Should i increase my price?

[eldavis]

Over here in my country the situation of things is pretty tough, the cost of fuel has skyrocket, and we do not have a stable power supply for most business owners have to rely on generators to operate. The value of our currency is also depreciating, hence the price of things has skyrocket. For some weeks now there have been an power outage for no reason. Yet customers still refuse to understand that things are tough and goods and services can no longer go for the old prices. I am thinking of increasing my price as well, I have been trying to manage it, to see if I can still render my services for the same price or a reasonable amount. But it seems it's not possible.

 

[SHAHID987]

Same story everywhere, lastly I was thinking as it is happening only with me here but it is the story of almost every corner of the world. So I increased prices of my shop's item.

 

[Alberello75]

@eldavis

Unfortunately, the energy crisis of recent years is ruining the world economy, especially that of small businesses. However, the problem you have, I obviously believe others will have too. Having said that, the choice remains yours, this must be clear. But from my point of view, even though I am a sales layman, I don't think it would be beneficial for you to increase your sales prices. By doing this I believe you could risk selling fewer products.
Forgive me for this question, may I kindly know what you sell?
Thank you in advance.​

 

[aovurevu]

Over here in my country the situation of things is pretty tough, the cost of fuel has skyrocket, and we do not have a stable power supply for most business owners have to rely on generators to operate. The value of our currency is also depreciating, hence the price of things has skyrocket. For some weeks now there have been an power outage for no reason. Yet customers still refuse to understand that things are tough and goods and services can no longer go for the old prices. I am thinking of increasing my price as well, I have been trying to manage it, to see if I can still render my services for the same price or a reasonable amount. But it seems it's not possible.

This is actually a hard decision to make and the fault is not yours and there is nothing you can do to change the situation, you should increase your price to suit yourself or find a close substitute as an alternative for those wanting to buy at a lower rate.

 

[eldavis]

@eldavis

Unfortunately, the energy crisis of recent years is ruining the world economy, especially that of small businesses. However, the problem you have, I obviously believe others will have too. Having said that, the choice remains yours, this must be clear. But from my point of view, even though I am a sales layman, I don't think it would be beneficial for you to increase your sales prices. By doing this I believe you could risk selling fewer products.
Forgive me for this question, may I kindly know what you sell?
Thank you in advance.​

Hmm at the moment I am currently into graphic designing and sales for customized items. For my graphic design service, I have tried to maintain a low price since I am the one doing it myself but for the customized items it might be very hard to do so, cause I don't have the materials or machines used for them. I need to pay external persons to do so, then normally I don't usually add the delivery fee to them, just to make it easier but I am planning on adding it now, cause the cost of transportation has gone up.

 

[Alberello75]

Well I understand your discomfort which has been created by the indiscriminate increase in prices on practically everything. Obviously, by maintaining the same selling price you now are certainly earning less than before. So in my opinion this is something you need to think about and do your calculations on.

 

[olaniyi]

In setting a price for a business you have to consider the country economy too with the situation of the country economy you made then you have to increase the price

 

[nomad]

First ask yourself, would you be able to generate sales even when you hike your price? Look at your competitors, have they also increased their prices? If you find answers, you will understand what you should be doing.

 

[Starmix]

You can't just increase the price of your products on your own. The prices in your place are in uniform or else you will be reported. There is an SRP or Suggested Retail Price.

 

[Kera]

Price increase is unfortunately the way for businesses to even manage to break even in this times of inflation. Many businesses are just surviving on marginal profits.