How often do you change your prices? Is it seasonal or based on your competitors' price changes?

[tropicalpet]

as e-commerce retailers, how do you approach these two different strategies? Which one do you think is more effective?

[Guest]

It depends what you are selling.

We have a fixed % mark up on our manufacturing prices, based on cost of labour and raw material costs. If our costs go up at anytime then we increase the selling price - but never more than 10% per year

[nadie]

Never put a price lower than your competitor. In the end you will end up giving away the product and losing money.
 

Sorry for my English,

Edited April 20, 2018 by nadie (see edit history)

[tropicalpet]

Thanks for your answer and I can understand your idea. Price has a huge impact on customers and when it is done wrong, it can really harm your brand and your financial health as you mentioned.

What is your industry? What kind of products are you selling?

Actually, I have many identical products with my competitors and I have to compete with them in pricing area.