This article explains how to use the Strategies feature within the Price Navigator to set pricing rules based on product costs, profit margins, and more.
Understanding Pricing Strategies
The Strategies feature simplifies the process of setting prices for your products. You can define your pricing rules based on various factors, including:
Absolute Profit: Set a fixed profit amount above the cost of the product. For example, you could choose to add $10 to the cost of each product.
Profit Margin: Establish a profit margin percentage on top of the cost. For instance, you could opt for a 70% profit margin.
Retail Price Multiplier: Determine the retail price as a multiple of the cost. For example, you could set the retail price to be 1.5 times the cost.
Applying Pricing Strategies
Once you've chosen your preferred pricing method, you need to decide whether to calculate it based on:
Product Cost: This option considers only the cost of the product itself, excluding shipping.
Product and Shipping Cost: This option takes into account both the product cost and the shipping cost.
You have the flexibility to apply a single strategy to all products or create multiple strategies for different products or product categories.
Getting Started
To start using the Strategies feature, navigate to the Price Navigator section in your Gelato account. Experiment with different pricing strategies to find what works best for your business needs.