Show details for Pricing your products | BG_008

Pricing your products | BG_008

In this tutorial, we will explore how to apply pricing to your products. Various pricing types can be applied. The system currently supports the following pricing types: Price per item Price per item with tier reductions Price per item with sliding cost adjustment Quantity drop down pricing

Tutorial Video Transcript

A transcript of our tutorial video, ensuring you can find exactly what you need, when you need it.

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In this

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tutorial, we'll
take a look at pricing your products.

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So there are various pricing types
that can be applied

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to each of your products.

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The system currently supports
price per unit.

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We have price
per unit with different tier reductions,

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and we can have price per unit
with sliding cost adjustment

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and we can have quantity dropdown
pricing as well.

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But explore a couple of these now.

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So what I'm going to start off with
is just showing you our basic product.

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So this is with no pricing
specifications defined at all.

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So we've got

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no price regardless of what quantity

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we pick.

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So if I go into my product details,

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so this is just on the product management
list, find the product

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I want to edit.

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And then what I want to do
is go to our product variant.

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So there's a product variance
tab on our product details.

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You can only have

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one product variant per product.

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If you go and what I want to do
is just go to the right hand

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side of the product variance entry
and click on edit.

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So we go into more detail in the product

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variance settings as a whole,
in other videos and other resources.

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But it's a way of specifying
a lot of information, such as pricing,

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stock level control,
various delivery options

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and so on and so forth.

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What we're going to focus on today
is a little bit of pricing information.

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So if I scroll down,
you can see these entries

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here, which are our basic pricing options.

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So to start off with,
you just put some basic pricing in there.

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I'm just going to look at these
three boxes here.

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So we have the price.

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We have the old price

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and we have the product cost.

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So price
is the default price of the product.

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Old price
is the previous price of a product.

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This is more of a

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a display field rather than anything else.

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It will display on your storefront
what the price of the product used to be.

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And then product cost is the cost

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of all different components
which make up a product.

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So this may be the purchase price
of all the components

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or a combined cost of materials
and manufacturing processes.

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My choice is yours for that one.

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So before we move
on, let's take a look at what

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changes
those settings have on our products.

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I'm just going to save it

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and refresh it on our storefront.

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And you can see already
that we've got a few changes here.

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So we've got an old price listed

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so we can see what
the price of the product used to be.

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We have a current price,
and then if I modify the quantity of that

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and add it to our

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basket,
that price is taken into consideration.

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So we can see that the unit price is £2.

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I've got five.

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So obviously my total is ten.

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The next option down is special price.

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So this is an alternate product price
which can be applied

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between set dates and times
if you wish to do so.

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So, for example,
if I wanted to make a temporary discount

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on that particular product,
I could enter the new price

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and then a start and an end date.

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So I'll make it
so that the current time and date

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sits within this special price range.

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And then when I say my product

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and refresh, we should see this price

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changing to reflect
that because we are within

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that the

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specified
start and end times of the special price.

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Would you have some other pricing options
here as well

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that you're welcome to experiment

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with when we're going through them
in this video tutorial?

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They we have the capability
to, for example, disable

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the ability to buy a product.

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So the Bible symbol be disabled,

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disable the ability
to add the product to a wish list.

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We can get our customers
to have to call us

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for a price
rather than displaying a price.

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Or we can even have the customer enter
a price themselves.

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So all of those options are listed around
about

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here.

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Next,
we're going to focus on tier pricing.

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So if I go to the very top of my product
variance editor,

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the next tab along is tier pricing.

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So taking a look at the

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tier pricing
in a little bit more detail here.

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So the options that we have,
there's not too many of them.

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The actual set up in here
is fairly straightforward,

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but the the work that goes on in
the background is a little bit

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more complex
and we'll need a bit more time to explain.

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So the first few

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options are different
forms of tier pricing.

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So you specify your pricing tiers
down at the bottom here,

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which we'll do in a moment.

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And then whatever you select on here
is how it actually utilizes

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those tier prices.

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Another option we have here

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is the ability to show prices
borderline total.

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So if you have that de selected,
when you're looking at the product

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on your storefront,

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just obtain
that it will show you a per unit price.

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So for example, if I put five in there,

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it will still show me the per unit price
if I have show prices or in total

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that will now show me a total order price.

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And this works even without any price
tiers.

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That applies
to your normal pricing structure as well.

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It's just a different way of viewing
the total price on your storefront.

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The reason it's included
as part of the tier pricing

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is that it makes more sense
in the context of these options.

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So what I'm going to do

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is add a few tier pricing records here.

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Now, this is going to be fairly arbitrary.

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So what you need to do is to press
adds new record.

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Then you have a couple of options.

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First off, you do have the ability
to specify different

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pricing based on customer roll
if you wish to do so.

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So if you want to give different roles,

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different levels of discount,
and then you puts in a quantity

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and then you put in a price for order.

