There are a lot of pricing strategies that can be employed in the market. Vendors make use of tier prices as a form of pricing strategy. Tiered pricing is also referred to as quantity discounts. The secret of revenue is the difference that exists between the total cost paid to attract new clients and the total cost of discounts on each product. It is however clear that selling to a particular customer may be more profitable than attracting new clients. Attracting customers with Tier pricing can be a means to stand out from others. In this situation, tiered pricing can serve as an incentive to instigate more purchases. Tier pricing needs to be effected in Magento Pricing.
A bird in hand is worth two in the bushVery old saying
Old customers are of a greater importance than guests due to the loyalty of the former to the store. They are much more used to the running and services provided by the online store. There is no doubt that selling to a particular customer may be more profitable than attracting new customers. In this situation, tiered pricing can serve as an incentive to instigate more purchases. All types of pricing strategies require time for them to be accomplished, it is however fortunate that Magento 2 extensions help in the making of almost in a few clicks.
This article is designed to show you the processes of bulk update of tier prices in percentage for Magento 2 store.
The first thing to do is to create tier prices for the bottle for the different stores. In this example, we will be making use of these tier prices:
- 2 items will cost $4 each;
- 3 items will cost $3.5 each;
- 5 items will cost $3 each
For the setup of tier prices, navigate to the Admin sidebar, click on catalog. Under inventory, select products, click edit link in the Action column.
In the price space, you will find an Advanced Pricing link, click on it.
This place allows us to configure prices. In the Customer Group Price section, click Add. After this follow the instructions that follow:
- Assign the Customer Group for the quantity discount.
- In the Quantity field, input the quantity of items which are required to receive the discounted price.
- In the Price field, you are to select Fixed or Discount. You can choose the fixed price. If you select the Discount, the system will calculate your discount in percentage.
- The next gap should be made up of the price of one item.
On this screen, you can an example of how the following fields are filled.
For the assigning of the same tier prices to another customer group, you are to create another quantity discount for each customer group.
To create another Customer group price, click Add and repeat the previous actions. When you are done with this, click the Done and Save buttons simultaneously.
On assigning of the different tier prices, it is time to reduce them by 5%
In order to automatically reduce all prices, we are to make use of Bulk Price Updater extension which is designed to help in the changing of all tier prices for a particular percentage and our step-by-step tutorial will teach you how to do this.
Step 1. Navigate to the Catalog, click on Bulk Price Updater, after this complete Price Configuration section.
- You are to then select the Tier Price in the Basic Price field;
- Choose Percentage in the Update Type space, because we want to change prices in percentage;
- Input the value “-5” to the Update Value field;
- Navigate to the Products section, select all the items in the Assign column, after this click on Update Prices.
Step 2. To review the reduced prices, navigate to the Admin sidebar, click on Catalog, select Products in the Inventory section. In the action column click on Edit link.
On the product page, click Advanced Pricing found under the price field.
Great Job! The prices have now been reduced by -5%, as you can see this on Advanced Pricing page.
On the webpage it would look like this:
Note: if you have a lot (even up to thousands) of products in the store, you can decide to select and change all items that have a Tier Price attribute. This means you can select Tire Price attribute and then assign all items after module calculates the discount for Tier Prices.
If you still have questions on the Bulk Price Updater extension extension, you can always support us for support or read the tutorials on our next topics:
Bulk Price Updater: benefits and usage
How to apply special prices for holidays in Magento 2
How to manage product prices for Magento 2 multistore
Keep being creative! Your Mageside team!