Price points

One tip that came out of the gift fair is that many people found knowing the price points of their shop helped them source items.

If say your margin was for that department 100% and that most of your sales are about $20 for that item, then you know you are looking for items with no more wholesale then $10. Knowing that makes life a lot easy when you are dealing with such a large number of possible stock items.

Well, it is easy to get this figure for a range of possibilities from our point of sale software.

Go to register reports.

In sales, select "Turnover by unit price" (marked in red)

Now click Report Criteria and select the dates and departments you are interested in.

I recommend rather than doing all departments that you restrict it to a selected few so you can examine each department on its own merits. In this case, I picked confectionery.

When the report pops up in this case, you can see that in this department you have two major price points about $2.50 and another at $16.

If you want to study it farther, please use the adhoc reports with excel.