COLUMBUS, Ohio—Kids love the store.
They’ve been doing that for years.
It’s just so much fun to get them to walk in and pick out what they want to buy.
And the best part?
They don’t have to make a commitment.
For the first time, retailers are offering a “sales-to-sales” approach to selling their goods.
In 2017, they’ll be able to choose their own prices for the products they want, instead of having to rely on the retailer’s prices to set the price of their goods, according to an industry-wide strategy announced Thursday.
The policy shift by the National Retail Federation (NRF) will make it easier for retailers to offer lower prices for their products to their customers.
“This new policy allows retailers to compete directly with their customers for the best deals, while still protecting consumers’ choice and providing customers with great value,” said the NRF’s president, Michael McDonald.
The shift, announced Thursday, comes as the retail industry grapples with the effects of the Affordable Care Act (ACA) and the Affordable Child Care Act of 2017.
The law was signed by President Donald Trump in March, which requires employers to offer coverage to employees who work more than 30 hours per week and to provide the same benefits to employees in the same jobs who work 40 hours per workweek.
Some retailers have struggled under this new policy.
The NRF, the nation’s largest trade association, says retailers must continue to “ensure that the products sold to customers are priced accurately and that their products are delivered in a timely fashion,” in addition to providing the consumer with information about the product’s features and benefits.
The strategy includes a range of measures aimed at helping retailers reduce the cost of their products, including: cutting back on packaging costs, reducing shipping costs, and increasing shelf space and product selection to make them more affordable.
It also encourages companies to offer discounts to employees and shoppers alike, according a press release from the NRG.
For instance, stores can use their own inventory, or the retail store’s inventory, to create a discount program for employees, said the release.
The goal is to help consumers get the best deal on their purchases and encourage shoppers to shop less often.
Companies can also offer discounts on some products, such as a gift card, that have been widely known to be more expensive than the product at retail.