Buying a Chef Knife - Considering that low price tag?
Price has always been part of the top discussion in nearly any purchase. With thousands of sellers and suppliers across the world, you tend to see prices heavily vary from one place to another, but why?
Many variables will impact the cost of a product, even the same product between various sellers and while there are some that make a bigger profit margins then others, typically profit margins are +/- a standardized percentage.
Cost of the product, packaging, shipping, taxes, insurance and cost of operations have the most impact on the price tag of a product but one thing that most tend to forget are Duties when ordering from across the world.
Example: you might see a product sold and shipped from Japan for 200$ and that same one is sold and shipped here from Canada. It's important to consider all all expenses and while many do look for shipping costs as those are easily found, it's been proven that over 80% of the shoppers forget about duty fee's when ordering international and those are rarely talked about unless you dig further into the terms and conditions.
Knock, Knock... Who's there? It's your product that you just saved 50$ on, but here is a 90$ duty bill to pay before we can release your package. Duty fee's can be estimated with many online calculators and while this post isn't sponsored, we like to use Border Buddy as it's user friendly and tends to be inline with the costs we have seen.In the below screenshot, we got an estimate for:
- A Knife Made in Japan
- Shipped from Japan
- Shipped to Canada
- Shipped by Air
- Cost of 200$ CAD
The results are:
The total cost for taxes and duties to consider would be around 90$ CAD for a 200$ CAD product.
So, how much did you truly end-up saving?