![]() Return for a refund (Preferential returns) is subject to a 15% restocking fee, to be subtracted from the order total prior to reimbursement. We encourage our customers to try the product in the first two weeks after their purchase to ensure it fits their needs.īut in some circumstances, we will allow a ONE-TIME exchange in size, color, chain, and item of the SAME price with an additional cost of $15 for the shipping and handling fee. Approach the negotiation in a holistic manner while not just focusing on price.Gold Pres accepts returns/replacements within 30 days from the date the item(s) was delivered, ONLY if it's damaged or defective upon receiving.Īfter the 30-day period, you will no longer be eligible and won't be able to receive a refund. If pricing must increase, look for other areas for offsetting reductions, including improvements in ordering efficiencies, a change in payment terms, consignment programs, early supplier involvement opportunities or offsetting reductions on other more stable commodities. ![]() Have the difficult conversations around cost, price and value. Take advantage of your strategic sourcing and supplier relationships that have been cultivated over time and have withstood the perils of the pandemic. Link the surcharge to an agreed upon data source to support audits. The cost remains the same, but you are acknowledging and paying for the volatility as a separate charge that may eventually go down or even get worse. Identify the volatile commodity and break it out from the cost of the purchase by negotiating a surcharge. If the cost of these volatile commodities is included in the sales price, there is limited leverage to renegotiate when the price falls. Sure, there may be items in short supply that come with high price tags. You just might get some beneficial pricing … perhaps at the expense of other less proactive customers. Take the offense in addressing the issue. Your suppliers are trying to determine price increase strategies. Be proactive in commodities that appear to be rising. Knowledge allows you to negotiate from a position of strength. Know the short- and long-term market trends of your commodities. Understand your business drivers and those of your suppliers. Focus on them and don't accept an across-the-board increase.Įxamine the economics. There may be actual increases to deal with. Always link value analysis to negotiation, especially during a time of price volatility. Perhaps the stainless steel part you are using can be just as effective in plastic. This exercise is also a good impetus for cost reduction opportunities. ![]() ![]() Identify specific areas of upward pricing pressures, but also look for corresponding drops. Request a cost break down from suppliers as part of the negotiation strategy. Resist unsophisticated blanket statements from suppliers and negotiate based on actual business circumstances.Īsk for proof. This approach has been used for cost pressures related to feedstocks, precious and base metals, borrowing costs, and even the increasing cost of medical insurance for employees. Avoid the common "everyone knows that prices are going up" strategy from suppliers. Let's look at some negotiation techniques to combat panic increases. Just like we did before the current inflation scare. How do we negotiate with suppliers using inflation as the rationale for an increase? By relying on the tried-and-true methods of preparation, patience and poise. And don't let your suppliers blame inflation as a reason for a price increase. Inflation may be in headlines, but don't get caught up in the hysteria. We just don't know if they are long-term increases or transient ones until supply and demand normalize over time. Inflationary pressures are definitely building.
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