Rounding up the pounds, a retail conundrum
July21
We are just in the process of designing our new catalogue and looking at pricing. Many of our suppliers have put their prices up, due to manufacturers doing the same, so we will probably have to do this as well. I was reading an article yesterday about rounding up prices, from 99p to £1. Here’s the article – it’s an interesting read for anyone in retail http://news.bbc.co.uk/1/hi/magazine/8159072.stm
Be great to get a few comments whether you think sticking to our current prices eg £4.99 or £9.99 is best, or should we go for £5 and £10. Do you feel it really makes any difference at all. Please add your comments at the end.
I think it ’s a lot easier to collect whole pounds when you’re at a party and even more when having a stall – you can serve customers quicker and can keep more of an eye on things as you’re not constantly looking for change. Customers quite often tell you to keep the penny anyway.
I run Baby Activity Classes and have just decided to round my class fee up to £4.00 instead of £3.95 to save on having to find five pences all the time. I originally went for £3.95 as it sounds cheaper than £4.00 but the mums who come to class think £4.00 is cheap anyway and don’t mind paying!
Helen, Bridgend
I heard on radio 2 that they are thinking of scrapping the 1p, as many people don’t like it! and that todays “sophisticated” buyers just round it up in their heads anyway! Some people think that by adding 99 at the end of a price, that you are trying to make it look cheaper. I think “honest” prices should work better!
I don’t think it makes much difference to be honest, I think the penny will disappear from the UK currency one day soon
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