Sunday small business retailer management advice: understand the psychology of pricing
Mark on January 5, 2014 7:13 AM
Too often we see retailers apply an arbitrary mark-up to an item without carefully considering what they could actually sell the item for. By carefully considering price in the context of the psychology of pricing, retailers can lift gross profit on some items and thereby improve the overall performance of the business.
To help our help desk team members in providing advice to our customers on pricing we have shared expert retail expert insights. These insights better inform our team and help them help our customers to maximise gross profit.