Very few sellers raised their prices on average in response to the COVID-19 pandemic, and almost one-quarter lowered their prices, according to a survey of EcommerceBytes readers that ran from March 29 - April 2, 2020.
We asked online sellers, "On average, how have you changed your pricing?" and they responded as follows:
No Change: 71%
One seller explained they had raised prices in relation to the increased procurement costs they were experiencing because some of their main suppliers were not open and alternative suppliers were more expensive. But they made it clear they were not increasing their margins in such cases.
Others said they were being careful about raising prices due to the risks of being targeted as a price gouger, as one seller said, "by either a customer or an Amazon bot."
Numerous sellers said they were running sales and promotions, and also adding features that allowed buyers to make offers.
"Desperate to create interest somehow," wrote one seller.
Some sellers said they were unable to adjust their prices because of MAP restrictions (minimum advertised price).
Additional Survey Results
And we asked how satisfied sellers were with how marketplaces such as eBay, Amazon, and Etsy were handling seller issues during the COVID-19 pandemic, which you can read about in this April 7th EcommerceBytes Blog post
The survey also included questions about whether readers had changed their selling practices and their 6-month outlook - stay tuned for more survey results to come.