Another great dropshipping question came in the other day that I would like to address. 

Some supplier's don't give prices and leave it up to me to set them. How should I price my items?

If you are working with a supplier that is not giving you any ideas or help with setting prices on your products there are several things you can do to make sure your prices are set right.  I went ahead and asked David Mink, owner of Rocky Mountain Mattress, an e commerce product site specializing in memory foam mattresses and adjustable beds to answer this question for everyone.  I wanted to get a real insiders point of view.

Heres' what Dave said when I asked him this question;

"If the supplier does not set the prices that is actually a good thing.  in fact, legally you can't really force someone to sell at a certain price. In order to come up with the best price you should do alot of comparison shopping.  You need to get familiar with sites that sell the exact same product as you and chart all of the prices in a spreadsheet document.  Find out what the low price is, the high price, and the average price.  Then take a look at your selling advantages, i.e. does your site offer free shipping, or can you promote tax free shopping, do you bundle other items in with the purchase, etc.  Based on your selling advantages in relation to your competitors you should then price the item accordingly.  At the end of the day you need to compete price wise - but that means more than just the cost of the item you have to take account of all other aspects of the sale (taxes, shipping, upgrades, bundles, etc.)

I thank Dave Mink from Rocky Mountain Mattress for taking the time to answer this dropshipping question, because I think he answered it perfectly to clear up any confustion.  If you are interested in starting a dropshipping business, The Shipper is offering a FREE 7 DAY TRIAL that gets you access to our full database to sell products online!