|Tip of the Week||March 19, 2012
Volume: 2 | Issue: 12
When your customers are cruising around on your site, they will see an estimate of “XX days to obtain.” This information will provide them with a basic time frame of how long this book will take to get into their hot little hands. Therefore, it’s important that you take a minute or two and set up accurate delivery times, in order to ensure you are giving them the best estimate.
Tip: Extended PubStock Display
Did you know that there is an option for your BookManager to display suggested sell prices for books and let you see where to purchase books to get the maximum profit, given a suggested retail price?
PubStock is the key for all of this and it’s an ah-mazing tool, as most PubStock subscribers already know. If you do not currently subscribe to PubStock, give us a shout! We’d be happy to describe the benefits of PubStock and do a “hands on” live demo with you.
For those of who who already subscribe to PubStock, you are familiar with the little window that pops up in the lower right half of your screen, displaying supplier prices and availablilty for the item you are viewing, be it an item in your local inventory file or an item you are viewing through a TitleLink search. The basic PubStock window looks like this:
It gives basic supplier pricing and availability, which is excellent and useful. From this view you can see that both Canadian and US suppliers have it available and you can see the prices from each. You could also assume that the Canadian cover price is $10.99, as this is what is offered by your Canadian suppliers who are offering it to you at regular discounts. But what happens when an item is only available from US suppliers? How could you quote a sell price to your customers quickly and easily? Here’s a basic PubStock window:
And here’s the extended PubStock information for the same item:
Notice that the extended PubStock window is calculating a suggested sell price for you, as well as indicating the PM (profit margin) you will make given the PubPr (publisher price) and the suggested SellP (sell price).
Remember last week’s math lesson on how exchange and markup is used to calculate online sell prices (given a desired PM)? GROAN! Well, it’s used here too, except that in your PubStock view in the software, the prices are rounded more generally (to the nearest .99 or 0.50) to give you a more “retail friendly” suggested price for an item.
Let’s look at the case where an item is available from both Canadian and US sources. What does the extended PubStock display tell us?
So, our Canadian suppliers are offering a price of $9.99, and the suggested sell price from the US suppliers is $10.50. Notice the Canadian prices are green, while the US prices are white. If we match “green to green” we’ll see that if we sell the book at $9.99 and order it from a Canadian supplier, we are making 40%. But if we sell the book at $9.99 and order it from a US supplier, we’re making a bit more – 44%. If we sell the book at the US price ($10.50) and order it from a US supplier, we’re making even more – 47% (based on the US markup, of course!)
If a customer wanted you to special order the item in, you’d want to think about what options you could offer them, taking into consideration your delivery times and freight costs from different suppliers, and also what the customer wants and needs. The extended PubStock display gives you the information needed to make your ordering decisions and to easily see a suggested selling price that’s in line with your exchange and markup settings, with no guesswork.
HANDY TIP: BookManager also has a super handy “hidden” price converter that you can use anywhere in the software to quickly generate sell prices. Press F7 twice, then fill in all of the necessary fields. The converter will use the exchange and markup settings for the supplier you enter to calculate a sell price based on the markup and supplier discount. You can play with the PM field to generate sell prices that reach a specific PM.