Competitive match pricing methodology

What is the competitive match pricing methodology and how is it utilized?

Competitive match pricing methodology refers to a pricing strategy where a seller sets the prices of their sneakers based on the prices of the same or similar sneakers offered by competitors. This involves researching and analyzing the prices at which other sellers are offering the same or similar models of sneakers, and then setting your own prices at a similar level. The aim of this strategy is to offer prices that are competitive in the market, while still maintaining a reasonable profit margin. For example, if a particular model of sneaker is being sold by several other sellers for prices ranging from $200 to $250, a seller using competitive match pricing methodology might decide to price their own pair at $230. This price is competitive with other sellers, but still allows the seller to make a profit. In the sneaker resell market, this methodology can be particularly useful as prices can vary significantly between sellers and platforms. For beginners in the sneaker resell market, using competitive match pricing methodology can help to ensure that their prices are competitive and attractive to buyers. However, it is important to also consider other factors such as the condition of the sneakers, any additional costs such as shipping or fees, and the overall demand for the model in question. Additionally, while it is important to offer competitive prices, it is also important not to undervalue your inventory and to maintain a reasonable profit margin.