Pricing is a major key player in the success and sales of an eCommerce business. WooCommerce tiered pricing option can enhance sales and can help you to boost conversion rates. You can make the visibility of your brand well in the market with quality audience targeting and a better customer experience.
Excellent tiered pricing is a strategy that brings in corresponding levels of pricing with numerous service options and products. It is like bargaining digitally when you are bulk selling. You can introduce new ranges of quantity via tiered pricing.
WooCommerce tiered pricing option can enhance sales and compels the clients to purchase products via quantity ranges. This will provide you with complete coverage to purchase and sell in the eCommerce market.
WooCommerce tiered pricing has changed the dynamics of the wholesale market. So, this is high time to turn your path towards WooCommerce tiered pricing.
Different pricing options will allow customers with different priorities and budgets to purchase. Options of high volume with lower rates will lower the cost and boost sales.
If you open better pricing opportunities for your potential customer flow, it will increase your RoI. There are numerous reasons why you require special pricing or price drop. But, you must have an ultimate aim i.e to improve your products sales.
This you can set for selected products and users. Moreover, you can apply discounts and offers for your products. This can be applied storewide or for individual products. You can easily manage them with the use of extensions or plugins on your WooCommerce store.
Let us learn about WooCommerce tiered pricing in simple language.
Definition with example
WooCommerce tiered pricing is a case wherein the businesses give their clients a discount. This depends upon the unit products the customer purchases. So, a customer gets a discount when they purchase more products.
Once any customer meets the product number threshold, they get a lower rate on each product. This is WooCommerce tiered pricing that is implemented by most businesses.
Let’s get this more simply with the help of an example
For instance, you are running a Black Friday sale. We all are well aware of how customers are keen on purchasing during this time. We have to run more discounts and offers in order to engage more clients.
You can create four tiers (it’s an example)
- 1-20 units of products will cost your customer $15 each
- 21-50 units of products will cost your customer $10 each
- 51-75 units of products will cost your customer $8 each
- 76 units or more will cost your customer $8 each
Now, if a shopper purchases an order of 60 units, they will have to pay:-
(10×8)+ (30×10)+ (20×15)
This will be equal to $680
The total cost decreases as the shoppers meet the eligibility criteria of each tier.
Now, we are pointing this out because most people mix volume pricing with WooCommerce tiered pricing.
Compared to tiered pricing, Volume pricing sets pricing for every unit within the range. The total cost for the same units will be $480 (i.e. 60 * 8) for the same tiers in volume pricing.
Features of WooCommerce tiered pricing
There are plenty of features of WooCommerce tiered pricing. It covers all the conditions of the wholesale market and B2B.
- Customizable table color and font size
- Different pricing for different kinds of users. For instance, you can display the different prices for guests and your loyal customers
- Adjust the decreasing or increasing percentage types, fixing prices and markups
- Quantity or single-base pricing for B2B users, wholesale, and retailers
- Applying discounts in pricing for bulk products using rule-based management. This can be applied to selected categories and products
- Enforce maximum & minimum quantity
- Customizable table color and font size
- Tiered display of pricing table
- Custom text for custom button and pricing for the feature “Add to Cart”
- Add to cart option by hiding price for registered users and guests
- Hide selected categories and products. Learn how to hide products in WooCommerce.
- Adjust costs with each variation for variable products
Advantages of employing WooCommerce tiered pricing
Implementing WooCommerce tiered pricing will give your business plenty of advantages. Let’s see some of the key benefits:-
- Engage shoppers to buy large quantities of units
- Improve earnings per product sale
- Gives clients various alternatives to pricing
- Bottom line boosts
- Creates bundles of product
- Encourage the user to purchase clearance items
- Setting up a quick reward program for the existing client
- Place price adjustments to attract new clients to your eCommerce store
- Reward existing clients
- Improve retention rates
WooCommerce tiered pricing is best for those who sell bulk items and larger stores. It is also an ideal option for wholesale sellers and B2B.
WooCommerce tiered pricing and different ranges
1. Adding Role-based cost
You can set up different prices for your VIP, general and regular customers. You can set these prices differently from that of visitors. With it, you can even hide the cost for unregistered users. This will instigate your visitors to get themselves registered in order to collect the discounts.
2. Adding Tiered Quantity based cost
The cost falls for wholesale items with the quantity increase. It will allow you to set variant prices for variant quantity ranges. The pricing tables that are quantity-based allow the clients to understand the discounts.
You can adjust the costs in 5 ways using this:-
- Fixed prices
- Fixed discounts
- Fixed markups
- Fixed percentage
- Percentage markups
3. Customer and Role-based Tiered Cost
This feature is an added benefit for the merchants. It enables them to provide discounts to the customers they prefer. You can offer similar and different prices for each role of the user.
4. Cost Adjustments in bulk
The extension works as per the rule-based management. This allows updating costs in the bulk of specific products and categories. You can use it to define variant prices for vivid categories, user roles, and products.
While crafting the rule for future reference, you can set unique titles. It also has features such as adding options for:-
- Specific Categories
- Specific products
- Role-specific cost
- Customer-specific cost
5. Add to Cart and Hide Price Button
As per the user roles, you can hide categories and products for unregistered users or visitors. You can also implement the button “Add to Cart”. It is a handy feature when guests and visitors need to log in to check the prices.
6. Applying discounts to special or Standard Cost
You can save yourself from double discounts. How? Well, by applying discounts and markups on standard or special prices.
For instance, if you are already running special prices on products you can save yourself by not giving double discounts on those products. WooCommerce Tiered Pricing is one of the best solutions that can assist you in those cases.
7. Enforce maximum and minimum quantities
It is very easy to enforce the maximum and minimum quantities which a customer can order. You can avoid customers placing their order at a standard cost outside the price ranges that are quantity-based and pre-defined.
You can also customize and add error messages and display the false entry. So, it will provide you great assistance when the user adds an entry to the cart outside the predefined range.
Mark values for your business
Surprise your loyal customers with cost-cuttings on the products with WooCommerce Tiered pricing. It will help you with the possibility to maximize your visitors to join you as loyal customers. You can give hefty discounts on different ranges of quantities.
Plugins: Your co-pilot that will help you to rule your customer’s heart
With WooCommerce tiered pricing, you can manage to do well with your store. It has user-friendly and conventional features that will hike your sales. You and your business must go for this extension.
WooCommerce tiered pricing is an excellent way to incentivize your business. It is one of the highly effective and better deals that can help you to marvel well in the market.
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