Want to skip doing the math to set your prices? No problem!
If your product doesn't have a retail price yet, you'll see a blue link to "Generate Price" in Thrive Inventory by Shopventory - under the Price box.
Just click that link to launch Thrive's Pricing Calculator.
The calculator will prompt you to use a sliding scale and select what kind of profit margin you'd like to make on your item.
The formula for profit margin is "profit/revenue". Put another way, (price - cost) / price." (Note that this is not the same as markup.)
If you buy an item for $3 and sell it for $5, your margin is $2 / $5 = 0.40, or 40%.
After selecting your ideal profit margin, you can choose a strategy that reflects how you'd like the final price to appear.
Thrive Inventory will suggest a price based on all of the above criteria, and you can simply click Apply to keep it!
If you'd like to create a custom pricing strategy and apply it to your entire inventory at once, you can use the bulk spreadsheet tool: "Edit Variants." Simply enter your desired formula in the Price column and draw upon the Cost column for reference.
Read more on bulk uploads here.
If you want to see your current profit margins on a spreadsheet, you can do so by generating an Inventory Report, exporting it as a CSV and the Profit Margin (%) will show on Column N. From there, you can sort ascending or descending based on what you are looking to take a closer look at!
Still have questions? We are here to help!
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