Advanced pricing is a crucial component of eCommerce platforms since it encourages customers to buy more goods by offering discounts on buying items in bulk. Magento 2 Advanced Pricing tool is a built-in feature that enables store owners to set up complex pricing structures based on a customer group, product type, quantity, and customized price rules. This feature is highly flexible and allows store owners to create various pricing rules to cater to different customers and deals in the store. In this article, we will explain how to use Magento 2 Advanced Pricing in detail.
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Steps of Setting Up Advanced Pricing in Magento 2
Here are the steps to configure advanced pricing in Magento 2:
Step 1: Sign In to Magento 2 Admin Panel
Log in to the Magento 2 Admin panel using your credentials.
Step 2: Choose the Product
Select the product that you want to create a pricing rule.
Step 3: Edit the Product
Click on the ‘Edit’ button to select the product that you want to apply the advanced pricing rules to. The next page will open the product overview, where you will edit the product according to your needs.
Step 4: Add a New Price Rule in Magento 2
Tap on the Price option, which will display pricing options for the product. You can add multiple price rules for the same product.
Step 5: Select the Customer Group
You can now select the customer group you want the rule to apply to on the ‘Customer Group’ option. You can either choose all customer groups, specific customer groups, or not logged in customers.
Step 6: Set the Quantity
You have the freedom to choose how many products the customer should purchase to receive the discount or any other pricing rule. To add volume pricing, select the ‘Advanced Pricing’ checkbox and enter the quantity of the product that should trigger the discount.
Step 7: Add the Discount Percentage
To offer a discount, select the ‘Discount Amount’ radio button, and choose the percentage from the dropdown.
Step 8: Specify the Time Range for the Advanced Price Rule
To create a timeline within which the pricing rule should apply, select the ‘Add Date Range’ checkbox and enter the start and end date.
Application of Advanced Pricing Rules
Now that we have learned how to set up advanced pricing rules, let’s examine how to apply them to different scenarios.
Scenario 1: Special Prices
Special prices are custom prices that you can set for products in your store. You can configure the special price section for the product that you want to set up the advanced pricing rules for. Tap on the ‘Add Special Price,’ and select the Customer Group and enter the discounted price and the timeline within which the pricing rule should apply.
Scenario 2: Group Pricing
Group pricing involves setting up different prices for various customer groups. This feature is useful for businesses that want to offer different pricing tiers based on the customer. To set up a group pricing rule, select the Customer Group and configure the pricing, including the percentage discount or fixed price.
Scenario 3: Tiered Pricing
Tiered pricing is ideal when you want to offer discounts based on the quantity of the product purchased. This discount is popular among wholesale business models that deal with high-value products. To create a tiered pricing rule, select the ‘Quantity Discount’ checkbox and enter the quantity and desired discount percentage.
Benefits of Magento 2 Advanced Pricing
Magento 2 Advanced Pricing offers numerous benefits that make it a must-have feature for online store owners. Here are some of the benefits of Magento 2 advanced pricing:
Increased Conversion Rates
Advanced pricing encourages customers to buy more products. The more the customer purchases, the higher the discount, and the more products they can buy, leading to higher conversion rates.
Multiple Pricing Tactics
Magento 2 Advanced Pricing allows store owners to create various pricing rules to cater to different customers and deals in the store.
Improved Customer Retention
It is easier to retain customers through loyalty programs like discounts than to attract new customers. Magento 2 Advanced Pricing enables store owners to create loyalty programs that improve customer retention rates.
Upselling
Advanced pricing is an effective strategy for upselling products. You can program rules that offer a discount on a product if the customer purchases another item.
Conclusion
Magento 2 Advanced Pricing is an essential feature that enables store owners to set up complex pricing structures, including customer groups, product types, and quantity-based pricing discounts. With Magento 2 advanced pricing, e-commerce business owners can increase conversion rates, customer retention, and even upsell to customers. It is imperative to learn and understand how to configure and apply advanced pricing rules to take advantage of all the benefits it offers.