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Determining the right price for a product is a major challenge for many wholesalers. Not because there is too little data available, but there is often a lack of a useful tool to convert all data into valuable information to optimize prices. There is a feeling that too much discount is being given, but that is difficult to find out. As long as there is no good insight into a good price determination, there will always be a discussion about prices that are too high or too low.
Within the wholesale industry, tools are needed for the right discounts, because the prices that customers pay often vary enormously. By using modern technology, smart software with supported algorithms, you determine a price that is in line with the market, you gain insight into the price sensitivity of products, you attract more customers and you achieve more (gross) margin. On the other hand, you avoid internal discussions, because a price can be justified on the basis of transaction data and company-specific business rules.
of prices are not optimised because of inadequate strategy, policy and process support.
of wholesale companies fail to deliver the best price.
Adopting to a quickly evolving wholesale business might seem complicated. Here are the most common pricing challenges wholesale businesses can encounter:
It is very common that business owners often do not track the latest updates on how profitable their products are. It is a result of a weak inventory tracking system or lack of the cost tracking.
As a wholesaler you sell to various customer segments. The customer behaviour per segment is different, which means that wholesale traders have a lot of prices to manage.
Salesprices for wholesalers are mainly net prices (the gross price - specific discount for this target group). Net prices are hard to extract from the market, because it’s hidden behind logins.
Pricing is a particularly powerful tool for wholesale businesses because the pricing environment allows access to a plethora of data and data streams – fantastic for some of the data hungry algorithms in SYMSON. We have the 9 most important built-in pricing strategies, which will allow you to manage all your prices in one system. Moreover, you do not need any deep data, you can already start managing your pricing more efficiently with invoice data or purchase prices per product.