VirtueMart Product Pricing
VirtueMart product pricing is an important part of store management, store owner should pay special attention to. You might think that there is nothing complicated: there should be field “Price”, we fill it in and that’s it - you are ready to sell your items. Everything is simple only from the first sight. Actually, there are some aspects which come out at closer look in the situation.
First of all, when adding price you will see that there are cost price, base price and final price. Additionally, you can adjust your prices depending on customer group, tax or discount applied.
Cost, Base and Final Price
In VirtueMart 2.x there are multiple pricing variants available what makes work with your store much more advanced and at the same time defines shopping cart’s flexibility. Let’s see what purpose each price option in VirtueMart serves for.
- Cost Price is the price of the product in certain currency that is provided by your manufacturer or supplier.
- Base Price is actually cost price, but converted into your currency. In case the currency of your supplier and yours are the same, then the value for it will be identical for indicated Cost Price.
- Final Price is the cost for which the product will be sold (it will be visible at the front-end). Basically, it is Base Price with additional discount rules/margins/etc applied (if there are any).
The base and final price can be also modified applying some special rules, making quantity reductions or special prices for certain shopper groups.
So, in many countries goods are taxes and you as store owner need to include them to product prices. There is no need to re-calculate what will be the price including tax, since you can simply apply it to base or final product’s price. Depending on your needs you can create the rule according to which the price will be changed and assign it to the price.
Temporary Mark-Down (Discounts)
In case you would like to sell product for some discounted price during predefined period of time using Override option and setting duration of reduction.
Shopper Groups Offers
Common is the situation when you would like to offer your loyal customers or partners some reduced price of the product.
For example, you have a general public price visible at your store for not logged in users - $100. Member price for those who logged in (already purchased some goods from you) will be $90. Gold members, the customers who have already made a few purchases, can get the item for the price - $80. This is how shopper group reductions work.
Wholesale (Quantity reductions)
You can encourage your clients to buy more of the same product by reducing price in case he/she adds to cart, let’s say, more than 5 pieces of the same item for sale. For instance, regularly the price of the product product is $100, but when the shopper adds 5 the same items to cart, then each will be priced $75.
Massive Price Changes
If prices and discounts need to be changed, it cannot take forever. Each lost minute is a lost sale. Thus, it is absolutely necessary to implement pricing changes to needed products at once. Store Manager for VirtueMart gives you valuable opportunity to make bulk modifications of prices, apply rules and discounts. Everything is done in seconds with Mass Product Changer tool built in the application.
Prices are usually first and final reason to buy or not. Think over your pricing strategy. When done, implement it quickly. Make ideas reality in seconds with smart Store Manager for VirtueMart assistant.