5 Ways to Manage Retail or Wholesale Prices
Price management is one of the most important operation in any retail or wholesale environment. Price is right merchandise for retailers or wholesalers. Whether you’re managing prices for long-term or for seasonal cycles, you need to track and monitor each price for each SKU as well as keep an eye on inventories, especially at critical times.
Retailers and wholesalers both must manage merchandise prices. Here are five ways to effectively manage your prices in order to remain profitable and keep your merchandise stocked:
- Set prices by zones – Every retail and every wholesale operation is organized differently. If your stores are organized geographically, you can establish different prices for different geographical areas. For instance, the cost of living in New York City is very different than the cost of living in small town Kansas. You can set prices for the location of each store or region. Another way to set prices by zone is the type of operational sales channel. For instance, you may have one price for retail, one for wholesale, and one for your outlet stores. You might also have a different price for your online store. Manage your prices effectively to ensure maximum profitability.
- Promotional campaigns – Seasonal campaigns are often times when you need to keep a close eye on price. Manage your prices for each season by manually changing your prices or by programming your changes for a certain date. You can also offer promotional prices to individual customers or customer segments.
- Establish markup and price minimums – You may want to ensure your price drops don’t below a certain minimum, or maybe you don’t want to raise prices by more than a specific percentage. You can establish these minimums with ChainDrive and maintain reasonable price drops and increases.
- Change by dollar amount or percent – When it’s time for a price increase or promotional campaign, you can change your prices by the dollar amount or by percentage. Having a 50% off sale? ChainDrive makes it easy. Offering a $2.00 discount? You can do that too. Price changes are easy with ChainDrive’s Price Management module.
- Create user lists – Want to offer discounts to loyal customers, or celebrate birthdays? ChainDrive makes that easy. Maybe you want to offer a volume discount, you can create a list of users who often purchase in bulk and offer them a discount on their next volume purchase. Managing prices has never been easier.
ChainDrive makes managing prices for all your customers, stores and locations, and operations easier than ever.
ChainDrive retail price management software allows you to analyze, monitor and track price changes and performance. If you have more questions or want to know more about how ChainDrive can help you step-up your retail operations, contact our retail management software team or log on https://chaindrive.com/free-live-demo/ to book a live demo