If you are an online retailer, setting up a pricing strategy can be quite a challenge. Several pricing models are available for online merchants, including product grouped pricing.
In Magento 2, product grouped pricing is possible, and in this guide, we’ll show you how to set it up.
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What Is Product Grouped Pricing?
Product grouped pricing is when you group together a selection of products to offer them at a discounted rate. This pricing model is often used in retail stores to upsell or bundle products and can be effective in driving sales.
With Magento 2’s product grouped pricing feature, it’s possible to offer customers bundles of related products that are available at a discounted price, rather than purchasing the items individually.
Step One: Creating a Product Group
The first step in setting up product grouped pricing in Magento 2 is by creating a product group. Here’s how you can do that:
Go to the Magento 2 admin panel and open the "Product Groups" tab.
Click on "Add New Concept" to create a new group.
Name your product group and add a description to provide information about the group.
Choose a category for your group, select "Grouped Product" as the product type, and then click on "Save".
Step Two: Adding Products to Your Product Group
The next step is to add products to your newly created group. You can add any number of products to your group. Here’s how:
Go to the "Products" tab in the Magento 2 admin panel and select "Catalog."
Choose the products you want to add to the product group.
Select the "Edit" option for the product, then navigate to the "Grouped Products" tab.
Add your product to the relevant group.
Once you’ve added all of your products to the group, click on "Save."
Step Three: Setting Up Product Group Pricing
Now that your product group and products are set up, the final step is to set up the pricing for your product group.
In the Magento 2 admin panel, navigate to the "Product Groups" tab.
Select the product group you want to set the pricing for.
Click on "Prices" to access the pricing options.
Click on "Add New Price" to create a new pricing rule.
Set the pricing for your product group. You can either enter a fixed price or a percentage discount for the group.
Save your pricing rule.
Benefits of Product Grouped Pricing
There are several benefits to using product grouped pricing, including:
Increased Sales – By offering a discount on a bundle of products, you can encourage customers to purchase more items.
Inventory Control – By creating product groups, you can bundle less popular items with more popular ones, allowing you to clear out excess inventory.
Customer Loyalty – By creating product groups that customers love, you can increase customer loyalty and retention.
Increased Profit Margins – By offering bundles at a discounted rate, you can increase your profit margins by selling more items.
Conclusion
Product grouped pricing is an effective pricing strategy that can help online retailers drive sales, move inventory, and increase customer loyalty. With Magento 2’s product grouped pricing feature, it’s easy to set up bundled pricing that’s sure to attract more customers. By following the steps outlined in this guide, you can set up product grouped pricing in your Magento 2 store in no time.