In this video, Tom discussed his favorite bin store pricing strategy. He scheduled 4-5$ pricing on weekends and 1-3% pricing on least busy days of the week which are Mondays to Wednesdays.
Let’s have a deep look at the most common pricing strategies that are used by retailers.
- Manufacturer Suggested Retail Price – manufacturer provides the products to the retailer at roughly half the MSRP, enabling the retailer to turn a profit from the sale.
- Keystone pricing – is essentially doubling the wholesale or production cost of a product to determine the retail price.
- Bundle Pricing – Bundle pricing often leads to larger-volume purchases of certain products or product groups, so if you have unsold inventory you’re trying to move, you may put them in bundles and give discounts.
- Wholesale pricing – offering products at wholesale is a great option for retailers looking to move large quantities of slow-moving inventory.
- Anchor pricing – is the approach of placing both the discounted and the original prices of an item side-by-side to give the customer an idea of how much they’re saving.
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