In any market anywhere in the world the most important factor considered by the consumer is price. It is a measuring tool for consumers and often the reason they decide whether or not to purchase. Monitoring pricing and making sure it is competitive is key. Even brands that can demand a higher price point have boundaries and their prices need to fall in line.
Often inflated margins can cause inconsistencies in retail pricing. By monitoring these, suppliers can ensure that their pricing remains at acceptable levels. After increases or decreases in purchase pricing, the corresponding retail pricing needs adjusting – not something that systems always automatically update. This responsibility is not solely the retailer’s.
Systems that generate orders often average out the costs of products as they change. It is widely known that purchase price variants can upset the balance and chew into margins. Retailers deal with this by having moving average costs that change and smooth out purchase price variants. Often these can be used to the advantage of the supplier and at other times these can spiral out of control to the point where the gap between this “average cost” and the actual cost is substantial. iRam brings both of these to the fore and enables its customers to take advantage of these scenarios.
How do we know we are competitive without knowing our competitor? iRam offers competitor analysis and comparisons.
- Competitor analysis
- Margin monitoring
- Price increase/decrease implementation
- MAC comparison