Inventory prices are what you charge your customers. Costs are what YOU paid for your inventory.
So your list price should ideally be higher than your cost.
A few tips for inventory pricing include:
Ending prices with a 9 — This is referred to as "charm pricing" and has been shown to increase the likelihood of a purchase.
Show the previous price — Customers love a markdown.
Test out different pricing strategies — Set up deliberate A/B tests to optimize your prices over time.
For more insights on pricing strategies, check out this blog article
We also understand that sometimes pricing can get complicated, which is why we have several options for setting up more dynamic pricing, including:
Setting up bulk deals using bundles
Alternate pricing/discounts using bundles
Per Unit Pricing (for Clover users only)
Setting your price by profit margin
Location-specific pricing (video 🎥 )
Still have questions? We are here to help!
Start a chat with us by clicking the chat bubble at the bottom-right of this page.