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Retail Pricing Tips
The suggested retail makes good sense; a 50 percent profit margin or slightly more is certainly attainable with this line. Take a look at your freight charges. If needed, items suggested at $4.99, $14.99, $27.99, and $31.99 could be retailed at $5.99, $15.99, $28.99, and $32.99.
The best practice for pricing this line is to use string tags. The other option is to use a sticker price tag on the back of the hanging tag that comes with each of the bags. Avoid using any price stickers that are orange or red. Be careful not to cover any important information with a price sticker.
This a unique and colorful line, and because of this, I suggest you use more than the 2 feet of space that Bamboo Trading Company has recommended. Utilizing 3 feet or more at eye level with the top shelf low enough to be easily reached makes even a better presentation. Make sure to order the free POP “Peaceweaver Signage.” Display the sign with the same care that you would display the product. The signage will help customers understand the unique value and origin of the line. Position the sign first and then merchandise around it. Place the hanging bags in a way where they sides of each bag do not touch each other. Do not crowd these items.
I have seen and touched the line. I understand why the opening order has to be an assortment. A quantity less than what the suggested opening order has would not be large enough to make a visual impact to the consumer. Have everyone who runs a register read the story about this line. Be prepared for the many questions you are sure to receive from customers.
Important: If your store policy is to allow staff to buy at a discount, then please be ready to reorder! Discounting to employees may mean a good deal of the product will not make it to the sales floor and the introductory display offering will look anemic. A best practice is to offer a discount to employees (remember, you are paying freight), but the employees’ purchases must be on the reorder, not from the original order. To put it simply: employees can buy at full price from the original order or buy at a discount from the reorder.
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