How Do You Manage Prices?
Sooner or later, the cost of an item is the question most shoppers ask a retail associate. The price of an item should be clear and discounts that will be applied need to be obvious or the sale may not occur. Price management is a multi-layered process that has to have obvious results on the sales floor in the form of pricing that is easy to see and easy to manage.
Make Pricing Easy To See
Do shoppers frequently ask the final price on sales items because they can’t figure out a discount? Make it easy by posting lots of signs with the regular price and corresponding percentage-off prices. If the item has a clear price tag and the poster lists the sales prices, it is easy to see what the final price will be. All signage should be clearly marked with the applicable dates, too.
Price tags are not helpful if they blend in. Be mindful of the many shoppers who have limited vision and make tags contrasting colors and put them where they can be seen. In fact, the dreaded “small print” of sales policies and pricing promotions is part of the aggravation a customer feels when they are unaware of something affecting their purchase. If that small print were easier to read, the shopper is forewarned.
Make Pricing Easy To Manage
All the variables of pricing management are easy to do if the right software is used. Look for functionality that includes exactly what you need it to do, or the ability to customize for actions like the following:
- capability to set prices by zones, both geographical and pre-determined
- capability to create promotional campaigns, both permanent and timed
- capability to control access to all price changes in a secure manner
- capability to monitor, track, and analyze price changes and performance
- capability to set initial markup minimums
- capability to change prices by percentage or dollar amounts
- capability to create user lists for price changes
- capability to be customized as needed for your specific retail business
With ChainDrive Price Management tool, all these capabilities are part of the package and the tool is part of a completely integrated retail management solution that is definitely worth examining. Pricing doesn’t have to be difficult if the right tools are used.