3 wemore Margin Policies You Need to Know
Margin is an important part of reselling. It is an additional profit added to the original product price. At wemore, we believe that margin can make or break any sale in the reselling world. Taking note of this, we have a margin policy in place for all our resellers.
How Margin Works in Wemore ?
Step 1: Choose your product
Add margin money while you check out
Step 2: Add the final customer price
Margin = Final Price of product - Product Prize
Eg - Final Product Prize = 630
Product Prize = 30. So, Margin = 630 - 30 = 30
Your margin = Rs. 30
Points to Note for COD Margin:
Below are few margin payment details for COD before you start reselling:
|Order Delivery Date||Payment Date|
|23rd - 2nd||10th|
|3rd - 12th||20th|
|13th - 22nd||30th|
Know wemore 'Margin' Policies:
1. Never Set Too High Margins
Always be very reasonable while you add margin. By doing this, you can win a happy customer who trusts you and can give you sales the next time.
Our Tip - Maintain a margin of maximum 20-30% of the product price.
How to Approach -
• Selling Saree worth 200? Add 20 to 30 more so that customer feels the margin you add is negligible.
• If you want to set a higher margin, try selling a saree with accessory or 2 sarees.
2. More than 100% Margin is not allowed
Do you know that you cannot set your margin more than 100%? Yes, you heard that right. For example, as per wemore's policy, if the product price is 400, the maximum you can charge your customers is 800
Our Tip - 100% margin means you losing customers. So, try adding reasonable margins to gain profits.
How to Approach - Your first target should be winning a customer and your customer's trust. For that, you can start with 'Margin free sale' and go for 20 to 30% margin. This way, you can attract and acquire more customers to your business and gradually see profit.
3. Don't Exceed the Margin with MRP Products
MRP - At times in the reselling business suppliers sell products along with the MRP (Maximum Retail Price which is a mark of legitimacy. If you happen to see MRP in the product screen, it means you cannot add margin that exceeds MRP.
Our Tip – MRP based products are trustworthy. So, to make sure your new customer has a better experience, go for MRP based products.
How to Approach - All you need to do is to make sure that you set the margin price less than MRP.
These are a few margin policies we have at wemore.Click link for detailed information on the margin policies for both Cash on Delivery (COD) and Online payment mode.