Survive and thrive in the highly competitive retail world with an effective retail price strategy from Retail Fundamentals.
More than ever before, the financial success of your business depends on your price strategy. An increase in product availability combined with the meteoric rise of online shopping means that more and more, customers are demanding fair prices in exchange for their business and are constantly comparison-shopping.
The Importance of an Effective Price Strategy
With the ever-present pressures from shrinking margins, rising costs, and competition, succeeding in the retail business arena today demands price strategies that reliably and frequently guide your decision-making. Aligning your business goals and pricing strategy seems common sense, but too often owners lack the insight and technical ability to plan and price strategically. Instead, retail owners too often rely on a basic “cost-plus” or “RRP” strategy to maintain margins, follow their competition, or adopt wholesale-supplied pricing.
Smart owners know they should set prices in line with their own business objectives instead of simply reacting to competitors, cost changes, and margin objectives. Relative to other areas of business improvement, creating and deploying a strategic pricing regime can produce higher returns compared to other loss-control efforts.
We Can Help
Price is one of the seven key areas of business that our consulting focuses on. Developing a straightforward pricing strategy is a simple, and incredibly effective way to increase sales, move stock faster, and ultimately increase your bottom line. From your first meeting with us, we’ll identify areas of your business which will benefit from small changes and then implement these to help you achieve an enormous improvement in profit.
For more information on our range of retail strategies, or to speak with a consultant, please don’t hesitate to contact us on 0425 83 33 44.