Let Your POS Software Dictate Your Pricing Decisions

Here is one train of thought. Times are hard and I need to get more customers into my store, so I will lower my prices and compete with Wal-Mart. Small retailers are coming under more and more pressure to bring their pricing in line with the big box retailers. This is a sure fire plan for disaster and will do nothing except give the buying public a negative perception of your business. You have to differentiate yourself by better service, unique product lines and an atmosphere that makes a customer comfortable doing business with you. Making the customer comfortable is giving them a pleasant environment, knowing them by name and having the ability to quickly identify their product preferences. This last part can be accomplished by having POS Software that is intuitive and robust. Not surprisingly, the POS software system has become the focal point of the retail operation.

Today’s POS software has become instrumental in gathering customer data to use in the four major marketing decisions that store managers must make: product, price, place, and promotion. These are the variables that can be worked with to attract and retain customers. So the next time you think about competing on price alone, don’t.