A pricelist is a list of prices for the goods or services offered by a company. A pricelist can contain multiple information like List price, Sell price, Cost price and more. Making sure the price is right for selling products online, is one of the biggest challenges eCommerce businesses face, especially in rapidly-evolving markets where competition is fierce. Hence, Better Commerce comes up with advanced features to manage both Dynamic and Static pricelist.
What is Dynamic Pricelist?
You can have multiple sites running for different country and different currencies. Under such circumstances it becomes quite difficult to manage multiple pricelist especially when price for a product changes. The ideal would be that change in price of the product within the base pricelist should reflect in all the derived pricelist either using the spot conversion rate or the static conversion rate based on the configuration. The biggest benefit of the dynamic pricelist is that you just have to change the price in the Base Pricelist and all the other pricelists are updated instantly based on the exchange rate + buffer conditions defined by you. It saves significant amount of maintenance effort.
How does it work?
Highlighted below is the base GBP pricelist (base pricelist). Other pricelists (derived pricelists) for other currencies below are dynamically driven from the base pricelist based on exchange rate. Exchange rate is driven either by spot rate pulled from live exchange rates or by the static exchange rate defined by you.
For example: If product P1 has its sell price as £45 for UK site, then based on dynamic pricelist, in Spain its price would be 52.66€ (totally depends on current exchange rate that API returns)
What is Static Pricelist?
As the name suggests, this gives you more flexibility in terms of modulating the pricing for different currencies/countries. In this case you can manually input the exchange rate for the conversion.
Lets assume a product P1 is priced at £45 for UK site. Based on Dynamic exchange rate- Its showing €53.00. However, It is required not to have the spot conversion rate & should be able to:
- Put manual exchange rate
- Add buffer % on top of exchange rate
You can achieve the above by creating a Static pricelist as follows:
- Go to Product>Pricelist
- Click on Add New pricelist
- Select the Source Pricelist
- Select the country for which you want to create a static pricelist
- Select the currency in which that country does the transaction
- Provide the exchange rate & click on Submit. In order to change the pricelist from £45 to € 78.75 conversion rate should be 1.75 or whatever you want to set. This conversion rate can also include the buffer that you define from a business perspective.
NOTE Only one pricelist per currency can be set active at one point. So, this newly created pricelist is still inactive. To make it active, you need to mark the older pricelist inactive and this new one as active. Once you mark the pricelist active, it takes some time (15-30 minutes) for the pricing to reflect as the system updates the prices for the whole catalog.