Market and Business doers always try to create the most efficient pricing strategy which is suitable to their companies. Tier Price is one of the most popular and effective approaches to drive your sales dramatically. In this blog, we will, together, get to know why Tier Pricing is a profitable tool for Magento 2 stores and How to set it up on your website?
Tier Pricing is a strategy in B2B business to encourage shoppers to buy larger quantities of a product by applying discounts based on the quantity chosen. These discounts may be “tiered” so that they increase as the order amount is raised. Other words, it is one of the boost-sales tools for the e-commerce industry.
Here is an example of a better illustration:
Magento Default does support Tier Price, yet with a limited function. Admins can only choose the fixed final price to show in frontend. This makes visitors confused and cannot compare the discount amount between products. Also, customers have to add quantity manually, they do not have tier options to choose easily. Hence, a Better Tier Price add-on help online stores build a discount-by-quantity system with ease.
This advanced function provides more tier price types including fixed price, fixed discount amount and discount percent. Moreover, store owners can set the Tier Price Title. The appealing words such as “More for Less”, “Buy More, Save More” here will attract customers to see and consider those offers.
In addition to the above benefits, Better Tier Price can be visible to specific customer groups such as General, Wholesales, Retailers, Not Logged In ones. This function will be best to serve the customer segmentation of e-stores. There will be some different discount-by-quantity to various customer types. For example, only wholesales can have an option of discount 50% when purchasing 1000 items on your stores. With Better Tier Price, the option number is unlimited.
With this module, the customer would have the ability to perform the following actions:
After opening the Admin panel, follow this guild
Store > Configuration > Mageplaza Extensions > Better Tier Price
Catalog > Products > Edit products > Advanced Pricing
Admin can set Tier Price for multiple products at Products Grid all at once by picking the desired product. after choosing products, click on mass action Update Attributes which is on the Tier Price tab. In this tab, the same Tier Price setting as when creating Tier Price for each product above will be displayed.
This is the first noticeable feature of this extension. With this feature, the tiers will be presented clearly in a table form with the columns as Quantity, Save Amount, Price Per Item. This would help customers make comparison easier, which would lead to a quicker purchase decision.
The quantity at the Qty box will be adjusted automatically when customers select the tier price option. This would optimize the action of selecting items when customers are shopping at your online store.
For instance, when the customers select the tier price is $4, 30 items will be added to the Qty box immediately.
This automatic process can reduce the customers’ workload, which would enhance the shopping experience significantly and motivate customers to make more purchase.
Using Better Tier Price, various tier groups can be created so store admins can use in numerous cases and occasions. For instance, on Christmas holiday, admin can use the tier group A, but in the Thanksgiving event, tier group B will be applied.
In addition, creating tier groups can help admins eliminate the repeated setting price actions to multiple items. With this feature, all the products which have the same tier group option will have similar tier prices.
This extension also supports mass actions in case store admins want to update the same tier price for various products. Tier Price is in the Update Attributes section which is included in the Mass Action box. Admins can update all the selected items with the same tier price at the same time. As a result, a considerable deal of time can be saved as well as the workflow efficiency can be improved significantly.
Better Tier Price enables store owners to set different price levels for special customers. To apply the exceptional price tiers to specific users, store admins can add their account emails. After they have been added, they can see the special price when they log in. This can be considered as a helpful feature, especially when store admins can apply it with important customers such as a priority offer.
The tier prices can be set in various ways. From the backend, there will be three types of tier pricing setting which are Fixed, Discount Percent, and Discount Fixed:
In conclusion, Better Tier Price by Mageplaza allows store owners to offer tier prices to customers more attractively via the automated pricing table and sounding notice. Customers will have a better shopping experience thanks to this tier-price innovation.
Posted by Rainy in Blog . May 03, 2019