When it comes to online retail, one effective way to increase sales and profits is to offer product bundles. Product bundles refer to a group of products sold together as a bundle at a discounted price, making it more attractive to customers to purchase all the items together than to buy them separately. Magento 2, an eCommerce platform, allows online merchants to easily set up product bundles with dynamic pricing to take advantage of this sales strategy. Here is a detailed guide on how to set up product bundles with dynamic pricing in Magento 2.
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What Is Dynamic Pricing?
Dynamic pricing, also known as advanced pricing, is a pricing strategy that involves adjusting the price of a product based on factors such as demand, inventory, competition, and customer behavior. Dynamic pricing allows online merchants to offer discounts or special prices automatically to customers, rather than manually adjusting the prices. In Magento 2, dynamic pricing can be set up for product bundles to offer flexible pricing that adjusts based on the number and types of products a customer purchases.
Step 1: Create A Product Bundle
The first step in setting up product bundles with dynamic pricing in Magento 2 is to create a product bundle. To do this:
Log in to your Magento 2 account and go to the Magento 2 admin panel.
Click on "Catalog" in the main menu and select "Products".
Click on the "Add Product" button and select "Bundle Product" from the dropdown menu.
Fill out the product bundle details such as name, SKU, and weight.
In the "Bundle Items" section, click on the "Add New Option" button to create a new product bundle option such as size, color, or model.
Under the new product bundle option, add the products that belong to that option by clicking on the "Add Products to Option" button.
Set the price for each product bundle option, which will determine the base price of the product bundle.
Click "Save" to create the product bundle.
Step 2: Set Up Dynamic Pricing For The Product Bundle
Once the product bundle is created, the next step is to set up dynamic pricing for the product bundle. To do this:
Go to the "Price" tab of the product bundle and select "Dynamic" as the price type.
Set the price range for each product bundle option by clicking on the "Add Tier" button.
In the "Qty (min)" field, enter the minimum number of products a customer must purchase to get the discounted price.
In the "Qty (max)" field, enter the maximum number of products a customer can purchase to get the discounted price.
In the "Price" field, enter the discounted price for the product bundle option.
Click "Save" to set up dynamic pricing for the product bundle.
Step 3: Test The Product Bundle
The final step in setting up product bundles with dynamic pricing in Magento 2 is to test the product bundle to ensure that it is working correctly. To do this:
Go to your online store and add the product bundle to the cart.
Change the quantity of products in the product bundle to see how the price adjusts based on the dynamic pricing setup.
Verify that the discounted price is applied correctly based on the number of products selected.
Proceed to checkout and complete the order to ensure that the product bundle and dynamic pricing are correctly applied.
Conclusion
Product bundles with dynamic pricing are an effective way to increase sales and attract customers to your online store. With Magento 2, setting up product bundles with dynamic pricing is straightforward and easy to do. By following the steps outlined in this guide, you can create product bundles with dynamic pricing that adjust based on customer behavior to optimize your sales strategy.