Mika
VIP Contributor
A common practice in the business community when it comes to building better revenue is increasing the price for the products and services they are selling. Maximizing profits in retail goes beyond simply jacking up prices. Before you do this, you will have to see the advantages as well as disadvantages. While higher margins are tempting, they can scare away customers. Instead, consider sourcing directly from manufacturers for a better cost price, allowing you to add healthy profit margins without alienating buyers. Remember, value and competitive pricing are key to sustainable success. Therefore, you need to think twice before increasing price