Price rises are coming in several key product categories for our channel. In everyday stationery and ink suppliers have started talking about price increases due in August.
The price rises are not unexpected given the situation with the Australian dollar compared with when prices were last looked at. That and the increase in labour and other business costs, it makes sense prices will rise.
My suggestion is you reach out to your key suppliers and ask the question. If they know about a price rise from their supplier early advice to you could help you purchase inventory ahead of the rise being hit.
Some suppliers, like Dynamic Supplies, have been on the front foot, encouraging retailers to get in ahead of the planned price rise.
A word of caution though, buying stock at a lower price can be false economy if you hold the stock for too long. You only make money when you sell the item and even then it has to sell at a good price. This is why I think a back room or a warehouse can be dangerous – because you are likely to fill it.
So, by all means buy today to beat a price rise, but make sure such buying will result in sales in a reasonable period of time.
In terms of finding out about price rises in advance – check in with your marketing group as they will know.