There are times where due to inflation or the cost of production could make a business owner increase their price, but while doing this, every customer should be aware of the plans to increase price as soon as possible and once it has been increased, the customers should also be aware of the new price. Even customers have their rights, and one of them is the right to be informed.
Price increase without informing your customers
- Thread starter eldavis
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I experienced price increase in malls but people are not aware. We're shocked but there's no choice. Inflation doesn't give way to customers. They're just doing the increase according to the flow of tide in business sectors.
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- #3
Yes i understand you, i think its even more understandable in malls, it may not be possible to actually reach out to all your customers but for small business owners who offer various services, you can easily send a message via whatsapp letting them know about it. Like some weeks back i got a message from where i normally do my print outs that there would be an increase in price the following week.
I haven't experienced it here, most businesses just make increase of prices after being granted by the Price Control big or small businesses. They must be transparent on dealing with customers.
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- #5
Yes even here there are places that still does not inform their customers, you just go and suddenly find out the price has been changed. You have no choice, either you buy it or you leave it if your money is not enough for the new Price.
I work as a freelancer on translation. When I increase my rate for translation, I send an email to my customers to notify them the change. But for shops selling products or even supermarkets, they just increase the price of products. Customer will only know the new price when they buy the products.
For products in the offline space, you would have to adjust your prices within little notification time frame and it might be difficult to inform all customers. But you can inform the ones that you can.
There are tons of businesses in here that never inform the customers about price increase. They do this in order to start hoarding products so that they could sell those products at a really high rate.
If products are not regulated price increase is most likely to happen. Some products have price ceilings especially the basic commodity of which the prices of retailers are the same and may vary slightly depending on the location. But for other products and services the prices can increase anytime but they can not also do it freely as they have to consider competition. If they sell at relatively higher price than their competitors they will lose customers.
That is why you should have a platform where you communicate to the entirety of your customer base all at once. The price increase could be posted on your Facebook page. It is impossible to reach out to every customer one by one.
You owe it to your customers to always inform them about price changes in your product and services even before you do it so that they will be prepared to pay the new price when they come to purchase.
That's right I agree with you. I also often experience the same thing, the price increase or decrease is rarely informed. So I don't know about it except during a purchase transaction at the store. I'm actually not comfortable with things like this.
That's right we're only shocked once see the new prices but we do not have a choice but to buy. Prices this give give us a headache. We keep on adjusting and computing.
These companies are always raising prices and the thing is they do it more often than you would ever expect
That's right I agree with you. It really messes up our budget. Worry about not having enough money or worry about spending too much money and being wasteful. But we will be very happy when we know that the price has suddenly dropped.