How Intertwined are Products and Prices?
Many retail organizations have an intimate link between product and price. One particular product has a price range and the product never goes below the minimum or above maximum. Other retailers are more fluid and flexible, offering discounts on specific products for particular groups of customers while those products remain at a fixed price for other customers. You know your customers, your products, and your retail chain better than we do, so we’re not going to tell you how to run your business.
What we will say is this, you need a way to manage your products and your prices more effectively and efficiently. That’s why ChainDrive offers both a Product Management solution and a Price Management solution.
Product management is about keeping up with your inventory and tracking your product through your system. If you have 100 units of a popular product in your warehouse and none on the shelves, that’s a problem. Knowing that allows you to react quickly and fix the problem.
ChainDrive’s Product Management Solution helps you manage your inventory in the following ways:
- Managing prices by product, product type, or zone
- Defining user attributes so you can see the data that is important to you in the way that is important to you
- Transferring products effortlessly
- Analyzing and reporting information about your inventory
- Handling your inventory with a robust and flexible, dynamic inventory matrix
Price management is about raising and lowering prices based on criteria that are important to you for maximizing your profit. You can adjust prices seasonally or based on customer demographic, run specials and promotions, and discount based on volume. You want your Price Management solution, at a minimum, to handle the following tasks:
- Set promotional rule that make sense for their business
- Manage multiple and concurrent sales promotions
- Report markdowns and other sales and price information to key personnel within the chain
- Keep all prices and promotions secure
Whether you need the Product Management solution or the Price Management solution we can’t say. You should know, however, that both have their place. Maybe you could use both. In the end, managing your products and prices are critical to running a profitable retail enterprise.