Bad Pricing Can Equal Bad Promos

fast free inventory solutionIn a previous post we talked about how important it is to clearly mark, and update, sale prices on merchandise. If your customers can't find the price, or if the price is wrong, you can end up with unhappy customers. You can even lose out on sales if a buyer passes on an item because of the erroneous price.  We've talked a lot about in-store promotions and what a critical role they play in a good marketing strategy. Today, we are going to talk more about how inaccurate sales prices can impact your in-store promotions. Bad pricing can have such a negative impact that it can completely negate the success of your promotion.  Keep reading to learn how you can avoid this scenario and how our fast free inventory solution can help.

In-store promotions are a great way to attract new customers and keep your existing ones coming back again and again. That is if they are properly targeted and implemented. That means you need to know what your customers want and be able to give it to them. More than that, you need to make it easy for them to shop. This is where accurate pricing comes in.

Take for instance a promotion that offers $10 off of a $50 purchase. To receive the discount your customer needs to purchase $50 worth of merchandise. If your prices have been reduced but that isn't reflected on the ticket or the shelf, your customers won't know that the price is lower. They may approach the checkout with less than $50 worth of purchases and then be disappointed to learn that they don't qualify for the discount. The number one reason a discount off a certain amount is such an effective promotion is because it often encourages customers to add extra items they wouldn't have ordinarily bought just to reach the minimum required purchase amount. If they get to the register and discover they are still below the minimum, they can become quite frustrated. If they start to really consider the items they have already selected they may realize that they are buying some items they don't really want. Worst case scenario they decide not to buy anything and leave your store disgruntled. This can cost you not just the one time sale, but a customer as well.

If prices are clearly marked and updated as items are discounted, your customers will always know the correct price. They won't have to ask a sales associate, look for a price scanner or approach the checkout without knowing how much they are spending. Not only will this reduce the amount of sales staff you need to serve your customers, it will always make them happier and give them confidence when shopping with you. Talk about a win-win situation.

Pricing Help Comes From Our Fast Free Inventory Solution

So, how do you keep up with updating prices? We know that it can be a daunting task. You are constantly getting new merchandise and discounting older items to move them. It can seem like a never ending cycle. Thankfully, Stockpile can help. For one thing, when you use Stockpile fast free inventory solution to track your inventory you save time and money. You'll easily be able to get a clear picture of your inventory and quickly and easily make critical decisions about what to discount and when. You can use some of that extra time to update item prices both on the stickers and on the shelves.  Locating items is simple whether you have a single location or multiple locations. When you don't have to waste time looking for items it's easier to get other things done. Need to run reports? Stockpile makes that easy as well. Use Stockpile fast free inventory solution and say goodbye to inventory management headaches. Try Stockpile today!

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