A Complete Guide to WooCommerce Dynamic Pricing & Discounts
The greater discount, the more you’ll save! Isn’t that more frequently than not the case? To increase sales on the WooCommerce website, all you have to do is use a price management technique or advanced pricing in which you adjust the prices of the products.
Today, I would like to share with you a really amazing plugin that allows you to set your product pricing.
Table of Contents
- What is WooCommerce dynamic pricing?
- 4 reasons to use WooCommerce dynamic pricing
- How to set up Dynamic Pricing in WooCommerce
- How to set Simple Adjustment discount
- How to set Bulk pricing discount
- How to set BOGO discount
- How to set Buy X get Y discount
- Over to you
What is WooCommerce dynamic pricing?
YayPricing - WooCommerce Dynamic Pricing And Discounts is a WordPress plugin from YayCommerce that you can use with your WooCommerce-powered website to change WooCommerce pricing, establish numerous pricing and discount rules, and increase sales.
4 reasons to use WooCommerce dynamic pricing
An all-purpose pricing and marketing solution for online shops is YayPricing. Let’s look at some reasons why you might wish to install WooCommerce dynamic pricing before diving into the various configuration options.
1. Boost Your Sales
More promotions! Offer attractive discounts for clients who make substantial purchases. Run specialised Black Friday, Valentine’s, or Holiday campaigns. Set up flash or sales reduction. Until 12 a.m, all notebooks are 15% off! Every computer comes with a free case! You may quickly put up the most effective promotions by using this plugin!
2. You can get rid of outdated merchandise
The last thing an e-commerce store owner would want to do is stock goods. As a result, you must regularly get clear of inventory to make way for new items. One strategy to quickly remove old inventory is to set up a BOGO or Buy X Get Y deal on variable products. As an illustration, offer a free pencil case with every backpack.
3. You can offer free products
Free gifts are a fantastic method to bring attention to your marketing campaign on your WooCommerce store. Customers may be motivated to make larger purchases in order to receive the free present, and it may also help you entice in new clients. For instance, you may provide a special face mask to consumers who purchase dresses from you.
4. Beat the Competitors
You may constantly research and evaluate the pricing of your competitors in order to cut your own prices or give discounts on your websites. If Company Z costs $100 for a pair of winter boots, you may reduce the price to $90 to attract customers on a tighter budget.
Before getting started, make sure you have installed and activated the popular plugin: YayPricing - WooCommerce Dynamic Pricing & Discounts
How to set up Dynamic Pricing in WooCommerce
You have a few plugin choices when it comes to implementing WooCommerce dynamic pricing on your website but YayPricing is the simplest plugin to adjust the price for your products. We’ll first go over your options before demonstrating how to set up our suggested solution.
Step 1: Configure your dynamic pricing rules
You can begin creating some basic dynamic pricing rules after installing and activating the Dynamic Pricing With Discount Rules plugin. To proceed, go to your dashboard and choose Product Pricing > Add New Rule:
All of your available selections will be displayed in a new form that will open. First, give your rule a name, then provide a description. Don’t forget to turn on the toggle next to the rule’s name to make it active.
Step 2: Select your Product Pricing
If you want to create some basic dynamic pricing rules, you need to choose one of four categories below: (these adjusted prices will not be shown on the product page ).
- Simple adjustment is made based on the quantity of each particular product because they are only used for single products.
- Bulk pricing: if you want to offer a bulk discount, it is used to select a “Quantity” based discount.
- BOGO ( Buy One Get One) allows you to set up a price rule that is a special present, allowing you to provide free or discounted items to customers who purchase any of the products that come under this rule.
- Buy X Get Y is pretty similar to BOGOF settings, however the discount is applied to the product of your choice rather than the same product.
Step 3: WooCommerce Dynamic Pricing Guide
One such option is including dynamic pricing and discounts, which helps turn frequent visitors into customers rapidly and, ideally, encourages them to make larger purchases.
How to set Simple Adjustment discount
It’s interesting that all of these pricing guidelines were applied to a single product. For the same product, we do not offer multiple instances or special offers.
There are five ways to set this rule and here are the five pricing methods for your reference. These methods are as follows.
- Fixed Discount: a discount that sets the overall cost of one or more things at a particular amount.
- Percentage Discount: a discount that is expressed as a percentage is known as a percentage discount.
- Fixed Fee: a sum of money that is billed or paid that is fixed regardless of the price.
- Percentage Fee: a fee that must be paid and is depending on the cost’s proportion.
- Flat Price: an amount that is charged or paid and does not change based on the price.
Example: you’re getting this discount 5 USD$ off. When a customer buys 1 product and it will be discounted by $15, it means that he/she only needs to pay $30 (instead of $35)
How to set Bulk pricing discount
Since you can create a single discount rule for all of your best-selling product categories, bulk product discounts save you important time.
There are the same 5 types of tiered pricing methods in this rule: Fixed discount, Percentage discount, Fixed fee, Percentage fee and Flat price.
It’s also for individual items and pricing is not changed when the amount is out of the ranges.
Example: you’re getting this discount: 15 USD$ off. When a customer buys from 1 to 2 products and it will be charged $5, it means that he/she only needs to pay $40 (instead of $35) for fixed fee.
If they buy from 3 to 4 products with a discount 20%, it means that they only need to pay $36 (instead of $45).
How to set BOGO discount
The Buy One Get One Free promotion is a well-known marketing technique used by both online and brick-and-mortar retailers. BOGOs still work, I assure you. A “Free” discount always sends online buyers into a frenzy.
- Buy X Get Y discounts:
- Buy one get one free
- Buy two get one free
- Buy a smartphone and get a free phone case
- Buy a laptop and get a headset at 50% off
Well, a BOGO deal is a good strategy to increase client loyalty and get rid of any remaining stock in your online store.
Example: you’re getting this discount: 15 USD$ off. When a customer buys 2 products and another product will be discounted by $15, it means that he/she only needs to pay $20 (instead of $35) for the same third product.
How to set Buy X get Y discount
This rule is very similar to BOGOF offers for the settings, but the discount applies to a different product of your choice instead of the same product.
You have the ability to override any already established rules by setting a greater priority. You can decide which discount rule should be implemented first, for instance, if you’ve generated several.
Example: you’re getting this discount: 15 USD$ off. Buy X Get Y when a customer buys 2 products and another product will discount $15, it means that he/she only needs to pay $30 (instead of $45) for the third different product.
Have fun setting up gifts.
Over to you
WooCommerce is a terrific option for starting an online business. Additionally, updating your store’s pricing with YayPricing from YayCommerce is quite simple. This article on How to Set Up WooCommerce Dynamic Pricing is crucial, we think you would agree!
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