The price is what you charge your customers, while the cost is what you paid to get the products.
If you are looking for advice on setting a price, go directly to our Generate a Price section and learn more about our price calculator. Or check out this great blog article.
With Thrive, we have several options for setting up more dynamic pricing including location-specific, integration-specific, wholesale pricelists, and more - which we’ll cover in the rest of this article.
The default price is used across all integrations if no other pricing conditions are set. This is the most common and fundamental level of pricing in Thrive and can be found in the “Variants & Defaults” section of the Product Details page:
Generate a price
For guidance on setting a price, use the generate price option in the “Variants & Defaults” section of the Product Details page.
When the price field is blank, you’ll see the option to “generate price.” Click on it and Thrive will guide you in generating a price based on your cost and desired profit margin.
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: 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.
The options include:
Round to the nearest $.99
Exact price for select margin
Round up to the nearest dollar
Round down to the nearest dollar
We will suggest a price based on all of the above criteria, and you can simply click “Apply price” to assign it to that product!
If you'd like to create a custom pricing strategy and apply it to your entire inventory, use the Edit Variants Bulk Upload Spreadsheet. Simply enter your desired formula in the Price column and draw upon the Cost column.
If you'd like to see your current profit margins on a spreadsheet, generate an Inventory Report, and export it as a CSV. From there, sort ascending or descending based on what you are looking to take a closer look at!
There are three options for setting a price type for a product. Some of these are limited depending on your integration, but here are the options that we offer:
Works for all integrations and is the "usual" setup where a product has a standard price and only whole quantities are sold.
When you want to option assign a price at the POS. Variable prices can be set in one of two ways:
By leaving the price field empty on the Product Details page.
Selecting "Variable Price" as the price type.
Price per unit
Selling products by measured units (e.g. per gallon, per ounce, per kilogram, etc.). These can be partial or whole units and is only for Clover and Square users.
Setting up Variable or Per Unit Pricing
Setting up Variable or Per Unit Pricing
Fixed pricing shows on your Product Details page by default. To enable the options for Variable and Per Unit Pricing, go to your Settings (on Thrive) and click "Catalog."
There you'll find the option to enable the other price types. By enabling different price types, the result on your Product Details page will look like this:
Creating (and Importing) Per-Unit Pricing
Creating (and Importing) Per-Unit Pricing
First, you must opt-in to per-unit pricing and choose which units you want to appear for each product. To do that, follow these steps:
Go to your Settings and click "Catalog" (under Feature Settings)
Flip on the toggle to "Enable Price Type for your variants"
If you are already using Per Unit pricing on Clover or Square, you will have the option to Enable and Import them.
If you're new to Per Unit pricing, add your own Unit Names (ft, inches, lbs, kg, etc) and hit "Save"
Once your units are entered (whether created or imported), navigate to the Product Detail page for your product. You will see those units options as shown here (if not, try refreshing the page):
The unit you select is incredibly important. Your POS does not make distinctions between units when translating a sale to us.
For example, let's say your per-unit pricing is set for ounces (oz), but your inventory is calculated by pounds (lbs). If you sell 16 oz of a product, your integration and Thrive will see it as "deduct 16 units." Your integration does not do the translation to calculate that 16 oz = 1 lb and simply deducts one unit.
NOTE: If you were using any previous workaround where you would import products from your integration, we highly recommend re-importing those prices from your integration using the steps above
Location-specific pricing allows you to sell the same item at a different price for each of your locations. To enable location-specific pricing, navigate to the Locations tab on the Product Details page (as shown below) and disable the Use Defaults toggle.
Once enabled, you can enter a location-specific price for your products and variants to show up on your associated points-of-sale as shown here:
NOTE: Another option for enabling location-specific pricing to multiple products in bulk is by using the Edit Variants Bulk Upload Spreadsheet.
Having different prices between your in-store POS and your website, or between any two integrations, is a common practice for many businesses.
From your Product Detail page, go to the Integrations tab. This is where you’ll set any integration-specific prices, as shown here:
From the Integrations tab, you can add an integration-specific price to sync to the corresponding integration/location (with some exceptions, which we’ll note next). Integration-specific pricing is available for all of our integrations.
For multi-location Shopify users, there can only be one integration-specific price across all your locations.
For multi-location Square users, you can set a different integration-specific price for each location. When you view those products on your Square Dashboard, you’ll see a range of prices, but the correct price will show up on your POS.
Set the integration-specific prices, and once you hit “Save,” those changes will sync out to your integration.
With so many options for places to put a price when editing a product, price-syncing priorities become very important.
The priorities are as follows:
If you don’t have any information in one of the areas, we’ll automatically go down the list in order to populate your integration with a price.
For example, if you don’t have anything in the integration-specific pricing (1), we’ll automatically send out the price in the location-specific pricing (2). If that area is empty as well, we’ll sync out your default price (3) to your integrations.
If you’re importing a new product for the first time and creating a new product in Thrive, the price you have in your integration will populate the default price section in Thrive.
If you’re importing an existing product, with a different price on your integration, that new price will show up as a price specific to that integration.
Importing from an integration is a task that can affect every product in Thrive, so be sure to reach out to our Customer Care Team if you have any questions.
Any sales report will reflect the price the product was sold at. We get that information directly from your integration at the time of sale.
The Potential Profit summary box on your Inventory Report will be based on your default price (or location-specific price if Use Defaults is disabled).
Let’s say we’re selling a Water Bottle and we want a price for customers and a discounted one for Employees. Water Bottle will be the product while "Regular" and "Discounted Price" will be the two variants.
Right now, they are separate items in your inventory, and with Bundles, we can link their quantities together. Here are the steps from the beginning:
Create the "Regular" and "Discount" variants/products in your inventory with respective prices.
Bundle the "Regular" price variant to the "Discounted" price and have it deduct 1 unit for each sale.
This way, you can have different prices on each entry, but both variants draw from the same quantity.
Refer to the GIF below to see the whole process:
NOTE: You can have the "Regular" and "Discounted" price" options and completely separate products as well. The process will still work the same.
Now, both products will show up on the register.
A deal, where a customer gets a discount by purchasing a higher quantity can be created with Bundles or Modifiers.
Bundles might be better than Modifiers (or vice versa) depending on the exact situation, so please explore your options!
Here are the most common bulk deals we see:
Wholesale & Pricelists
Thrive's invoicing platform and pricelists feature streamline and automate your wholesale process. In particular, wholesale invoices give you the ability to apply a pricelist discount to your products and then invoice the purchaser.
Read more about Wholesale & Pricelists here:
Updating Prices in Bulk
Changing your price can always be done on the Product Details page, but for faster results, you can use our Actions button on the main Products page, or utilize a Bulk Upload Spreadsheet (either Edit Variants or Edit Variants Default Price).
Still have questions? We are here to help!
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