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Mischelle
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Hi Lilian,

There is no standard markup, most people do what is called keystone pricing, which is basically, when a retailer doubles the wholesale cost they paid for the product to determine the price BUT……..

There are many variables that can impact your markup percentage and the two big ones are competition and your customers.

The key impact is competition. For example, if the same “type” of clothes are prices 20% cheaper somewhere else then this MAY force you to change your pricing structure.

Obviously there are more factors IE, cost of goods, your expense for hosting and managing the store, marketing costs etc etc.

The biggest aim for you is to know and fully understand your target market, and what sort of price point they are willing to accept.

The bottom line is to protect your profit margin otherwise your business will not be sustainable. Some shops mark up 100%+ but it really depends on the product, although clothes tend to have a large markup.

Cheers
Mischelle :):)