Updating the pricing details for items in your inventory is a straightforward process that involves mix of updating product details and setting up pricing strategies.
Accessing Product Details
First things first, let's get into the product's specific details:
- Search and select the product you want to update from your inventory list.
- Click on the Properties tab to open up the area where you can edit pricing and other information.
Setting Up Product Details
It's important to make sure all the basic information about your product is accurate:
- Confirm the part number and name are correct to avoid any confusion or mismatches in your inventory system.
- Define or adjust the category of the product. You can add new categories by hitting the plus (+) icon.
- Specify the part type. If the existing options don't fit, you have the freedom to add your own. For example, choose from OEM, tires, aftermarket, and in this case, fluids.
Part Quality and Core Amount
- Part Quality: Choose the right quality for the item, like 'new' for fluids, 'used' for older vehicle parts, or 'remanufactured'.
- Core Amount: Indicate if there's an associated core amount charge with the part, which is usually not applicable for fluids.
Pricing Your Product
Here's where we talk numbers – setting the right price points for your product:
- Your Cost: Enter what you pay for the product. This is your baseline for setting sale prices.
- Sale Price: Decide on a sale price, which might vary seasonally or during promotions. Example: Set it to $3.50 during a special offer.
- Manufacturer Price: This is the price recommended by the manufacturer, say $4.79.
- List Price: You can mirror the manufacturer price or set a different one, depending on your strategy.
Deciding on a Pricing Method
The pricing method you choose can greatly affect your sales strategy:
- Price Matrix or Flat Rate? You can use a price matrix to adjust pricing based on part types and costs or choose a flat rate for simplicity. For detailed instructions on setting up a price matrix, refer to the relevant video tutorial.
Understanding Margins and Profit
- Margin Calculation: To the right of the pricing fields, you'll see the margin, which helps you understand the profit you'll make on each sale.
- Total Profit: At the top right corner, 'Part Profit' reflects the total earnings from sales of that product, which will populate once you have sales data.
Final Steps
Before you finish:
- Review all the details you've entered to make sure they're correct.
- Save your changes to update the product pricing in the system.