The Question Every Customer Asks
There’s one question that every retail customer asks: “How much will this item cost?”
The answer to this question is an important one for retailers because price management will determine if the cost to the customer comes at too great a cost to the retailer. Ask for a price that is too high and no sale will be made, but ask for a price that is too low and no profit will be made despite the sale. Pricing your inventory optimally requires tools that give an accurate report of all the details so that analysis can be made with confidence.
The Question Every Retailer Should Ask
Before setting a price on an item, the retailer needs to ask this question: “How much does this item really cost my business?”
The answer to that question is more than a simple wholesale dollar amount, although that does play a part. There also is a cost in terms of time on the shelf, turnover and markdowns, and more. It is imperative that the real cost of an item be taken into consideration when determining the price and any future changes in that price.
The Price Management Tool Every Retailer Needs
Because the ChainDrive Price Management tool is part of the ChainDrive Integrated Retail Management Solution, it can access all the data needed for an accurate assessment of the true cost of your inventory and the appropriate pricing an item should have. There are many factors in determining optimal pricing and you have control of the data with ChainDrive.
This expanded reporting and analytical ability allows monitoring, assessment, and strategic action for effective pricing and profit.