For example, I have a big selection of very simple gemstone bead earrings with sterling silver earwires. I price them at $16 for 1 pair, $14 each for 3 pair, and $12 each for 5 pair. You’d be amazed at how many people automatically spend $60 buying 5 pair just because that’s the best price per pair.
If a customer comes to check out with just 2 pair, I mention that they’ll receive a discount if they get 3 pair – and nearly always they go back to pick out a third pair of earrings, spending $42 instead of $32.
I know that without the volume discount, most people would buy just one pair and spend only $16.
Why not try volume discount pricing on a selected group of your jewelry pieces? I think this tactic is most successful with a group of similar items that are regularly priced under $20.
You can increase people’s urgency to take you up on your special pricing with a sign mentioning that they can take care of all their holiday shopping today with this special jewelry bargain. Include a free gift pouch or box for each piece, and you’ll probably make all the sales you can keep up with.
Some quick tips on successful volume discount pricing:
– Be sure to calculate your volume discounts so that you’re still earning a good profit per piece at your lowest pricing. (Even at the lowest price, $12 per pair, I make a very tidy profit on the volume-priced earrings).
– Post obvious signs next to the items listing your pricing discounts.
– If anyone comes to check out with just one, ask if they saw today’s special savings on this group of items.
– This kind of deal is most effective for you if it’s for something you can turn out quickly and in volume, with slight differences from one piece to another (such as changing bead color or shape).
– A “rummage bin” increases the sale of volume-discount items. Put the items in mini-ziplocks in a pretty basket, tray, trunk, or box and observe the power of rummaging!
You can experiment with volume discounts till you find the right jewelry items and pricing that make this a guaranteed, profitable bread-and-butter item for you.