Which Reprice Method should you use? This article covers the four most common and how they work.
Standard Cost & Last Cost work on the following formula:
Std cost $10.15 + Reprice markup % 50.00% + GST = Sell price $17.99
Last cost $8.642 + Reprice markup % 50.00% + GST = Sell price $14.99
NB: The sell price will be rounded based on your Price Parameters or Psychological Pricing
- Std cost is updated by the supplier Pricelist that you have set in Std Pricelist on the product and as such does not include any discounts you may receive/ negotiate. By using Standard as your reprice method you are not passing your discount onto the customer, thus making a larger profit.
- Whereas if you use the Last cost (which is updated when receiving your order) you are passing your discounts onto your customers and you can be more competitive
NB: These are ideal for wholesale products & OTC product ranges.
RRP or Recommended Retail Price
This is also updated by the supplier Pricelist that you have set in the Std Pricelist field of your products. If this method is chosen, Toniq Retail will simply copy the RRP into the Sell price field. If you choose RRP as the reprice method it is a good idea to check the Std pricelist you have chosen actually DO provide the RRP.
NB: This is normally used on Cosmetic and Fragrance ranges i.e. Revlon, Shiseido
This means the product Sell price will NOT change unless you manually edit it.
NB: This is normally used on your “Lost leader” products and pricing should be checked regularly