Magento 2 platform is best-suited for 21st century online stores with its default features that allow the merchant to employ marketing campaigns, play with the pricing strategies, and at the same time, consider the profit too.
Pricing strategy in Ecommerce is implemented to maximize the profits. However, in any aspect of E-commerce, customer-centricity is considered first before anything else. Similarly, when pricing your products, you must keep in mind your customers.
Segment your visitors, study their intentions to buy, spend, and then divide them into groups to target them with the correct prices.
Magento 2 being a flexible platform, it allows implementing such strategies by default!
What is Magento 2 Group Pricing?
The configuration to set up discounted product prices based on the customer groups from the admin panel in Magento 2 store is called group pricing.
The customer group price is displayed on the product page along with the regular price so that the users can easily compare both the prices and act accordingly. Once the product is added to the cart, the regular price is replaced with the group price based on that user’s customer group.
How can Magento 2 grouped product price be beneficial?
Marketers employ pricing strategies to lure customers to buy. By setting up the group pricing in Magento 2, the business can benefit in terms of customer experience, marketing efforts, customer engagement, and of course monetary!
Benefits of Magento 2 Customer Group Pricing:
- Prompt customers to upgrade their customer group to avail discounts
- Targeted marketing campaigns
- Suits the wholesale customers
- Reward loyal customers, hence, earn trust and credibility
Steps to set Magento 2 Customer Group Pricing :
- Login to admin panel
- Navigate to Catalog > Products
- Select the product to edit for which you want to set the customer group pricing in Magento 2.
- Go to Advanced Pricing under the Price field
- In the field “Customer Group Price“, select the website, customer group for which the price is to be set, quantity, and price as shown in the figure:
- Select “All websites” if you want group pricing for all websites
- Select the customer group for which the group price is, among the Not logged in, General, Wholesale, and Retailer,
- Enter a Quantity of
- If you are offering a Discount, mention it in terms of percentage
- If you are offering the products at a fixed price, mention the price amount
- Click Add to repeat the above steps if you want to add other groups
- Click Done
- Save the configuration.
Any doubts about Magento 2 group pricing? If so, use the Comments section below to mention them and I’d be happy to help.
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