Your inventory price levels can affect your business in a variety of ways. From helping you track discounts to markups of your goods, adjusting price levels are a great means to increasing your business’ profits.
Price Levels can assist in setting up and tracking your reductions as well as increases of regular pricing for the goods and services you sell. Here’s a list of the benefits of dynamically changing your inventory price levels:
Volume discounts allow you to adjust the price of a product based on the quantity of that product in the order line. There are two types: simple or tiered. Simple involves applying the same discount to every item, while tiered involves applying the discount defined by each unit within a range. With Order Time, you can change your price levels and volume discounts so that customers can get a price break by buying in greater quantity.
Changing inventory price levels allows you to give special discounts to particular customer types, more specifically VIP and long-time customers. VIP customers are those that you aim to target and to retain as returning customers. Giving them special perks, discounts, or exclusive deals are an easy means to maintain their business and loyalty. Similarly, long-term customers are important to your business as maintaining relationships is key to returning purchases.
With unpredictable marketing conditions, it is important to be able to adapt to any sudden changes. For example, responding to a sudden trend or traffic increases is crucial for financial success. Because of this it is extremely beneficial to temporarily adjust pricing. Whether it is a markup due to scarcity or discount because of a surplus, this is imperative for financial success.
Similar to a price adjustment, doing special time-intensive promotions is a great way to attract more customers and respond to current market conditions. Promoting certain products or groups of products by adjusting price levels gives your business the opportunity to still make profit despite certain setbacks in the market at the time.
Prices for Currency
Selling your products abroad can bring up the complications of exchange rates and the prices of goods sold abroad. For example, when demand for a good is high, prices rise and the currency appreciates in value. On the opposite side, if a country imports more than it exports, there is less demand for its currency, and overall prices decrease. With Order Time’s ability to set prices for a specific currency, you can avoid the headache of converting currencies with just the click of a button.
Set Add-On Prices
The final benefit of changing inventory price levels is the ability to set add-on prices to bundled products. When you buy products as part of a bundle, items within can be discounted. These discounts give customers the ability to purchase accessories or related items for a discount as part of a kit.
Learn how to add price levels, explaining the types of price levels, adding discounts, and setting company preferences.
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