Price Management: finding the “sweet spot” for success
There are a lot of factors that go into a customer’s decision about what to buy, when to buy it, and where to buy it. Whether it’s a product they really need immediately or something they’ve just been wanting for a while, the intelligent customer will “shop around” to find the best deal at the right time. Pricing is an extremely important aspect of managing a retail location because it puts you in direct competition with other stores and will often be the dealbreaker for your customer base. That’s why Product Management software includes an intuitive and fully-functional Price Management component to analyze and report on the pricing and price changes for all of your products.
Pricing will often depend on external pressure such as your location, competition, and the popularity of the product. The Price Management console can handle zoning, location-specific pricing, limited-time offers, and pricing under multiple banners. Using historical data found in your software will help you consider the optimal price tag for products that have typically sold steadily. With new products, you have to consider how the demand will be, and what competitors have to match up to it. You can choose to offer the most discounted price, or if you think that your product is superior and will selll well regardless, you can afford a higher tag.
The other big feature in Price Management is the analysis and reporting section. It allows you to monitor the effectiveness of individual prices and price changes over time by displaying data neatly for you to see. This is a great way to tell what’s working and what’s not.
Solve your pricing problems with Price Management and see how quickly your sales improve!
