If you're a designer or artist looking to earn money selling on Redbubble, it's essential to understand how the marketplace's pricing and payments work. After reading this article, you'll have a better knowledge of product pricing and artist margins.
hello my name is Himo and in this redbubble tutorial I will be discussing:
- What are the base price artist margin and retail price?
- How do sales and discounts work on redbubble?
- Does currency conversion affect earnings?
- My recommendation on set your artist margin.
The base price, artist margin, and retail price
Let's get right to the point in order to better grasp the artist margin and retail price. This is a graphic representation of how it works.
Let's have a look at it in more detail.
The base price
Because of differences in local production and material prices imposed by the manufacturer, altering the shipping address at checkout may change the total sum,The basic price of an item is the price before the independent artist margin is applied.
Artists can find base prices in the product pricing section of their account details page,If you wish to see the current base pricing of any product, follow these steps:
You can check the basic price of any product by adding it to your basket while logged into your artist account; since you do not pay the artist margin on your purchases, the price in your cart will be the base price.
please note that fluctuating currencies and costs can occasionally alter the base price.
the artist's profit margin
The artist margin is the percentage of a sale that you make.
The markup
The markup is a percentage of the base price, whereas the margin is the amount you actually get in cash.
The default markup is 20, but you can change it at any moment in the product pricing section of your account details page.
Keep in mind that the quantities displayed on the product pricing page are based on your local currency and delivery preferences.
Sales tax or value-added tax is collected on each sale and paid to the relevant tax authorities in different nations, thus the final amount will vary.
So the retail price is created by combining the base price, artist margin, and sales tax, which is the price you see per product across the red bubble website.
Let's say the base pricing for large framed art prints going to us is 125 dollars.
If you set a 20 percent markup for large framed art prints, you'll collect 20 percent of the 125 dollars, bringing the artist margin to 25 percent. A retail price of $150 is calculated by multiplying the 125 dollar base price by the twenty-five dollar artist margin.
How do discounts and sales work?
Remember that your markup is a percentage of the base price, therefore your artist margin will fluctuate if the base price changes.
This is what the visual equation looks like (picture below).
Bulk discounts are available on some products, which can impact the base price of items in larger orders.
Let's take a look at another scenario to see how this impacts your profit margin. Let's imagine the sticker's base price in the United States is two dollars.
You selected a 50% markup, which means your profit margin is one dollar.
Let's say the retail price of one sticker is three dollars, and the volume discount for stickers is fifty percent off the base price for five or more stickers; this means that if your consumer purchases five or more stickers, the new base pricing is one dollar.
If you kept your markup at 50%, fifty percent of a dollar equals fifty cents. The new retail price is one dollar and fifty cents since the new base price is one dollar and fifty cents plus the new artist's margin of fifty cents.
The consumer pays one dollar and fifty cents for each sticker at the end of the five sticker sale expenses and payments before taxes round up, totaling seven dollars and fifty cents.
You receive 50% of the base price, or two dollars and fifty cents if the total base price after the reduction was five dollars.
While site-wide discounts may appear to reduce profits, it's important to remember that discounts bring customers to the site and entice them to your work.
Also, if it weren't for the price, some customers might not have purchased five stickers.
How do currency conversion rates affect earnings?
Payments can be made in a variety of currencies on Redbubble. The conversion rate applied to your margin may result in larger or lower earnings than planned if your customer's purchasing currency differs from your payment currency.
On Redbubble, here are some pointers on how to establish your artist margin.
The next thing I'll tell you is my advice for setting up your redbubble markups, but before, please like this post and leave a comment below if you have any concerns regarding redbubble that you'd want me to address. Also, feel free to share your thoughts about redbubble artist margins.
Here are some tips for putting up markups on your Redbubble shop.
Tips for setting your artist margin on Redbubble.
What is the price of this?
The artist margin is set at 20% by default on Redbubble. For some individuals, this is a good margin, but depending on how much money you have, you should raise the margin.
I wanted to earn at least a $1 on every transaction, so I raised my sticker markup significantly higher than the markups on other items.
I believe you should determine your artist margin based on how much you believe the product with your design is worth and how much money you believe you should be paid for the amount of time you put into it:
If your designs are one-of-a-kind evergreen designs or art, you should determine your artist margin without regard for other vendors' price.
Competitive (trending designs); nonetheless, when it comes to trending designs, as well as other designs and niches with a lot of competition, make sure you check out rivals' pricing on Redbubble.
If your pricing are much higher than the competition's, you may see less sales, but you also don't want to be too inexpensive.
I propose that you experiment with this after you have a fairly consistent amount of sales coming in each month, then gradually increase your margin to see how it affects you.
If you want to offer trendy designs but aren't sure how much to charge, check at your competitors' pricing or the top-selling items in your sector to get a sense of how much to charge.
To do so, go to the redbubble website and type in the keyword you want your design to appear for on a certain product, such as amusing cat and t-shirts.
Then, filter the results by best-selling, discover how much your rivals charge for t-shirts, and adjust your profit margin to match.
If you want to learn more about generating money on Redbubble, this should help you make more sales when it comes to popular designs.
Thank you for taking the time to read my blog and I hope you will return to see what more I have to offer.