We have seen a variety of price ranges for socks from various brands. Apart from materials and production technologies, what makes them different is that they vary in their cost. The sock business is growing, with many entrepreneurs entering the ring regularly. Each dreams of making a name for their custom sock brand. They create designs, contact a manufacturer, and upload the products on the website with a coming soon tag. Now comes the tricky part – how to price them?
Consumers rarely realize the various costs of customizing socks – it is not their concern. However, as a seller, you must know everything about the pricing. Price it too high, and people will go to your competitors; price it too low, and you cannot make a considerable profit. Either way is not sustainable. Most newbies miss out on a few points, especially post-manufacturing; you must consider them to become a successful sock brand.
The blog will discuss the top four significant post-manufacturing costs for pricing custom socks correctly. They are vital for comparing your socks against competitors and positioning yourself in the market. Let us start.
Table of Contents
Understanding the price of custom socks:
The price of customizing socks depends upon various factors. To become a successful business, you must cover all the costs with some to spare that will act as growth capital.
- Research and idea cost: They say time is money; launching any business requires investments. We have many custom sock brands, each claiming to be the best. Why would someone buy from you? If you are not solving a particular problem or filling in a market gap, the chance of becoming successful is less. Finding a niche will take resources. You have to think of a concept with elements that serve as the foundation for customizing socks. The background knowledge on the subject and level of detail will determine how much you need to invest. A person with prior knowledge of the market will require less time and outside help.
- Design plays a crucial role in how the socks will look. Every brand has particular design elements that make them distinguishable. Customers become loyal when they like a specific trait. The work requires in-depth knowledge of graphic design. There is another challenge during the later stages when it needs to adapt to real-life functionality.
If you or someone from your team knows how to design, it will save a lot of money. However, a few manufacturers, like EverLighten, provide design help for free.
- Sample cost: Prototypes/ samples are necessary to understand how the customized socks look and feel. Often, we think of a pretty design, only to find out that it is not the same after seeing them physically. Colors can also vary from screen to real life. And it is impossible to feel the materials without using them.
After-manufacturing costs:
- Packaging plays a massive part in making an impression. It is even more crucial if you are a new business. You can provide information about your company, logo, materials, care instructions, thank you note, etc.
You can either get it from the same or a different manufacturer. Some suppliers, like EverLighten, create high-quality custom tags and do custom packaging. Working with such suppliers saves money and resources because they can offer a discount.
- Shipping logistics is the relocation of the items from the manufacturer to the warehouse or fulfillment center. Working with a reliable overseas supplier is better than an unreliable, local manufacturer. If you think you can save a lot, think again. With the high demand and manufacturing technology, it is possible to get the items at almost the same price as locally. Even if you choose a local manufacturer, there will be transportation costs.
Air freighting affects the cost considerably. We advise you to order about a month in advance during the holidays. For example, if the regular price of the socks is $14.99, you have to charge up to an extra $2 to make some profit. But, customers will not like it if you hike the cost suddenly.
- You will require warehousing or fulfillment centers to store the custom socks. It incurs a considerable cost because you do not know how much time it will take to receive orders. You do not shut the business after selling the last item; you need a place to store the items unless you are an entrepreneur with a spare room or basement. But, in the future, you need a space to grow. The fee depends upon the city and varies considerably; some are cheaper than others.
- Marketing: customizing socks is one thing, but selling them is different. Make people aware of the product and your brand and attract them with relevant promotions. It depends on the product and the type of customer you are going after.
A startup requires heavy advertising on various platforms to get the word out. Old advertising methods like print media are more costly and challenging for a new company. It is better to stick with digital ads and social media.
The additional cost of brick-and-mortar stores:
If you want to sell custom socks with apparel, you must also consider its cost; it is unsustainable to sell socks only. You will also have to pay employees – unless you run it solo.
A high-level look:
Various additional costs come into play after manufacturing the socks. So how do you estimate the end cost when you first start? A rough rule of thumb is to retail it at 3-5 times the production cost. For example, imagine you customized 300 socks from EverLighten at $5.99 per unit. To make a considerable profit, you must sell at 3-5 times the cost. Look at others to get a better understanding of the price.
Conclusion:
It is often surprising to find out how small is the manufacturing cost compared to the other prices. Tiny things add up and transform the last price. However, consider every spending to make a profit. We hope the blog provided enough information to set a correct price. When you are ready to customize socks, connect with EverLighten. They have helped many entrepreneurs, small businesses, corporations, sports teams, universities, celebrities, and individuals.
Alonzo Shaw and Evenou Menard, founders of Authentic Apparel Clothing Co., were looking to expand their product line. They wanted a reliable manufacturer of custom socks. However, they were unsure about the designs, materials, and production process. The deadline was also short. Fortunately, they reached EverLighten; they guided them throughout the process and helped with materials, design, etc. The team created two prototypes and custom packaging. They delivered before the launch of their website with 100% satisfaction.
Read the full story https://everlighten.com/blogs/success-stories/authentic-apparel-clothing-co-custom-socks.
Customize high-quality socks with EverLighten:
Best value: We manufacture compression socks in our factory, which helps you to get the best cost in the industry.
Top quality: Customers get items with the best materials, colors, packaging, and labeling.
Fast turnaround: EverLighten delivers every order in the least time.
24*7 customer support: You can contact the customer help team anytime.
Customer-centric: We love helping and accept every order.
100% customization: Customers can customize every aspect – materials, colors, size, artwork, styles, etc.
No minimum limit: We offer the lowest MOQ in the industry.
Extensive delivery: EverLighten delivers worldwide, and customers can track their orders with an online tool.
For more advice, inspiration, and ordering, visit https://everlighten.com/collections/custom-socks.
