How to Setup Advanced Pricing in Magento 2

Setting up Advanced Pricing is one of the advanced settings you will get on the specific product setting page. It offers customers better prices to encourage them to spend more, boost traffic, and clear old stock. In today’s blog, we’ll synthesize the four types of Magento 2 advanced pricing and learn how to configure them.

Types of Advanced Pricing in Magento 2

• Special Price: Offer consumers a lower price than normal.
• Group Price: Make a discount for a specific customer group.
• Tier Price: Give buyers lower prices when they buy in large quantities.
• MAP (Minimum Advertised Price): MAP limits sellers from offering a lower price than the manufacturer’s offer. However, there is a way to meet their requirements while still providing customers with the best price, we can hide the price from the product detail page.
• MSRP(Manufacturer’s Suggested Retail Price): The price recommended by manufacturers for the retail sale of a product.

How to setup Advanced Pricing

Let’s find out how to configure each advanced pricing type in detail!

Step 1: Navigate to Catalog > Products

Step 2: Click on the product that you want to apply advanced pricing.

Step 3: Click on Advanced Pricing under the Price field.

Step 4: After clicking on Advanced Pricing, a side panel will appear so that you can set up the product prices.

Now, let’s dive into the detailed steps to set each type of Magento 2 advanced pricing!

Special Price

In order to apply a special price to an item, store admins need to configure a lower price for that product and arrange its effective duration. When the offer is over, the price of this item will go back to normal on the product detail page.

For more detailed configurations, please take a look at How to Setup Special Price in Magento 2.

Tiered Price

Tiered Price is the most effective pricing method that drives significant sales to e-commerce stores. This method allows you to offer buyers with large orders, encouraging them to spend more in a natural way. For example, buying from 5 to 10 T-shirts will cost $15/ each instead of $20.

Better Tier Price for Magento 2

Boost sales by offering customers lower prices when buying more items

Check it out!

Learn How to Setup Tier Price in Magento 2.

Group Price

Group price is actually a part of the tiered price stated above, so it’s quite similar to set it up. The only difference between these types is that while the tiered price is based on the product quantity, the group price depends on groups of customers.

The quantity in this field indicates the number of products required to get discounts. More specifically, the quantity value for the group price must always be 1 because it doesn’t require customers to buy in bulk. Stores can customize group prices for their goods, allowing them to give discounts for certain customer groups. For instance, an admin can set a short regular price at $15 but reduce it to $10 for VIP customers.

For detailed configuration instructions, please read at Set Magento 2 Customer Group Pricing.

MAP (Minimum Advertised Price)

When doing business, it’s inevitable that we sometimes have to face several restrictions, like the selling price must be higher than the manufacturer’s offer. Fortunately, Magento provides users with the MAP to hide the actual product price from its page.

• Minimum Advertised Price: Insert the price the manufacturer requires to be the minimum offered for this product.
• Display Actual Price: Choose when the customers can see the product’s true price.

For more details on MAP, please check out our blog How to Configure Minimum Advertised Price (MAP) in Magento 2.

MSRP(Manufacturer’s Suggested Retail Price)

MSRP is the price recommended by the manufacturer for selling a product in retail stores or online. Retailers are not obligated to adhere to the MSRP, and products can be priced lower. Some stores consistently sell at or slightly below the MSRP, while others may do so only during sales or clearance events. MSRP is often employed alongside the Minimum Advertised Price (MAP) in retail pricing strategies.

If the selling price of the item is lower than the MSRP, you will need to click to view the price on the website.

Conclusion

After reading this article, I’m sure you got a comprehensive overview of the four types of Magento 2 advanced pricing and can distinguish them to apply the most suitable marketing strategies.

If you have any questions, please feel free to contact us.