Setting price points for every product in your store is one of the trickier tasks in Retail. After all, there’s no right or wrong answer and everyone you ask will give you a different opinion.
At the end of the day, you need to decide what type of pricing strategy you want to use in your store, and then determine how to set pricing around this. That is, are you a ‘discount’ store, a specialty store or a premium retailer? At the same time, you need to consider what you competitors are selling their product for and how you will react to this. But be warned, if you focus only on price and ignore value, you will end up losing out on valuable margin.
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Aaron Blackman is the CEO of Retail Express. Follow Aaron on Google+
Topics Covered: All
Date of Post: 2014-08-14