Out-of-date price lists on your catalog can turn a sale into loss
Pricing is the most important part of the marketing strategy of a company. It is the main factor that generates income. The retail department of the company decides the pricing of a product. The pricing of the product is dependent on several factors that help the company to bring in the product as a whole. Price of a product may stay unstable in course of time.
Factors that influence a product price
Here is an example of a fashion brand which has just launched a new range of blazers and jackets for winter wear. The products of this company are distributed to its stores and outlets which are located in different regions. The price of one jacket is determined by the expenses contributed to the process of producing. These expenses may include purchasing raw material, sewing equipment, manufacturing cost, packaging, logistic, labour, logistic, brand competition, distribution, work payment and promotional campaigns.
When the products reach their destination outlets in different regions, the marketing department will settle the prices for each location. The cost of raw materials fluctuates in the market. This phenomenon may force the retailers to change the price list from time to time.
Need of good communication within organisation
There should be coordination between the retail department and sales territory management. If the price of a woollen jacket is higher this year as compared to last year’s price due to the cost increment in purchasing raw wool, the sales team of a particular region should be informed of the trending market price. Otherwise, the particular outlet may continue to sell at the same rate.
This kind of scenario could lead to a series of unavoidable circumstances that interrupt the workflow. While the business is halted, other competitors may advance them. The out-of-date pricing can push the business to lose a huge amount of money.
E-catalog as a rescue element
An e-catalog software can prevent the problem of disoriented pricing of the products. By using Catalog Bar, the retail department will be able to edit the price and details of the products depending on the current market price. This application is readily available on both Google Play Store and Apple Store for mobile devices. It can also be accessed without internet. Salespersons who work in a remote where internet is hardly available, can view the latest details of the products on Catalog Bar app. They can later update the information when they get access to the internet.
E-catalog delivers simple and accurate services
The e-catalog software is easy to use. It allows the users to customise the details of the product catalog on CMS according to their preference. The sales team of the fashion company can add all the information of the clothes on the page. The users can add unlimited numbers of fields in a category such as product code, description, product image, price, and sales location. Images can be uploaded from the device such as a laptop, cell phone, and tablet. The users can change the background colour and the images when needed.
The e-catalog can be shared among sales team and B2B partners. Users are allowed to view the content of the catalog on this dynamic B2B commerce platform. This process will help the retail department to catch up with the trending products, price fluctuation, and customer’s demand. This method will attract the customers to the product. In this way, the user can update the price of a product so that the company can sell the product at a viable price.
Adopt e-catalog for your business
With e-catalog, the company can change the price of the product as per the trending market. Their priority is to retain the customers. People who have shown interest in the product may not come back if the company failed to update the pricing. To avert such circumstance, the sales team should keep their eyes on track with the current marketing scenario. They need to check for seasonal change.
The app can prevent the company from huge loss even if there is a fluctuation of raw material price. Salespersons are people who are in touch with customers. They know what a customer wants to shop. The information will be used in marketing strategies. Then they will update the latest details on the e-catalog beforehand. This development will make the customers keep coming back for more. It will also attract new buyers and downplay other competitors in the business.