Prices – new guidance on sales, promotions and price comparisons
On-line and bricks and mortar retailers need to ensure they comply with laws regulating how you can display your prices. The Trading Standards Institute has released some new guidance for traders on pricing practices, giving some good examples of what retailers need to consider in relation to pricing. The law on this hasn’t changed, but the guidance is useful for businesses who supply to consumers, and includes advice on using reference pricing, time limited offers, additional charges, RRP comparisons and “up to” and “from” offers amongst others, as well as some useful checklists and tips. As Trading Standards enforces the relevant regulations within the UK, understanding their view on how the rules should be interpreted is helpful.
The guidance (available here) also emphasizes the importance of keeping evidence to justify your pricing practices – including text messages to show how prices are communicated, records of stock levels during price promotion periods, and details of your competitor’s prices if you are comparing these to your own.
For more information on pricing or any other aspect of consumer law, please contact Kathryn Rogers on +44 (0)1892 506 147 or Kathryn.email@example.com.