4 Steps to Managing Retail Prices Well
Product prices directly impact profits. That’s why you need a system for managing your prices across all SKUs, products, and the variations of product categories that you carry in your store. Lucky for you, ChainDrive has a price management module that can handle all of your price management needs. Here are the four steps you should take to improve your retail price management practices:
- Establish Pricing Rules – Start with your pricing rules. Successful retailers don’t just wing it. Set promotional rules that make sense for your store and your inventory. For instance, Buy-one-get-one-half-price is a rule that you could apply across the board on all products, reserve only for a particular line of product, or establish for an entire department. You can, and should, also set start and end dates. The system itself will manage the price control so that you and your staff can focus on the merchandising.
- Manage Campaigns Across All Channels – You might want to run a special promotion only on your Web store, or maybe you want that special promotion to go only in a certain region or at certain stores in your chain. With the right price management tool, you can choose the locations for your promotions without changing anything at all your other locations.
- Monitor and Analyze – You know the old adage, “You can change what you don’t measure.” It’s true. If you want to know whether your promotions are working or not, you have to monitor them and analyze the results. You need a strong analytics tool for that. ChainDrive has it.
- Secure Your Campaigns – Finally, reduce tampering by setting security controls on who has access to the price management features, at what level promotional campaigns can be initiated and managed, and maintain that security across your entire operation, even at the POS.
Managing prices isn’t difficult. It’s something you have to do. But you need a system that allows you to do it in a way that makes sense for your retail chain. Follow these four steps to price management and you’ll see more profits.