The importance of increasing prices

Low prices are an attractive solution when we truly care about our customers.

Because it hurts when someone who wants to purchase can't afford it.

However, there is a dark side to decreasing prices.

Low prices mean: 

• cheap labour
• lower fabric quality
• cutting corners in manufacturing
• increasing order quantities

Ultimately, worse for the environment,

worse for our economy,

and worse for your customers.

Think about the negative impacts for a short time and you could extend the list indefinitely.

On the contrary, raising prices allows you to infuse the market with value:

• Heavier weight garments
• Lower quantities
• Less waste
• Ethical labour
• Scarcity that gives your brand value

Now, imagine this:

You want to take a more ethical approach to fashion and source heavy weight fabrics from national manufacturers, ethical labour, all while neutralising carbon emissions.

Unfortunately, your cost per unit would double in the process.

$10 per unit would become $20.

This means that you must also increase the price tag.

How would you justify a price increase?

Hit reply and share your response.

Truly,

Elijah