Spring 2020 Strategies

BLISH-MIZE SERVICES

Taking Control of Pricing Manage Your Margins in Just a Few Clicks

While having a diverse product mix and knowledgeable customer service can be strong differentiators in any market, taking control of your margins and being strategic about pricing can help you maximize your sales potential in your market. To help you take that control, Blish-Mize buying partner Distribution America created the Retail Right retail pricing system (RPS), which is accessible in the Customer-Only area of blishmize.com. “The goal of this program is to give retailers the ability to increase their profits strategically,” says Clay Uhrmacher, vice president of sales and marketing for Blish-Mize. “Through this system, retailers can easily customize their margins in real time.” Margins are set for all items at benchmark levels, and most retailers stay with those margins. Uhrmacher says if retailers don’t adjust any margins, then the benchmarks are set to deliver an average margin. This program puts retailers in control of their margins and gives them the information they need to make strategic changes. Each item a Blish-Mize customer has in stock is rated 1 to 8 on a price sensitivity scale. The lower the number, the more price-sensitive an item is, which means retailers should be consumer perspective, sometimes just a few pennies difference will move them along to the next retailer. P ricing is a key issue in retail today. From the

Blish-Mize customers have access to the Retail Right retail pricing system in their customer accounts on blishmize.com. The system allows retailers to adjust margins in real time.

Blish-Mize customer account on the website. Click on Account Information and then navigate to Custom Retails. “It’s a straightforward system,” says marketing director Cindy Kane. “It’s as easy as typing in an item number, product line or vendor name and deciding what kind of margin to put on those products.” Blish-Mize customers who need guidance on using the system can work with their sales representative in the store or call the Blish-Mize marketing department. There will also be representatives available at the Sales and Marketing Booth at the 2020 Spring Buying Market who can help guide you through the system. “This system is set up for retailers to use as-needed,” Kane says. “As you identify opportunities or challenges in your market, this is the tool for you to go in and manage those in real time.” To learn more about the Retail Right program, contact Clay Uhrmacher at clay.uhrmacher@blishmize.com or Cindy Kane at ckane@blishmize.com.

cautious about adjusting margins on those items too broadly. Items rated higher on the scale are considered “blind items,” which means there is a broader range of acceptable price points, according to consumers. Through the Retail Right program, retailers can see the codes of each item and adjust margins on individual items, vendor items or even entire categories. “We also allow retailers to subcategorize their margins in this system,” Uhrmacher says. “For example, if a retailer wants all paintbrushes to be at 30 percent margin, but all dropcloths to be at 15 percent, they can make that adjustment in the system and it will take effect immediately.” Because the price changes are immediate, Uhrmacher says the system is also useful to test pricing on new items. “Ultimately, the retailer is in control, and it allows them to make more margin and establish competitive pricing in their market,” he says. Start Your Strategy Today Getting started in the Retail Right program is as easy as logging into your

8 Spring 2020 • Hardlines Strategies