If you’re running an ecommerce store, you know that pricing is a crucial component in influencing customer behavior. As customers compare prices, they’ll be more inclined to purchase from a store that offers deals, discounts, and promotions. For this reason, it’s essential to have a robust pricing system in place.
Magento 2 comes with advanced pricing configurations, making it easy for store owners to offer numerous pricing options. This article will explain how to use the advanced pricing configurations in Magento 2 to manage orders more effectively.
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Types of Advanced Pricing Configurations
Magento 2 offers four types of advanced pricing configurations that online merchants can use. The four pricing configurations are:
A special price is a temporary price reduction that you can offer your customers. It’s a percentage discount, a fixed amount, or a combination of both. The special price applies to individual products, so you can have different prices for different products on your store.
A tier price is a quantity-based discount. It offers a discount to customers who order a certain quantity of a product. So for instance, you can offer a discount to customers who order 5 or more items of a particular product.
Group prices are only available for wholesale customers who buy in bulk. Group prices offer price discounts to customers who belong to a specific group. You can set specific prices for each individual customer group.
Catalog Price Rule
Catalog price rules allow you to set discounts on categories or products based on certain rules. For instance, you can offer a 20% discount on products that belong to a specific category. Catalog price rules can be time-limited.
Setting Up Advanced Pricing Configurations
Now that we know the four advanced pricing configurations in Magento 2, let’s see how to set them up.
To set a special price for a product, navigate to your product page and click on the advanced pricing option.
Under advanced pricing, click on the add special price button and add your special price details.
Once you’ve added the details, click on save.
To set the tier price for a product, navigate to the product page and click on advanced pricing.
Under tier price, click on the add tier option and set the quantity range and the price.
Once you’ve added the details, click save.
To set the group price, navigate to the product page and click on advanced pricing.
Under group price, set your customer group and the group price.
Click save when done.
Catalog Price Rule
To set up a catalog price rule, navigate to marketing and choose catalog price rules.
Click on add new rule and set the rule conditions and actions.
Click save when you’re done.
Advanced pricing configurations allow businesses to attract and retain customers by offering discounts and promotions. With Magento 2, e-commerce store owners can take advantage of the four advanced pricing configurations, namely, special price, tier price, group price, and catalog price rules. Setting up these advanced pricing configurations is straightforward and will contribute to effective order management.