In this tutorial, we will configure our global pricing rules for the products we import into our store. My Easy Monogram operates from a cost-plus markup system to make pricing products simple. We will also explore how to set “compare at” (MSRP) pricing and assigning rules to round prices to a certain cent (more on this later).
On this page
Accessing Global Pricing Rules
From the My Easy Monogram dashboard, click on the settings button in the bottom left of your screen.
From here, click on the Global Pricing Rules tab on the top center of your screen
With the Global Pricing Rules tab selected, we will now look at Markup Types.
Markup by Multiplier Value
We will first look at how markup by multiplier value works.
First, make sure the Markup Type selected is Multiplier.
After selecting multiplier, you can choose your markup value.
This is a cost-plus markup system, meaning that your selling prices are calculated off of the cost you pay for the product plus any markup value you define.
A markup multiplier of 1 would be the cost you pay for the product. If you would like to apply a 50% markup to an item, you would enter your multiplier markup value as 1.5
For example, if you list a product that cost you $10.00 with a markup multiplier value of 1.5 then the price to your customer will be $15.00.
Markup by Fixed Value
We can also make a fixed markup value which will add whatever value you choose to the cost of your product.
First, change your markup type to Fixed.
From here, you can define a fixed markup value. For instance, if you would like to add $5.00 to the cost of every product you would enter 5 as the fixed markup value.
After you decide on your Global Markup Type and Global Markup Value it is time to assign our Global Compare At Markup Type and Value.
Compare At Markup by Multiplier Value
The compare at value is used to generate an MSRP or competitor price automatically for your product according to the product cost.
Just like markup types, the compare at markup types includes two options: multiplier and fixed.
First, we look at the multiplier markup type. From the dropdown, select multiplier.
Now, set your compare at markup value. Just like the pricing markup type, this is calculated from your cost of the product.
For instance, you could set your compare at price to calculate as twice the cost of the product by setting the compare at markup multiplier value to 2.0. This will take a product that cost your $10.00 and show an MSRP of $20.00.
Compare At Markup by Fixed Value
If you would like to have a fixed value for your compare at markup type, simply click the dropdown and selected fixed.
After selecting a fixed compare at markup type it is now time to assign the compare at value.
If you would like to add $10.00 to every product that you sell, then set this value to 10.
For instance, if a product cost you $20.00 and you set this value to 10, it will show a compare at price of $30.00
Now that we have define our rules for markup type and value and compare at markup type and value it is time to look at assigning cents
Assigning Cents Rule
Since product costs vary, it may happen that after applying a markup type and value it will come out to a unique cent value.
Sometimes after applying a markup value to the cost of a product the price to your customer may come to a unique value, say $20.57.
By assigning an assign cent value of 99, this will round any unique values after markup to end in .99. In this case, the price will be displayed as $20.99