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Although there are many factors that will determine whether a business wins or loses a sale, today’s consumers will tell you that the best possible price is often the most important consideration. With this being the case, it is not uncommon for businesses to match competitor prices if a customer brings it to their attention that they have seen the same item at a lower cost elsewhere. Matching competitor prices whilst protecting margin is a good way of helping to boost sales, however it is important that businesses ensure that they don’t lower their prices unnecessarily.
On occasion, businesses can fall into the trap of agreeing to match a competitor’s price when in fact the promotion has already ended. Although they still might ultimately get the custom, this can negatively impact on the profit made from the sale. Therefore, if businesses are going down the route of agreeing to match competitor prices, it is vital that sales staff are kept accurately informed of the dates for when these prices are valid. Without this information, businesses can end up sacrificing strong margins to close more orders, but then end up shortening their bottom line profitability as a result.
With OrderWise, businesses are already provided with a comprehensive suite of functionality for effectively managing customer pricing, including the ability to handle multisaver discounts, special offers, customer specific price lists, quantity breaks and much more. In addition, businesses using OrderWise Amazon Listings have the added benefit of an automated repricing tool to ensure they remain competitive whilst protecting profitability when trading through the Amazon marketplace.
Now this month, a new feature has been added to the competitor tab within a variant record so that users can now also record start and end dates against the competitor prices stored within OrderWise. This added insight not only provides greater awareness to sales staff when a customer references a competitor’s price, but also allows the business to better monitor their competition through peak promotional periods.
Thanks to this useful new addition, OrderWise users can keep their sales teams in the know regarding any product promotions that competitors are running, and more importantly the timescales over which these prices apply. By having this crucial information to hand, businesses using OrderWise can rest assured that profitability is kept well protected and sales staff only price match when its required to win the sale.
If you would like to know more about how OrderWise can help you better manage your products and pricing, please contact us on 01522 704083.
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