Dynamic Pricing
Introduction
Dynamic Pricing is a powerful strategy that enables businesses to adjust product prices based on the quantity a customer purchases, offering flexibility and value for both buyers and sellers. By implementing tiered pricing models, businesses can incentivize bulk purchases, reward loyal customers, and optimize revenue. For instance, the price per unit can decrease as the quantity increases, encouraging customers to buy more while providing them with a sense of value. This approach not only enhances customer satisfaction but also helps businesses better manage inventory and boost sales.Setting Up Dynamic Pricing in Products
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Go to eCommerce -> Products -> Add product and enter your Product's details.
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Go to Price -> click the Dynamic Pricing option.
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Enter Minimum and Maximum quantities. This allows you to set the range that a Product will be at a certain price. You can add as many Pricing tiers as you would like by clicking on the + button
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Set the Price Per Product within each Product range.
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Save Product to lock in your Pricing tiers.
User Experience of Dynamic Pricing
The ability to adjust quantity is only available to portal admin users. A user must be a portal admin or opt to create a portal in order to buy multiple quantities. The variable price will be applied automatically as soon as the quantity is adjusted on the Cart or Checkout.
Below is an example containing product setup and respective application while buying
