Pillow Prices in Pakistan is not merely a process of covering the costs attached to the production of the pillows and making of the profit. It is the study of the market, identification of customer requirements and how to place your product in the market.
Regardless of the position you occupy in the supply chain, be it manufacturing, retailing, or resale, the right price to tag your pillows can either make it or break it. The factors that determine Pillow Prices in Pakistan, how to set attractive prices, and many other things will be described in this article.
Market of Pillows in Pakistan
The factors affecting demand of pillows in Pakistan comprises of; the population of Pakistan, sleeping patterns and other factors such health consciousness and comfort. With people getting more sensitive to the quality of sleep that they get, the market for good pillows has been gradually improving. This is an important area to comprehend as a failure to do so will lead to setting of wrong prices for the market.
Most common options for the kind of pillows you can have
Currently within the Pakistani market, you can easily get simple polyester fiber pillows all the up to memory foam and down pillows. Both types are different in their characteristics and offer some specific advantages, which means that they can be offered at different prices. Being aware of the frequency of each type, one can be in a position to fix prices in the market that reflects consumer’s choice.
The influence of the following factors determine the price of the pillows in the Pakistani market:
Material Quality
One of the surest ways to explain the price of a pillow is the quality of the material used in making the pillow. The quality of the filling material used in the comforter will automatically be determined by its cost, where memory foam, down or latex are expensive than synthetic fiber or plain cotton. Consumer with higher requirement on comfortability and durability, generally tend to have higher willingness to pay for better material used to make the pillows.
Import Duties and Taxes
tariffs and other custom duties may vary greatly and add considerably to the cost of the pillows if these are imported. These additional costs must be charged in the final retail price to help in recovering the cost of doing the business . Pricing of imported products will be easier when the tax systems in Pakistan have been fully understood.
Pricing Strategies and How to Set the Right Price of Pillows in Pakistan
Analyzing Competitor Pricing
The first thing that any businessperson would probably consider when putting up the prices of their pillows is to consider those of the competition. If you do intense price analysis, you may not aim at competing with them directly but at least you will be in a position to know where you stand in the market in regard to your products. Decide whether this is a desired image for the company: to be an affordable store, or at least a relatively expensive one.
Considering Target Audience
A target consumer has a great influence on the prices you will set on your products or services. If you are aiming at the upper echelon of the society, you can be able to set high prices for the luxury items. However, if your audience is pegged more on the price, then you may need to lower the prices, but not to the compromise of quality.
Adjusting for Seasonal Demand
There are cases where due to changes in demand that may be in relation to the seasons the prices of pillows may change as well. For instance, during the cold weather people will look forward to buying warmer and cozier pillows, while during warm weather they will prefer cooler and more airy pillows. To optimise the sales and the profit that you make, it is good to set your prices in relation to the season of the year.
The classifications by the types of pillows are as follows; Their respective prices are as below:
Memory Foam Pillows
Memory foam pillows are regarded to be very comfortable, to say the least, and supportive too. These are usually and in most instances expensive because of the material that is used to make them together with the technology used in manufacturing the specific type. In Pakistan, memory foam pillows are averagely priced between PKR 2,000 to PKR 6,000 or even more as per their brand and quality.
Down Pillows
Filled with down which is an under-feather of ducks or geese, these are considered as luxury items. The are quite luxurious and cost a premium price, which lies between PKR 3,500 to PKR 10,000.
The Effects of Importation as Compared to Local Manufacturing of Pillows
Cost Differences
Local pillows may also come at a cheaper price than imported pillows because of extra costs such as cost of shipping and costs that arise from paying import duties and taxes. Domestic pillows can be priced more attractively as they do not incorporate these vices which are associated with imported products.