Looking to set up WooCommerce dynamic pricing deals? It's now pretty easy to get a boost in your profit by setting up the dynamic pricing deals. Dynamic pricing is a discount strategy to increase the sales of all or specific products using multiple tiers of pricing deals. That is, it allows you to give variable discount pricing for different quantities purchased. With WooCommerce Discount Rules, you can implement it as easy as a pie.
WooCommerce Discount Rules is one of the best selling discount plugins for WooCommerce. It allows you to create as many discount rules and as many conditions per rule as you want. Be it BOGO deals, user role based discounts or bulk discounts, Woo Discount Rules manages it all very efficiently. Quite obviously, dynamic pricing, too.
Before you start to implement dynamic pricing on your discounts, let’s walk you through how and why it is good for your WooCommerce online store.
Here is all you need to know.
Why should you use dynamic pricing in your discounts?
As I said earlier, dynamic pricing can boost your sales and profit in a great margin. For example, let us say that you want to increase the sales of a particular product, say a “Cap”. When you give a straight forward discount such as “Buy 5 Caps or more and get 30% discount”, only people who want to buy a minimum of 5 caps will make a purchase. Also, there is no assurance of how many people will buy it.
What if your discount rule says,
- “Buy up to 3 caps and get 10% discount”
- “Buy 4 to 7 caps and get 20% discount
- “Buy more than 7 caps and get a 35% discount” - all in one rule? There is a chance of people buying 1 to any number of caps depending on how many they want. The rule attracts the people who want to buy 1 cap as well as the ones who want to buy 10 caps.
The cap is a simplistic product. In most retailing, a hot product in the market during a particular season is sold on dynamic pricing. More often, the base price of the product is tweaked to be a little bit higher, and then clubbed with discounts. That way, they can get the most out of the current demand. Got something trendy to sell in your market?
While you ponder over what to sell, let me tell you there is more to the dynamic pricing deals. The advantages of dynamic pricing are listed below. Take a look at it and be assured of the benefits you will be getting for your WooCommerce store.
Advantages of using dynamic pricing in your online store
So, you must have got an idea about how cleverly dynamic pricing will improve sales in your online store, especially when you sell a product that is in the buzz, in-demand. Now, let’s talk about the advantages in detail. Here’s what you benefit:
1. Larger Audience Base
A larger audience base means that when you sell something based on demand with flexible pricing, you can be pretty sure that more people are going to notice it. So, compared to other pricing strategies, dynamic pricing will give your products and your store more attention.
2. Increased sales
While your WooCommerce online store is getting all that attention, the sales are also going to rocket up. The discounts will do more good to the already well performing pricing. Sounds like a bonanza?
3. Boost in profit
As the chain of events continues, more attention will lead to more sales and more sales will lead to a boost in cash flow and profit of your store. The profit could be temporary based on what you sell. Especially, if you are selling a high demand product, the demand can fall eventually. However, the temporary boost is enough to get your brand a good recognition. If you apply the same strategy for all your products, then there could be steady increase in your sales and profit.
4. Fast inventory movement
You almost guessed this one, right? Clearly, the stocks are going to move fast if sales are high. You could use this chance to sell the slow moving products in the discount as well. A win-win for you and your customers.
Okay! That’s some serious advantages, don’t you think? Dynamic pricing when applied on the right products can do wonders to your WooCommerce online store.
Now, let’s learn the (not so) technical stuff. Using the WooCommerce Discount Rules plugin, you can achieve all these at your store. All you need to do is, get started by installing the Woo Discount Rules plugin and follow the steps below.
How to setup dynamic pricing in WooCommerce?
Let us consider the same discount rule as mentioned above, “Buy 5 Caps or more and get 30% discount”, to demonstrate the setup procedure.
Step 1: Add a new rule in the Price Discount Rules tab and enter the general details.The general details include Order(Priority), Rule name, Rule description, Method, Validity. Select the method as Quantity based by product/category.
Step 2: Next comes the Conditions tab where you set whom the discounts go to and on which product the rule applies.It includes the following:
- Apply to: Choose All products / Specific products / Specific categories from the dropdown and select the required products or categories. Our example requires “Specific products” to be selected because “Cap” is an individual product. You can select any number of products / categories you want.
- Customers: Choose All Customers (recommended) or Only Given customers as you need.
- Purchase History: Leave it unchecked as this discount has nothing to do with customer’s purchase history.
Step 3: Define the different discount ranges. Add as many range as you need. Let’s create 3 ranges for our example.In each range, provide:
- Minimum quantity - minimum quantity purchased
- Maximum quantity - maximum quantity purchased
- Adjustment type - Percentage discount / Price discount / Product discount. We choose Percentage discount.
- Value - Discount value of each range - 10, 20, 35.
Save the rule and your WooCommerce online store has implemented Dynamic pricing in the storewide discounts. So, you are targeting a larger customer base with a higher chance of purchase than any other pricing strategy.
Use our demo site to work yourself and check how it goes.
How does that feel? Pretty great, isn’t it? Also learn how to provide the classic buy-one-get-one deals, user role based discounts and many more advanced discounts using WooCommerce Discount Rules plugin. You can also check out the WooCommerce BOGO Discount Pricing Deals for creating Buy One Get One Free offers. You are welcome to share how your WooDiscounting experience has been in the comments below!