Bridal retailers are faced with customers asking for discounts on a weekly basis and many are unsure how to deal with it.
For bridal retailers, pricing your stock is no easy task. You need to understand your market, know how much your customers are willing to pay, as well as how much your competitors are going to charge. To get this right you need to carefully deliberate, calculate and research. After all, your sales are what are going to define the success of your business.
If you are thinking about offering a discount in your bridal boutique remember that the key is not to sell yourself short. Know your boundaries, set a fair price and stick to what you’ve set out.
Our Top Tips for Discounts
- Set out your business objectives– Blindly implementing discounts is one of the biggest mistakes you can make as a retailer. Before offering any deductions ask yourself, ‘How will this discount benefit the business?’ Clearly defining your objectives will make it easier to decide if the sale is worthwhile or not.
- Offer discounts on a case to case basis– Just because you offer a discount to one customer doesn’t mean you have to extend it to the rest. If you are offering a discount on sample dresses don’t feel pressured to offer the same on new season designs. This will only damage your business in the long run.
- Keep sight of your margins – Before you offer any discounts on your stock it’s important to establish what you want your profit margins to be. Once this has been agreed upon, keep an eye on every discount given to make sure they don’t surpass this.