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So for example,
our customer purchased this one.

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Maybe I want it to be £5 per order.

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If I want to put this in as individual
unit price

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rather than total order price,
then I can turn this off.

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So now it's just saying price.

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Now lots of new records.

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So if someone buys a hundred,
maybe it's £4 each

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and 1000.

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Maybe it's £3 each.

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And what you'll see is that
when I start to change these settings,

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the numbers here will automatically change
as well to reflect this information.

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So for example, if I put show prices
order line total, it's switch.

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That's a price per order.

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And the values have now updated
based on that quantity.

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Okay.

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So starting off as a normal setting.

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So what I mean by this is we don't have
any of these options selected,

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but if we do have tier pricing applied,

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it is still going to use tier pricing,

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but it's going to be a price per unit
which is directly based

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on the tier bracket
that you are currently sat within.

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So to view this on our storefront,
just to see if that makes more sense.

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So this is what it would look like
with our tiers in place.

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So we've got price break information here
showing the different quantities

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we purchased and the price.

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And then if I start putting it
in a few different quantities

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here,
just to hopefully drive the point home.

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So if we're sat within this bracket,
so between one and 99 units,

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this should remain as
£5 because it's £5 per unit.

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However, as soon as we move

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up to the next bracket,
it's going to be £4 per unit

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and not £4 per unit is going to be applied
to all of the units in the basket,

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not just the ones that sit
within that bracket.

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So just to go into a little supporting
Excel sheet that we have associated

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with this, using the same tiers
that we've just applied.

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I've got a few examples in the left
hand set of columns,

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which is talking about the normal method.

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So for example, if we want 30 units,

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they all sit within a

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so that means that's within the £5
per unit bracket.

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So the price per unit is £5.

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If we go for 500,

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we sit within the second bracket.

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So that means it's the £4
per unit bracket.

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So the price per unit
of the entire basket is £4.

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Same justification for a hundred.

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And then if we want 2000 units,
that clearly sits within TLC,

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which is £3 per unit bracket.

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So every unit in the basket is then £3.

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Okay.

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So next, we'll take a look at

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quantity based pricing.

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This is probably the easiest one
to explain.

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This directly utilizes
what you've specified as your tiers

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does not give people the ability
to specify a quantity

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which is outside of these values.

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So if I just save that
so we can view it on our storefront,

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you'll see that the price break table
disappears, but it's now been replaced

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by this drop down in the quantities box
and all we give the user.

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Two options to do
is to either purchase one 100

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or 1000.

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The next option down

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is to spread
amounts across all pricing tiers.

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So what this is doing
is directly referencing

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how many products from each tier
you are purchasing.

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So first off,
let's look at the product home page.

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So basically it means that

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if you're purchasing 50 units,

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then everything is going to be
within this first bracket here.

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So everything is just £5 per unit

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if you're looking to get 150 units,
then you've got

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some of this pricing bracket as well.

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And some of this pricing bracket.

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So let's try to justify this

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a little bit more in our Excel sheet.

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So we've got this series of columns here
which looks at this similar

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using the same unit quantities
that we used in the previous example.

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So if we want 30 units,

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they all sit within Tier A.

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So that's three units of £5 each.

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That's £150 divided by the 30 units.

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So £5 per unit.

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Nice and easy.

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If we want 500 units,

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then that now sits
within two different tiers.

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So we've got tier A and tier B.

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It means we've got 100 units at £5 each

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and we've got 400 units of £4 each.

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That's the sum total of £2,100.

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And then we divide
that by the amount of units that we want.

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So the per unit price
is going to be £4, 20.

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Now coming down to 2000 units.

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So this is now sitting
within three different tiers.

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So we have 100 units in the £5 bracket.

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We have 900 units in the £4 bracket.

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And we have 1000 units in the £3 bracket.

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So we've put all of those together.

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That's £7,100.

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Divide it by how many units we want.

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And that gives us an overall price
per unit of £3, 55.

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So the last tier pricing
method we're going to look at here

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is interpolate price based on tiers.

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And I formed a couple of graphs which will
hopefully help explain this a little.

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Again, it's in the Excel sheet
that we've created.

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So we've got a plot here to try and

00:15:04:06 - 00:15:07:24
visualize what's happening
with this interpolation method.

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So the only data that we've
input into the system

00:15:11:23 - 00:15:15:03
for this
is these three same pricing tiers.

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So we've got here a quantity

00:15:18:10 - 00:15:22:20
one £5 to be quantity £104

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to C quantity £1,003.

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So that's three data points.

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And those three data points
have been plotted on this graph.

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Now, that's not a lot of information.

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That's essentially just getting a chart

00:15:38:24 - 00:15:43:17
of unit quantity versus order price
where the only information you have

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is those three points.

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So what we need to do is to interpolate

00:15:49:08 - 00:15:52:27
between that data
and then that's what we do here.

