The Oregon Liquor Control Commission recently passed a motion that all liquor stores in Oregon adhere to what is called "Floor Pricing". This got me thinking that not everyone knows what floor pricing is.
Basically, floor pricing is the minimum price that you can sell a product at to a customer. This is useful for not selling products below cost or below a minimum sell price set by a supplier, vendor, or manufacture.
As a retailer, you may also want to set floor or minimum sell prices to ensure that your staff does not sell a product for too low of a price (eg: minimum margin that you want to make or a popular product that should not be discounted).
Each point of sale software program is different, but here is a video showing how you set floor pricing in the Microsoft Dynamics RMS point of sale software
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