reduce

If you reduce something it means you make it smaller.
 
The noun of reduce is reduction.
 
Allthwaite’s Ltd have reduced their staff by 10% to cut costs.
 
In Business English, the word reduce is often used in relation to prices:
 
Krazy Karpets, the No.1 place for carpets, have got some MASSIVE reductions this summer. 75% off – we  can’t be beaten on price!
Copyright Big Business English 2018