Pricing

The economy is constantly changing. And it is greatly influenced by certain economic indicators that can affect the prices of commodities like oil and gas, agricultural products, etc. These commodities are essential in sustaining the financial market of an economy, and their increase or decrease in value largely depends on the supply and demand flow. 

Therefore, it is essential for businesses that focus on trading with commodities to understand the role that supply and demand play in the prices of commodities. This article will explore how supply and demand can influence commodity prices.

Cracking the Code: Understanding the Effect of Supply and Demand on Commodity PricesRead More »

Why are the energy costs of wholesale so high? It results from a string of coincidences, some affecting the entire world and others only in the UK.

While we are all impacted by growing energy costs at home and work, it is a global problem brought on by several unanticipated and far-reaching factors.

Energy prices were always a major concern, but they have become much worse as a result of several factors, including the situation in Ukraine (more on that below) and the following ones:

Everything That Is Happening Around Energy Rates and How It Affects BusinessesRead More »

To ensure they are doing it properly, merchants who utilize the cash discount program and acquire a brick-and-mortar store are obligated to display signs by the entrance and in front of all locations consistent with point-of-sale. The customer’s receipt is required to have a clear display of based cost, total of sale, and cash discount visibly printed.

On invoices, they are also required for merchants who own an eCommerce store that requires manual payments. Cash discounts require an existing bill and must be explicitly stated in the “Terms & Conditions” section of the invoice. On invoices, cash discounts are displayed in the following format: 5/7, net 30. This means that the customer is entitled to receive a 5% discount only if the invoice is paid within seven days. The goal is to make the buyer submit payment before the due date. If they fail to make the time frame, the customer will have to pay the full balance within 30 days.

How Do I Use Cash Discount Properly?Read More »

Pricing is complicated, and if the entrepreneur gets it wrong, it’s a game over. Set the price too low and forget profits. Price things too high, and it will send away customers. The good news is that there are different ways to set up prices for a small or medium-sized business. Understanding pricing strategies is the best way to approach the market. Moreover, the entrepreneur needs to understand the customer and their willingness to pay for the product. Also, the entrepreneur needs to know what the competition charges for the same product. Besides that, one needs to factor in fixed and variable costs.

Pricing Strategies Every Entrepreneur Needs to KnowRead More »