Every day, clients’ perception is saturated with new products, brands, discounts and loyalty programs. Every day, countless online shops are popping up. The way to compete with these sales outlets? The way to reach your clients? And, more importantly, the way to keep your clients coming back? This modern shopping environment is similar to a medieval market. You may call out loudly to attract your customers by simply spending a massive marketing budget on advertising, or, you can enter price competition by slashing product markups, and therefore sacrifice gross profit and revenue. Fortunately, automated retail systems have a much better solution. It is called”rules-based pricing” or”centered price list management”.
Individuals who buy your stuff still have different income levels; their spending behaviour and social statuses still change. But in shopping, there’s an overall tendency in the atmosphere — your clients want to behave wiser than ever. They are out for”fair price”, coupons and deals. They search for the best value, not just best price. Moreover, many clients keep tabs on buying cost and indulge in aggressive analyses of price offers and price thresholds. You can get competitive advantage by conveying a reasonable price image.
Rules-based price list management means:
- A rise in customer loyalty, as your customers see your prices as well balanced and sensible. Your customers will keep coming back, boosting your sales volume and profits.
- You set price limits for each product (min, maximum price), and connect the markup with time and clients groups (CRM), keeping full control in your price picture.
- A lively e-commerce program environment that is simple to control.
- Constant feedback, so that you can construct an effective price plan. Forecast earnings and adjust your inventory.
- No more inept reductions that lower the gross margin. “Fair price” does not necessarily translate”more economical than others'”, consistency and overall picture are what counts.
- Play by your own rules. Synchronize product group markups, tailor the impact on sales volume, and maintain personal label benefit without undermining brand products that you sell.
Setting a right price increases revenue, whether or not you manage a retail chain, department store, grocery store, shopping mall, webshop, cellular point of sale, speciality shop, boutique, or franchise community. It’s estimated that 50 percent or large retail chains have opted for a centralized price list administration. Small retail outlets will follow.
ConnectPOS Retail ERP software comprises Centralized Price List Administration. It allows you to create as many price lists as you require, and to handle these dynamically. Automated price lists can be related to time intervals, customer collections, or product groups, and may be turned on and off for effortless re-use later on.
Rules-based pricing takes a brief term attempt to install, but the advantages quickly appear in earnings and balance sheets. It has been reported by our customers and industry wide.
►►► ConnectPOS is a cloud-based POS software compatible with multiple platforms including Magento, Shopify & Shopify Plus, and BigCommerce.
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