Consider competitors' pricing to avoid setting a price too high. Due to competition, the store must not price its products out of the market.
Pro Tip 2/3
Customer Perception
A high price may imply luxury quality or exclusivity to some consumers. Designer brands can price goods out of the market as a strategy to appear exclusive.
Pro Tip 3/3
Economic Changes
Economic factors like inflation can cause prices to increase unintentionally. Inflation might lead to businesses inadvertently pricing themselves out of the market.