Special pricing refers to a pricing strategy in which a business offers discounts, promotions, or unique pricing structures to customers for a specific period or under certain conditions. This approach is used to achieve various objectives and comes with several advantages:

  • Attracting Customers: Special pricing, such as discounts or promotions, can draw in customers who are looking for deals or value for their money. It can create a sense of urgency and encourage impulse purchases.
  • Increasing Sales: By offering lower prices or promotions, businesses can stimulate sales and move inventory more quickly. This is particularly useful for clearing out excess stock or seasonal items.
  • Customer Loyalty: Special pricing can foster customer loyalty. Shoppers who benefit from discounts or promotions are more likely to return to your store or website for future purchases.
  • Competitive Edge: In a competitive market, special pricing can set your business apart. It can be a powerful tool to compete with other retailers or businesses, especially during sales events or holidays.
  • Inventory Management: Special pricing allows retailers to manage their inventory effectively. For instance, it can help reduce overstock or outdated products, preventing losses from unsold items.
  • Brand Visibility: Promotions and special pricing can increase your brand's visibility and draw attention to your business, both online and offline.
  • Cross-Selling and Up-Selling: Special pricing can be used strategically to cross-sell or up-sell related products or services. For example, "buy one, get one 50% off" encourages customers to purchase more.
  • Clear Communication: Transparent pricing and clear promotions help customers understand the value they're receiving, which builds trust and enhances the shopping experience.
  • Market Research: Special pricing initiatives can provide valuable insights into customer behavior, preferences, and demand patterns, helping you make data-driven decisions.
  • Seasonal or Event-Driven Marketing: Special pricing can align with specific events, holidays, or seasons, allowing your business to tap into increased consumer spending during those times.
  • Online Traffic: Online retailers can leverage special pricing to drive traffic to their websites and encourage online shopping, especially during digital sales events like "Cyber Monday."
  • Customer Acquisition: Offering special pricing to first-time customers or through referral programs can help acquire new customers and expand your customer base.


While special pricing has numerous advantages, it's essential to carefully plan and execute these strategies to ensure they align with your business goals and maintain profitability. Overuse of discounts or promotions may erode margins, so it's crucial to strike a balance between attracting customers and sustaining a healthy bottom line.


Ramsys employs a variety of special pricing strategies to facilitate automated repricing.


Promotions:

Promotions are temporary price reductions or special offers designed to stimulate sales. They can include "buy one, get one free," "limited-time discounts," or "bundle deals." Promotions attract customers, create a sense of urgency, and help clear excess inventory. Promotions in Ramsys can be planned years in advance if desired.


Trade Pricing:

Trade pricing, also known as wholesale pricing, is offered to businesses or retailers purchasing products in bulk. It's typically lower than the retail price to incentivise larger orders and foster long-term partnerships within the supply chain. Ramsys supports 5 levels of trade pricing, you can rename these levels to suit your use case and have them automatically applied to certain customers via their account or CRM record. Note trade pricing allows you to exercise full flexibility when assigning alternate pricing, this means however it is up to you to continue maintaining them. For this reason it is advised that you only use them when one of the Ramsys calculated prices do not fit.


Percentage Discounts:

Percentage discounts, such as "20% off" or "50% off," reduce the price of a product by a specified percentage. They are commonly used to attract customers and increase sales. These can be applied per sale line, across a docket or automatically applied to certain customers via their account or CRM record.


Dollar Discounts:

Dollar discounts, like "Save $10" or "Get $20 off," provide a fixed amount of savings on a product. These discounts can be more straightforward for customers to understand and can be effective for higher-priced items. These can be applied per sale line, across a docket or automatically applied to certain customers via their account or CRM record.


Staff Sales:

Some retailers offer discounts to their employees as part of their benefits package. Staff sales can boost employee morale and loyalty while providing a cost-effective way for employees to purchase company products. Ramsys can track these sales and apply a % off retail, a cost +%+GST or a set value.


Cost Plus Percentage:

Cost-plus pricing involves setting a product's price by adding a predetermined percentage markup to its production or acquisition cost. This ensures that the retailer covers expenses and generates a profit.


Retail Less Percentage:

Retail less pricing involves reducing the product's retail price by a certain percentage. This is often used for clearance sales or to liquidate slow-moving inventory.


Cost:

Ramsys can also sell items at cost+GST. One good use of this is selling stock to another part of the business.


Store Accounts:

When setting up a Customer you can flag it as a Store Account. doing this means all sales will be sold to the account as Cost+GST or, if the account is also a tax free account Cost.


When implementing these pricing strategies, it's crucial to consider factors like profit margins, customer perception, and market competition. A balanced approach to special pricing can help attract customers, increase sales, and maintain profitability for your small business. Additionally, regularly reviewing the effectiveness of these strategies and adjusting them as needed is essential to staying competitive in the retail industry.