My supplier just raised product prices suddenly without warning, and now I’m trying to figure out my next move before touching anything on my store.
The problem is my niche is super price competitive, and my ads are already built around discounts and “best deal” messaging. If I bump prices up, I feel like customers will just go to the next store selling the same thing. But if I keep prices the same, my margins take a big hit and the numbers stop making sense.
How you adjust pricing slowly, look for a new supplier, change your offer, or just accept lower margins for a while when the market is this competitive?