How To Set and Manage Product Prices

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Wondersign's Catalog Kiosk gives you great control over setting prices.

 

Requirements/Tools Needed:

 

In this article you will learn:

Please note: the following instructions are for Wondersign's Advanced Product Pricing Engine. If you are using Legacy Pricing please visit: How To Set and Manage Standard Pricing.

 

 

 

Getting Started

How to Navigate the Pricing Page

1. To get to the Pricing Page, click Content from the navigation menu across the top, then choose Prices.

 

2. The Price Lists Page includes two sections:

 

Everyday Pricing

Everyday pricing is the standard pricing for your products.

 

Promotional Pricing

Promotional pricing is temporary scheduled sale prices for your products.

 

3. Now let's review the Everyday Pricing Page. Select the Manage Pricing Rules button.

 

4. The Everyday Pricing Page includes 2 sections:

 

Custom Pricing Rules

Custom pricing rules allow you to create various pricing rules for products based on specific product attributes.

 

Base Rule

The Base Rule is the default rule for pricing your products. If your products don't match the criteria of any of your custom rules they will follow the Base Rule.

 

5. The Everyday Pricing Page allows you to:

  • Prioritize the sort order of product rules

  • Create, edit, delete, disable, or clone product rules

  • View activity history of changes made to pricing rules

 

Prioritize the sort order of product rules

Use the drag & drop arrows to prioritize your custom pricing rules. Rules at the top of the list override the rules below.

 

In the example below, if you have a Mattress from Ashley Furniture, it technically meets the criteria of both rules but will follow the Mattress Rule because it is prioritized above the Manufacturer Rule.

 

Please note: you have the ability to create rules with multiple product attribute criteria. For example, you can create an even more specific rule that targets Ashley products in the Mattress category. Continue reading to learn how to create these rules with the Product Selector.

 

 

Create, edit, delete, disable, or clone product rules

  • Create - the Add New Pricing Rule button allows you to create a new custom pricing rule from scratch.

  • Edit - this allows you to edit an existing pricing rule.

  • Delete - this allows you to delete a custom pricing rule.

  • Disable/Enable - this allows you to turn "off" a pricing rule without deleting it, and re-enable it later.

  • Clone - this allows you to make a quick copy of a pricing rules settings to make it quicker and easier to edit and make changes for your new rule.

View activity history of changes made to pricing rules

The Activity History tab gives you access to change logs that detail the exact changes made to your pricing rules over time. It also gives you the ability to restore your changes to the original version.

 

When you click the Show Changes link the change log appears as a pop-up. The change log appearance varies based on the changes that were made. It is divided into multiple sections:

  • Product Selection - displays changes made to the product selection criteria for a product to follow a specific pricing rule.

  • Pricing Calculations - displays changes made to the mathematical and rounding expressions for your pricing rules.

    • Retail, list, and rental pricing are further divided into sections

Each section is divided into the columns:

  • Position - describes the row of the specific change within the rule.

  • Old value - describes the original value of the pricing rule.

  • New value - describes the saved change and value of the pricing rule.

 

 

 

How to Use Product Selector

Custom pricing rules allow you to target a group of specific products based on various attributes like SKU, Name, Category, Brand, Manufacturer, and more.

 

1. Select all or any.

  • All - uses "AND" to combine multiple attribute traits to create a rule. Products must meet "all" attribute criteria to follow this rule.

  • Any - uses "OR" to combine multiple attribute traits to create a rule. Products that meet "any" of the attribute criteria follow this rule.

2. Select your product attribute from the drop-down. This is the product characteristic you want to use to target a group of products to price together with the same rule.

 

Product attributes:

  • Manufacturer

  • Consumer Brand

  • SKU

  • Category

  • Direct Shipping

  • MAP

  • MSRP

3. Select if the attribute is or is not the value you search and enter in the textbox. This allows you to decide if you are wanting to include or exclude these products from the pricing rule.

 

Depending on the attribute you selected the options in the drop-down are different, for example, the MAP and MSRP options are for numerical values.

 

4. Attribute sets allow you to group multiple attributes when creating a rule.

 

Attribute sets allow you to create a mix of "ALL" and "ANY" rules. For example, you can create a rule that products included are from Manufacturers Ashley OR Hooker Furniture AND are available for Direct Shipping.

 

5. View the number of products targeted by the rule on the right side.

 

Please note: the number of "Products targeted" are products that COULD follow this rule based on the product selection criteria. It does not take into consideration the other rules you have and their prioritization.

 

For example, if there is a rule for all Mattresses and a rule for all Ashley Furniture products. There are 7,092 products targeted by the Ashley Manufacturer rule, but not all products will receive that pricing because the products that are Mattresses will follow the first rule for Mattresses.

 

6. When you are ready to set your pricing rule calculations click the Define Pricing Calculations button or the Pricing Calculations tab.

 

 

 

 

How to Use Pricing Calculations

The Pricing Engine allows you to use mathematical and rounding expressions to create pricing rules.

 

1. Define the Base Price.

  • Cost

  • Cost, use MSRP if available

  • Cost, do not exceed MSRP if available

  • MSRP

2. Select Add expression here. Select if you would like to create a Mathematical or Rounding expression.

 

For this walkthrough, we will select Mathematical first.

 

Please note: expressions are applied in the order they are listed.

 

3. Choose your method of calculation.

  • Multiply by - multiplies the base price with the factor entered into the field.

  • Add markup - the percentage difference between the base price and the selling price.

  • Add gross margin - the percentage difference between the selling price and the profit.

  • Subtract - a fixed dollar amount subtracted from the base price.

  • Add - a fixed dollar amount added to the base price.

  • Divide by - a fixed value to divide the base price by.

Use the text box to enter the numeric value.

 

4. If desired, add another expression. For this walkthrough, we'll select Rounding. The rounding tool will round the total price up or down to a specific number.

 

5. Choose whether to round up or down. Use the text box to enter the value you want to round to in dollars.

 

6. Use the checkbox if you would like to set a Maximum Adjustment. Maximum Adjustment is the dollar amount or percentage limit for your rounding rule.

 

For example, this rule is to round up to the nearest $9.99 with a maximum adjustment of $5. If a product is $42 rounding up would make it $49.99, but because the difference between $42 and $49.99 exceeds the maximum adjustment of $5 the rounding rule will not be applied.

 

7. Use the checkbox to Prevent prices lower than MAP (Minimum Advertised Price).

 

Please note: MAP pricing is not included in all Wondersign managed data feeds, only if provided by the manufacturer.

 

8. Live Preview allows you to see how pricing calculations are applied to real products in your catalog. Use the search box to find a product to sample, by SKU or Product Name.

 

If a sample product is not selected a default base price of $100 is used for the preview.

 

Select Save Changes once you are satisfied with your pricing rule. Once you save changes, the pricing rule will begin to process and product prices will update.

 

9. After creating your Retail price (the selling price of the item), you can create a "compare to" price using the List Price tab.

 

Please Note: The List Pricing works the same as the retail pricing. As a general rule, always ensure the list multiplier will result in a higher cost than the retail multiplier.

 

6. Once the desired pricing parameters have been entered, the pricing rules can be prioritized on the Price Rules page. If the terms are not correct, you can always edit or delete your rule.

 

 

 

 

 

Other Related Pricing Articles:

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