How Do I Raise My Prices to Fight Inflation as a Retailer? | Retail Today With Bob Phibbs, the Retail Doctor - Flash Briefing

For many retailers, the new year bought in higher minimum wage laws and a lot of other people are looking at surcharges to try to get their pricing back to where they can be profitable. And I don't want that to catch you off guard. You know, if inflation is rising, you have to think about, maybe I should be raising my prices.

Now, it doesn't mean you raise all of your prices equally, but today, I want you to ask yourself, “Could I selectively raise my prices to keep my overall margins intact?”

And often you'll find that in a category report and look at what people are buying the most and see how you could make a bit of a difference to it and then raise your prices. And also don't forget that when you raise prices from a vendor, you get a new invoice, that means you should price up the inventory that you have already in stock because it's going to cost you more to replenish.

So today, just think about raising your selective few prices that can help meet your margin goals for 2020 and then if you raise your prices now, you know what, few are going to notice, but it can mean the difference between profit and loss.

If you love what you heard on Retail Today, connect with Bob by visiting retaildoc.com or send a message to bob@retaildoc.com. Thanks for listening!