With this month marking the start of the new financial year for many businesses up and down the country, companies will have already drafted up their strategies to help increase profitability and meet set targets for the coming twelve months. Back in January, we looked at some of these strategies that retailers said they will be implementing this year, which you can read all about HERE. However in order to execute these different strategies successfully, businesses will often need to introduce price increases in order to fund this additional investment, as well as to coincide with rises in supplier costs and keep margins at a sufficient rate. Although introducing new prices for some businesses can be a fairly straight forward exercise, for others it can be a complex process that can quickly become very time consuming for staff if not handled correctly.
Nowadays many companies will require flexible management of pricing, as each customer has their own unique demands and expectations. In competitive trading environments, providing the right price often gives essential leverage to win contracts, stop customers from purchasing products elsewhere and ultimately promote long term buying behaviour. So by having a more varied and customer centred approach to pricing structures, companies can provide themselves with the tools to win more business and successfully maximise sales.
Meet Customer Expectations With Multiple Price Lists
In order to effectively target each customer base successfully, businesses will usually operate various price lists with different product pricing for each of their sales channels, branches, company subsidiaries, online sales platforms, wholesale customers, retail customers and even high priority individual customers. By using multiple price lists, businesses can ensure they stay competitive in each market in which they are trading, carefully arranging prices to reflect a significant profit based on both purchasing and order processing costs.
Therefore for a lot of businesses who are indeed managing different price lists, carefully updating product prices at this time of year can be a difficult task that requires extra consideration. On top of just updating the numerous different price lists, some businesses may also require the ability to monitor product pricing to ensure that they can remain competitive throughout the year. Additionally, other businesses may also need to schedule dates for prices to come in and out of effect at certain times based on known supplier cost increases, upcoming promotions or to coincide with seasonal demand rises on specific items. Without the right system in place to manage these various factors effectively, implementing new prices across multiple price lists can be a long, manual process, resulting in pricing errors that can severely damage customer relationships.
Get Your Price List Management Under Control With OrderWise
Here at OrderWise, one thing we pride ourselves on is our deep knowledge and understanding of the immense diversity of pricing requirements. With every business trading in their own unique way with their own processes and operations to consider, we know that providing the flexibility to allow each business using our software to manage their multiple price lists and pricing promotions in the best way for them is absolutely vital. That’s why we offer what we believe to be one of the most powerful price list management tools around, stemming from well over 20 years of experience working with companies across a variety of sectors and industries.
With OrderWise’s extensive price management functionality, businesses have the ability to easily create multiple price lists, determining which items are included, which customers the list applies to and at which price the items are sold. Price lists can also be created in a range of different currencies, with a wide variety of methods for calculating the price applied including percentage discounts, fixed values, mark ups, modifiers and much more.
A Fully Flexible & Fully Automated Method Of Managing Product Pricing
However that’s not all, as OrderWise also provides the flexibility for items and customers to appear on multiple price lists if needed. With our Additional Price List feature businesses can assign additional price lists to their customers, with the choice to use these as either a method to manage pricing, discounts and use dates or layer over an existing pricing structure. The Additional Price List functionality is a simple and effective way of managing product categories that different customers can have different discounts for. For effective set up and maintenance of these additional price lists, users can import and edit price lists using the Import Data utility, enabling fast, easy application to the relevant customers. Then for greater control over which price list is used, users can utilise the override price list feature to choose which customer price list is applied when a new sales order is raised.
With OrderWise Price List management, businesses also have full control as to when price lists are applied and retracted. With options to set up quantity breaks and set start/end dates and times, businesses can achieve simple, structured and automated management of customer price lists through preconfigured timescales for when these are in effect. This allows businesses to manage promotions or situations where a customer may be offered a discount on a particular product range for a set period of time. These can be then be easily and efficiently monitored using the Expiring Customer Price Lists report, with users able to specify a date range and run the report against all or selected customers.
A Comprehensive Price Management Solution
In addition to this extensive range of functionality to manage multiple price lists, businesses using OrderWise are also provided with a huge range of other standard price management features including customer special pricing, multisaver discounts, discount groups, customer discount structures and more. Even if a business has multiple pricing structures and discounts in place within OrderWise, using the simple yet powerful discount calculation order businesses can easily manage which price takes precedent over another when more than one becomes active to a sales order. The best part is, this can all be handled within a few clicks.
So with OrderWise able to provide a comprehensive and flexible price list management tool, businesses no longer need to struggle with having to manually update huge numbers of customer price lists. By using our extensive range of functionality, businesses can ensure managing multiple customer price lists is a fast, simple and stress-free exercise, allowing maintenance time to be vastly reduced and maximum commercial advantage to be gained.
Want to know how best to manage your customer pricing? Why not arrange a tailored online demonstration with one of our business consultants today and see how OrderWise can help your business throughout 2015 and beyond. You can arrange a demo of OrderWise HERE.
For more information on OrderWise download the brochures or watch our videos.
To discuss your requirements in more detail contact us today on 01522 704083.