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Setting Your Store’s Prices—3.5 Times and 30% off Everyday?July 25, 2009At my FL store the tag prices were marked to be able to offer 50% off everyday. Of course it was a gimmick, but it worked for the store. At my store in Charlotte—the tags are marked at what I want to sell the pieces for—a well made piece of jewelry, at a reasonable retail price to the consumer, and a reasonable profit to stay in business; but of course customers are still asking for a discount. Unfortunately, I don’t have it in most of the pieces to be able to offer a discount and I’m finding out some of my customers are buying the same brand name item at another local store. So—I went to that store (not so local but close enough) and found out their tags were marked higher and they were discounting the piece and selling it about the same price as Guliani’s.
Are consumers really that naïve? OR Is just hearing that you got 25% off helping to close the deal? What’s the price on your tag like? Posted by Shanu Singh Guliani on July 25, 2009 | Comments (1)
August 1, 2009
In response to: Setting Your Store’s Prices—3.5 Times and 30% off Everyday? Delia commented: We set a fair price just as you describe--a reasonable price for the piece and a reasonable profit. This way the price is always the same for all customers. When people ask for a discount we explain our policy. Most seem to understand and some have told us that this is why they shop at our store. I don't blame customers for asking about a discount. When we do need to reduce inventory, we mark the price down, and we never mark it back up. It stays at that price until it is sold. This is for a limited selection of jewelry that we need to move. Sometimes if customers ask for a discount, they like to look at the clearance dept. and they are actually getting a true bargain--a price that has been reduced from an actual price, not a price that was initially inflated to cover a discount. This policy has worked for us for over 100 years.
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