The art of negotiating the price of a product

Bargaining is a usual process that goes underway during the transaction of a product. Almost everyone tries to negotiate the prices of the products. However, there are some people who do not appreciate to bargain and buy the product or commodity at its asked price. Such people are most welcomed by the sellers.

Shopkeepers or sellers on the other hand also try their best to sell their products at the market prices for securing maximum profit margins. Various tactics are adopted by sellers for deterring the bargaining process. So, it can be said that bargaining is some sort of a battle between the two parties i.e. sellers and buyers.

The Art of Negotiation

Regardless of the commodity that you are buying, there is always room for negotiation. Usually, the sellers do not sell their products at lower margins. You should develop a clear idea of the tactics adopted by sellers for trammelling the bargaining process. There are many things that are needed to be taken into consideration for complementing reasonable bargains.

  • Knowing the market

It is equally imperative for you to gather the knowledge of the market of the commodity that you want to buy. This can be done by visiting different shops selling the goods that you want. Different wholesale suppliers can be contacted to get an idea of the average prices of a product. This process is likely to allow you to get an idea about the value of the commodity in the market.

  • Not relying on a single quote

You should not be relying on a single price quoted by a single supplier. Relying on a single quote is likely to lead you towards expensive purchase, in contrast to the average market price of the commodity. Suppliers usually take the advantage of the ignorance of the buyers. So, relying on the prices offered by a single supplier is unlikely to be feasible for you.

  • Wholesale purchase

If you want to buy a commodity in bulk, then instead of negotiating with different suppliers of the same commodity, it is viable for you to negotiate with a single supplier selling cheap wholesale products, but only after gathering the knowledge of the market.

Wholesale items are usually purchased in bulk amounts and bulk purchases increase the bargaining power of the buyers, allowing them to acquire the commodities at reasonably competitive prices.

  • Never show enthusiasm

It is unlikely to be in your favour to praise the product in front of the seller. This provides the seller an apprehension of your enthusiasm regarding the product, with consequential effects of increasing the bargaining power of the seller. The seller, in such instance is likely to develop the feeling that the buyer is utterly willing to buy the product, so he/she (the seller) does not compromise to negotiate.

  • Addressing fixed price products

Some sellers, with the intent of not indulging in the bargaining process, quote fixed prices of the products, which are not subject to negotiation. In such instances, you do not need to show the particular customer loyalty and you may prefer some other wholesale suppliers providing the competitive prices for the same product.

The bottom line

These tactics are likely to complement your bargaining process. Suppliers or sellers are always in search of such buyers who do not know the negotiation process. Now, it is up to you, whether you want a negotiation or put an adverse financial onus in your pocket.