Your key supplier just raised their prices. How will you adjust your retail pricing strategy?
Facing a price hike from a key supplier is a tough spot to be in. You're caught between maintaining profit margins and keeping your customers happy with competitive prices. This delicate balancing act requires a strategic approach to adjust your retail pricing without losing business. As a retailer, you need to navigate through this challenge with a clear plan that considers the impact on sales, customer loyalty, and market position. The goal is to find a sweet spot where your business can absorb some of the cost increase without passing it all onto the consumer, which could drive them away to competitors.