Disadvantages of Increasing Price for Revenue Growth

[Mika]

A common practice in the business community when it comes to building better revenue is increasing the price for the products and services they are selling. Maximizing profits in retail goes beyond simply jacking up prices. Before you do this, you will have to see the advantages as well as disadvantages. While higher margins are tempting, they can scare away customers. Instead, consider sourcing directly from manufacturers for a better cost price, allowing you to add healthy profit margins without alienating buyers. Remember, value and competitive pricing are key to sustainable success. Therefore, you need to think twice before increasing price

 

[Suba]

If you increase the price of your product for reasons only to increase revenue, it will have a very bad impact on your business, because similar products and the same quality are also offered by competitors at the same price, maybe even lower, so your product will not be accepted by the market or customers will use the product. competitor. So to increase product prices you must have a strong reason, such as improving product quality, increasing raw material prices.