Knowledge is key. With market insights, performance data and price history, you will have the upper-hand when it comes to negotiating with your suppliers.
Clear information regarding competitors' assortment, stock status, and daily pricing, compared to your prices, will let you know when a competitor is trying to push the market and how far you would be able to go down in price before a call to the supplier can be made for a better agreement or talk regarding future possibilities for compatible prices.
By understanding the price position of your competitors with the same products as you, while getting a better cost price - you can price position yourself more competitively. And you’ll have an easy understanding of what to purchase based on your price and profit.