How Your EPOS Software Helps You To Get Better Prices From Your Suppliers

Here's a quick and simple way to bring down your cost of goods sold and boost your profits....

Open your epos software and draw up a sales report that summarizes the profit margins for your providers.

You can use that data to negotiate better prices with your providers.

Many retailers fail to ask discounts since they don't feel like they have the leverage of the big young men. It’s not true in most of the cases. You just need to ask. The worst answer they can say is no.

For example, you could call your provider and say, "I'm taking a look at the reports in my POS software and analyzing the profit margins for my business. I can see that you're one of our top providers but our margins on your products are low.

 

In fact, they're 8% lower than our top two sellers. We truly like your products and we like ordering much more, but we need to get more money. What would you be able to improve discounts permanently?"

I think you get the idea. This is important and more powerful than simply saying, "Can I be able to get discount?"

In case if you don't have an EPOS system you can get this data, but it will take a long time to create it. With the right EPOS software, you can whip out this data in almost no time.

You'd be stunned how just asking for better prices from your providers can knock off a bug chunk of your stock costs. What's more, having genuine data before you makes it easier get what you need.