8 Ways to Ensure Your Prices are Always Accurate
It’s frustrating for a customer to find the product they are looking or at their favorite retail store and see it marked with two different prices, or to get to the point of sale terminal only to find out that it rings up at a price higher than it is marked at. How can retailers avoid this casualty? Here are eight ways to ensure your retail prices are always accurate.
- Have written pricing procedures in place – If you have written pricing procedures in place and enforce them, employees have no excuse for marketing items wrong when they are pricing your merchandise. A great place to include these pricing procedures is in your employee handbook.
- Develop a training program that includes your pricing strategy – It isn’t enough to have pricing procedures written down. Develop a training program that includes your company’s pricing strategy and make sure every employee is trained on it.
- Appoint a pricing coordinator for each store in your chain – Have one person in your store who is in charge of making sure your merchandise is priced correctly at all times. This is often an assistant manager or shift leader.
- Perform random price checks – Perform random price checks daily to ensure accuracy. If you price check 5% or 10% of your inventory daily, you can catch pricing errors before customers do. Make sure your checks are random and are in different departments in each day. You should go several days before you duplicate a price check on any particular item.
- Perform price audits when you perform inventory audits – However often you perform inventory audits, you should include price audits at the same time.
- Correct pricing errors on the spot – As soon as you notice a price is wrong, make the correction right then. Don’t wait. You could end up losing sales over pricing discrepancies.
- Reward customers who notify you of incorrect prices – Not only will this help you correct pricing discrepancies, but it builds customer loyalty.
- Use mystery shoppers – Mystery shoppers can help you uncover bad retail management practices, including mismatched prices, that could be losing you sales.
If you focus on making sure your prices always are accurate, you’ll increase your sales and your profits.