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Which is better: Low prices/more sales or higher prices/less sales?

I don't know if it's better to have a reputation as affordable rather than expensive. Which is better, pricing your items lower for a small profit margin, but getting more sales and more customers that way (customers will always come to my store knowing they'll get the lowest price)? Or is it better to give myself a generous profit margin, price my items a little higher, and just settle for less sales?

I really don't know what to do. Can a store still grow like crazy if their prices are nothing special? My store is something like Amazon for horse products. I really want my store to shoot for the stars and make it big but I need advice for which way to go here.

Will I ultimately suffer if I put low profit margins and instead get more sales and more customers?

submitted by /u/StationNo3
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