Setting a Pricing Formula for your Products

This video tutorials shows the process of setting a pricing formula for your products using our software. This way you can have multiple pricing tiers in case you have different exclusive offers.

setting a pricing formula

Once you go into application settings, click products tab, and set your selling prices, you will be able to have different pricing formulas for you products. See the video below for instruction:

Setting a Pricing Formula for your Products

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Video Transcription

Hi, this is Chinh from Finale Inventory. In this session I’m going to show you the process of setting a pricing formula to create different price tiers for different customer segments. So let’s go to the Finale here. And for this demo, I’m going to show you, we’re going to use this product called red polo shirt. So, if I click on this product, you know, to the product details page, what we see is we have a base price of $25. But let’s say, that, for example, we want to actually have different price points. So let’s say we have a wholesale price and a VIP price for different customer segments.

So, let me show you how to do that. So, let’s go back to home. And what you do, the first thing you do is you have to name your different price tiers. So, under application settings, you click on the products tab and you scroll down to where it says selling prices. So, I’m going to just type in, for example, wholesale price and VIP price. So, there’s two different ways you can set up your pricing.

One is, if you have a formula for your pricing, then you can add a formula here. So let’s say, for example, the wholesale price is a formula that’s, basically, just the…let me find the base price, which is the selling price. And it’s 20% off, so that’s .80. So I save it. And if I go back to the formula, if I want to just check what that price would be. So if I hit red shirt, you might recall that shirt was $25. So, for this, for the wholesale price would be $20, which is exactly what we expect. Okay?

So for the VIP price, you know, the other way you can do it is, outside a formula, is you can import a unique price for each of your products. So, let’s say, for example, if you open Excel and I want to head and got this, the part it started. So all you got to do is just basically… If you have, for example, a unique price for every single product, so it’s not easy to set a formula for each of the price here, you can just import the prices in. So, let’s say, for example, the VIP price for this product, which is the red polo, is $19. All you got to do is you…I’m just putting a VIP price here.

All you got to do is copy paste it. Go back to home. Click on import/export. See where it says import and update, import to batch, create update products. Paste in here. So, here’s the VIP price, if I hit next. So if I go to red polo now, if I double-click on it, now we show different prices in here. One is the wholesale price and this is dynamically calculated. And I’ll show you where it’s done.

And the VIP price has basically has been imported in. So let’s create a customer. So let’s cue to our customers. And where you can…let’s say we have a customer called Hang Ten, that store. The store called Hang Ten. Do you see where’s his price level? Let’s say this price level always is the wholesale price, if I typed in wholesale price here, or I click on it, then when we create sales reg. for this customer, the price level will begin search with wholesale. Okay?

So let me, kind of, finish the step and we’ll put a new sales order for this customer. Okay. So one thing I want you to look at is this price level. So, the default price level is item price, which is the $25. But f I just [inaudible 00:04:12] Hang Ten, do you see how the wholesale price gets populated here? And if I type in the red polo shirt, the price is $20, which is 80% of $25.

So by associating the price level to the customer, by default comes up. You can override this. Let’s say, you know, you want it to be VIP price, it’s 19. So that’s how you basically set up price tiers for different customers by setting a pricing formula and associating the price tier to the various customers in the customer section.