Why is accurate stock pricing important?

Accurate and competitive stock pricing is crucial for merchants. How could data managed through retail software help you to improve your stock pricing in future?

07th October 2013

One of the functions offered by specialised trader counter software for merchants is stock control and pricing management which allows builder and plumbing merchants to more accurately monitor the availability and value of their stock. Stock management software should be seen as an investment in the future of your company, allowing you to become both more competitive and more cost-effective in future, but why are functions such as accurate stock pricing important? Is it really worth spending money on a software solution merely to price your products and services more accurately? In fact, the value creation potential is significant. Find out how your business stands to benefit from more accurate stock pricing below...

Maximising profitability

Most wholesalers and merchants operate under the philosophy of being as profitable as possible whilst maintaining a high quality of customer service. To that end, the majority of business owners will understand that there is a distinct ceiling determining how much one can charge for products and services without deterring customers from returning, particularly in a competitive marketplace. In order to maximise your profits, you must charge the highest possible price that your customers are happy to pay without being tempted to look elsewhere. The stock pricing processes provided by stock management software can help to determine the optimum price for your products and services, thus maximising the profitability of your business.

Remaining competitive

Whilst it is important that your business is as profitable as possible, charging an optimum amount for your products won’t do you much good if a nearby competitor is undercutting your prices by 5%. The retail market is particularly competitive these days, and if you are to persuade your customers to return again and again, you need to make sure that your stock is priced in line with market value. Our trade counter software for merchants provide you with electronic point-of-sale data that can help you to analyse the buying habits of your customers, allowing you to price your stock more competitively in future.

Offering promotions

Every store will know that frequent offers and promotions are sure-fire methods to help bring in more trade. It’s important, however, that your promotions don’t lead you to lose money on your stock. While it’s always helpful to bring in new customers, a promotion that costs more to run than you make from the increased trade will do your outlet no good at all. Stock control software can be used to price products more accurately, allowing you to calculate the point at which promotions become counterproductive and negatively impact margins.

Reducing dead stock

If your stockroom is cluttered with dead stock and products that just won’t sell, you could be sitting on thousands of pounds of revenue that you’re currently missing out on. Fortunately, it is possible to move on even the most stubbornly unshiftable dead stock. Using wholesaler software, you can analyse which products aren’t selling, which are and why this might be the case, allowing you to subsequently reprice your dead stock in order to make it more attractive to potential customers.

Accurate stock pricing is a vital process for any merchant, helping to increase margins and encourage more trade over time. Our Trader software can help you to better price your stock in future, so why not contact us today for more information on how we can help?
 

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