This blog continues in the spirit of the “operating by guessing” theme that was addressed in an earlier post, and is specifically prompted by the inconsistent pricing found during a recent survey of independent resale/consignment stores.
How is it that nationally recognized jeans in identical style and fabric are featured at 3 different price points in the same size in the same store? Or how about a beautiful pair of premium brand jeans priced in the bargain basement category? These are examples of inconsistent pricing that represent a lost opportunity and money left on the table. Typically one quick tour of the sales floor reveals if pricing is a function of guess work or an organized approach – a system.
The value of a pricing system benefits the bottom line and builds shopper confidence in you and your prices. It suggests a pay price based on brand, item type, features, condition, and market demand. In the case of the NextGen POS, the system also provides instant price check capabilities for owners to determine retail prices, real-time.
A pricing system is a terrific training tool for new buyers…and when dealing with consignors helps to keep subjective assessment to a minimum. Consistent pricing keeps those hangers turning, and is a boost to the bottom line.
Many retail professionals assert that comfortable shoppers are confident shoppers, and confident shoppers become loyal shoppers. It all starts with smart resale pricing. Are you building customer loyalty?