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Essentially,
it's a case of between each of the

00:15:57:19 - 00:15:59:25
tier points, the tier data points.

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We draw a straight line between them.

00:16:02:24 - 00:16:05:06
So we've got a straight line between A
and B

00:16:05:06 - 00:16:07:10
and A, straight line between B and C.

00:16:08:07 - 00:16:12:18
And what this essentially means
is that for any unit quantity

00:16:12:18 - 00:16:16:04
that we select,
so let's say a unit quantity of 600,

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we can get
what the total order price is going to be.

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So this is the interpolation.

00:16:23:12 - 00:16:26:10
This is a very simple representation
graphically of it.

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There is an equation
that gets fed into the background

00:16:29:21 - 00:16:34:06
of the Infigo software
to actually calculate

00:16:34:22 - 00:16:38:01
what the relation is between
the unit quantity and the order price.

00:16:39:00 - 00:16:39:26
And there is

00:16:39:26 - 00:16:43:26
a help center topic
which shows that equation

00:16:43:26 - 00:16:53:07
if you are interested.

 

Incomplete
Step by Step Guide

Pricing your products

In this tutorial, we will explore how to apply pricing to your products.

Various pricing types can be applied. The system currently supports the following pricing types:

  • Price per item

  • Price per item with tier reductions

  • Price per item with sliding cost adjustment

  • Quantity drop down pricing

Creation Date: Sep 14, 2022
Created By: Sam Webster

1. This is how product pricing will initially appear

This is how product pricing will initially appear

2. Click on Product variants

From the product details screen of your selected product, navigate to the Product Variants tab.

Product Variant details control settings such as pricing, stock levels, delivery options and other critical vitals.

Infigo supports the use of only one Product Variant per product.

Click on Product variants

3. Click on Edit

Edit your product variant.

Click on Edit

4. Click on Info

Click on Info

5. Navigate to the Price, Old Price and Product cost fields. Enter some cost values

"Price" is the default price of the product.

"Old Price" is the previous price of the product, displayed close to the new price on the storefront

"Product Cost" is the cost of all different components which make up a product. This may either be the purchase price of the components or a combined cost of materials and manufacturing processes.

Navigate to the Price, Old Price and Product cost fields. Enter some cost values

6. Click on Save and Continue Edit

Click on Save and Continue Edit

7. Refresh your product on the storefront

Basic pricing details will now be applied.

These values are also utilised when adding items to your basket.

Refresh your product on the storefront

8. Enter values and dates for Special price

"Special Price" is a alternate product price which can be applied between set dates and times.

Enter values and dates for Special price

9. Click on Save and Continue Edit

Click on Save and Continue Edit

10. Refresh the product on your storefront

The price will be updated to reflect the Special price if it falls within the specified dates.

Refresh the product on your storefront

11. Experiment with additional pricing settings

Additional pricing options are available, giving a range of functionality.

This includes:

  • Disabling "buy" or "wishlist" options

  • Customer specified pricing

  • Pricing override if supplier if to be called instead

Experiment with additional pricing settings

12. Click on Tier prices

Pricing can also be control via Tier Prices, where the price per product will change depending on defined settings.

Users can select tier pricing to reflect:

  • Product quantity

  • Spread cost across all price tiers

  • Price interpolation using defined tiers.

Click on Tier prices

13. Click on Add new record

Add additional tier records at the bottom of this window.

Specify a quantity and a resulting price.

This can be used to apply different pricing if a larger quantity is purchased.

Click on Add new record

14. Type a quantity

Type a quantity

15. Type a total price for this quantity

Type a total price for this quantity

16. Click on Insert

Click on Insert

17. Create several tier records

Create several tier records

18. Click on Save and Continue Edit

Click on Save and Continue Edit

19. Refresh the product in the storefront to view the changes

Refresh the product in the storefront to view the changes

20. Check Use Quantity Based Pricing

Quantity based pricing allows the storefront user to purchase just the amounts of product specified in the tiers.

Check Use Quantity Based Pricing

21. Click on Save and Continue Edit

Click on Save and Continue Edit

22. Refresh the storefront product to view the changes

Refresh the storefront product to view the changes

23. Check Spread amount across all price Tiers

"Spread amount across all price Tiers" - Accumulative price based on the product quantity selected, and all the various price break points added together.

Check Spread amount across all price Tiers

24. Check Interpolate price based on tiers

"Interpolate price based on tiers" - The individual unit amount set via the QTY selected in the price break table and multiplied by the QTY

Check Interpolate price based on tiers

25. Keep checking the product to see how these configurations impact the pricing structure

Keep checking the product to see how these configurations impact the pricing structure

Individual Search Words

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Alternate Search Phrases

product price setting, applying discounts, adjusting costs, setting product tariffs, pricing strategy, managing expenses, calculating worth, special offers pricing, dynamic pricing adjustment, configuring rebates