How can I negotiate a better retail price?

How can I negotiate a better retail price?

1 Expert Answer

Emily Hunter, Ph.D.

Associate Professor of Management, Hankamer School of Business,  Baylor University

Many people are hesitant to negotiate because they don’t know how or they are worried about the other person’s reaction. Rejection is less common than you fear, retail stores are often willing to work with you especially if you use the following tips:

  • Be nice: It’s not a power play. Instead, negotiating is a matter of give-and-take.
  • Find defects: It is easier to negotiate an item if you can find something wrong with it.
  • Look for mark-downs: If an item is marked down or “open-box,” then ask for further discounts.
  • Borrow a coupon during checkout: When making a purchase ask the question: “Do you have a coupon?”.
  • Find a BANTA: Your Best Alternative to a Negotiated Agreement.
  • Prepare yourself: Find a goal, set a redline price & consider your best alternatives.
  • Ask for a higher discount than you are seeking: In negotiations, both sides expect some give-and-take, and the retailer is unlikely to accept your first offer.
  • Pretend you own the business: Think from the seller’s perspective, consider what the seller wants from you, the customer.
  • Choose your opponent wisely: When you choose to negotiate, make sure you’re dealing with the people who can make the decisions.
  • Remember the ultimate goal: Negotiation is not just about saving a few dollars. Instead, it’s about building negotiating skills.

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