Pricing is one of the most time-consuming processes when running a small retail shoppe. The main reason is because most items are individual. I don’t typically purchase multiple items from wholesalers. Every item must be entered into my inventory and a price tag printed and attached.
Two Steps
Pricing and tagging items is a two-step process.
- First, you must create an inventory tracker where you can keep track of your items. This should allow you to show when an item is sold as well. I use an excel spreadsheet for my inventory. It was simple to use, and it worked well when I was just starting my business. I like excel because it has allowed me to expand my inventory tracker. I now use multiple tabs for similar items like textiles, furniture and accessories, which is great for keeping tabs on sold items and helpful for knowing what is selling and what is not. It also allows me to track items by year.
- Second, you need to tag each individual item. Wholesalers often do this for you, but when you have a shoppe like mine where most things are renewed, you will be doing this yourself.
Tagging Inventory Items
Many small shoppe owners in larger mercantile or antique malls give little attention to pricing their items. Most use simple stick on or tie on tags that you can purchase at office supply stores. I would encourage you to go beyond this basic pricing method.
Your tags are a great way to promote your brand and create ambiance in your shoppe. I created my own tag design,which has worked well for me over the past three years. My personalized tags have been a huge boost to my ability to promote my shoppe. My desire for something different allowed me to unknowingly accomplish a beautiful way to promote my brand…THE TORN POCKET. This was just dumb luck on my part, but I am telling you, it is worth your time to put some effort into your price tags.
I used powerpoint to create the tags, which I now print out by the sheet when needed. I color the tags by hand (usually when watching a show) because I have found this is cheaper than getting them printed. I also like the personal touch. I use a paper-cutter to cut the tags, then stamp each one with “wishing you a day filled with good things” (a phrase I use in all of my advertising).
Finally, I fold each tag and punch a hole in it. I use twine to tie tags to my merchandise. I now make these by the hundreds and keep them ready for pricing. This required much less work when I first opened my shoppe, but since my business has grown, it may soon become more cost-effective to have them printed.
Powerpoint to the Rescue
I have found that Powerpoint is a great program for creating tags. I use Microsoft mail merge to create labels for my pricing. The labels are attached to the tags. It sounds complicated, but is actually quite easy now. The tags and labels look neat and professional, and the Mercantile employees find them easy to use when checking out customers. They are a big boost to my advertising, and I love the way they look in the shoppe.
– Wishing you a day filled with good things –
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