Sometimes you want to set the record straight. So speaking as someone who has led pricing at four companies, three of which were wholesale distributors – most of what is written about how to calculate …Continue reading
Retail Pricing Strategy – How To Make It Work For Your Business
Retail pricing strategy is at the heart of any retail business. When you have a store that sells items and has a product line, you need to know what is selling well and where to find these items so that you can pass them on to your customers as new stock. You also need to be aware of sales tactics that will drive sales so that you don’t oversell items.
One thing that is becoming increasingly popular is the use of websites such as SaleHoo to get products and information for sale in the e-commerce world. SaleHoo is not just another online retailer; it is a legitimate business that is heavily regulated and even has its own lawyers to protect its interests.
SaleHoo has a huge list of retailers and distributors from around the world that are vetted and checked to ensure that they are legitimate. All items for sale are verified and the site is constantly looking for and listing of retailers that are using best practices. SaleHoo makes it easy for you to have a look at how items sell in other stores so that you can be able to come up with a retail pricing strategy that will work for your business.
You can access a list of retailers by searching through the search tool which will generate a list of the retailers that will be listed on the site. Once you have the list, you can review the prices of products for different items so that you can determine what the average retail price is and what the average retail prices are for the items that you offer.
Stores will only sell a certain number of items each week so you need to do what you can to get your customers to the checkout line. The longer your customers stay after they are done with their purchase, the more likely they are to buy again in the future.
Store promotions are one way that you can build loyalty in your customers and can help increase your sales over time. Store promotions are usually free to all customers, but store promotions can be costly for businesses that are not accustomed to promoting.
Store promotions should be something that you offer to all customers so that you can get a higher percentage of new customers coming into your store from promotions. You should also give a promotion to your existing customers so that they can keep coming back to your store.
Coupons, discounts and promo codes can help you increase your sales while keeping the full purchase price. Promo codes can be found online in various places, so be sure to keep track of them so that you can be able to make use of them to your advantage.
Store promotions may include any of the following: national ad campaigns, classified ads in newspapers, television and internet ads, store coupons, store promotion flyers, event invites, free stuff bags, showroom promos, promotional items, and online/store banner ads. Store banners are a great way to advertise without advertising as the banner shows up on your site and is not difficult to hide.
Check the company’s policy for when you can put a display banner on the store as well as whether or not they allow web links to be added. Some stores will allow you to include store names or logos in a banner but some companies will not allow you to do this.
Store managers can direct you to various store promotions through their website or through the stores in which they are affiliated with. They may also be willing to advertise their store and offer store coupons to customers through the promotional products they offer.
Prices should always be determined by the product, rather than the price point. Pay attention to the customer and ensure that they are satisfied with the products you offer so that they keep coming back.