your dress to the first person that comes along. If a buyer makes a reasonable offer but you want to wait in case someone does offer to buy at your full asking price, you could just say you'll keep them in mind and sell if its still available in x weeks/months.
If you're planning on listing a dress for $2000 thinking "If it hasn't sold in 6 months I'll just drop it to $800"... that's a massive difference of $1200. A better idea might be to try and sell your dress for $1600 then reduce it $200 a month until you sell. If it sells at $1200 you've still made $400 more than what you were prepared to take, and 4 months faster!
Many dresses sold through this site sell at list price (or close to it), and usually within 3 months. But there is a trend we often see on dress listed over 4 months. A reduction in price prompted a sale and usually relatively quickly. That tells us that in these instances the dresses would have sold much faster had they been reduced sooner, or listed closer to their true value!
This data shows us that waiting can sometimes be a bad idea. It wasn't even the amount that prompted a sale (in some cases), it was a slight reduction that helped the dress sell!
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