Adjust Product Price: A Simple Guide for Store Owners

Adjust Product Price: A Simple Guide for Store Owners #

Hey there, shopkeeper! Adjusting product prices is a crucial part of managing your store effectively. Whether you’re reacting to market trends, running a promotion, or updating costs, keeping your prices accurate ensures profitability and customer satisfaction. Don’t worry—Ficos makes this process straightforward. Let’s walk through how you can adjust product prices step by step.

Why Is Price Adjustment Important? #

Product pricing plays a significant role in your store’s success. Here’s why adjusting prices is essential:

• Stay Competitive: Keep your prices aligned with market trends to attract and retain customers.
• Optimize Promotions: Temporarily lower prices during sales events to boost revenue.
• Manage Costs: Reflect changes in supplier costs or overheads in your selling prices to maintain profit margins.

Accurate pricing ensures your store remains profitable and responsive to market changes.

Step 1: Access the Inventory Section #

To begin adjusting your product prices:

1. Navigate to Inventory:
   • From your dashboard, scroll down to the Business Manager section.
   • Select Inventory to open the product list.
2. Select the Product:
   • Search for the product whose price you want to adjust or browse the list.
   • Tap the product to open its details screen.

Step 2: Access the Adjust Price Feature #

Once you’re on the product details screen:

1. Locate Product Actions: Scroll down to the Product Actions section.
2. Select Adjust Price: Tap the Adjust Price button to open the price adjustment popup.

Step 3: Choose the Price Type #

In the Adjust Price popup:

1. Select Cost Price or Selling Price:
   • Cost Price: The amount you pay to purchase the product.
   • Selling Price: The price you charge customers.

Choosing the correct price type ensures accurate inventory and profit tracking.

Step 4: Enter the New Price #

Provide the updated price in the designated field:

• Double-check the amount: Accuracy is essential to avoid billing errors.
• Use consistent pricing strategies: Align prices with your store’s goals, such as targeting specific profit margins or matching competitor pricing.

Step 5: Record the Reason for Adjustment #

Transparency matters! Enter a reason for the price adjustment:

• Examples: “Supplier cost increase,” “Seasonal sale,” or “Competitor pricing match.”
• Why it matters: Keeping a log of price changes helps you review past decisions and maintain transparency.

Step 6: Save the Changes #

Finalize the price adjustment:

1. Tap Update Price: Save the changes to apply the new price instantly.
2. Confirm Updates: The system will sync the new price across your inventory and sales channels.

Tips for Effective Price Management #

Here are some best practices to streamline price adjustments:

• Monitor regularly: Review prices frequently to stay competitive.
• Plan ahead: Schedule promotions and seasonal price changes to maximize sales.
• Use historical data: Analyze sales trends to inform your pricing strategy.

Conclusion #

Adjusting product prices in Ficos is simple and efficient, helping you keep up with market demands while maintaining profitability. With accurate and timely updates, you can optimize your inventory and enhance customer satisfaction.

What our clients say #

I have managed to track my expenses better and been able to budget and plan better

Nayebare Jenuario #

★★★★★

Business has never been managed better on an app than with Ficos! No hardware costs, no implementation costs, the LOWEST cost of ownership and business intelligence at your finger tips! Thx Ficos team

Fort High #

★★★★★

Excellent app Very useful for business

Christian TABARO #

★★★★★