How to Set Up Pricing

Roger Kirkness Updated by Roger Kirkness

What is a Price List?

A price list is really just a list of each of your SKUs along with it's accompanying base price and suggested retail price.

  • The "base price" or "cost" of a SKU is the amount that your buyer will pay you every time they submit an order for that product. This is the most important piece of information on the price list. The base currency is the currency you will charge your buyer in.
  • The suggested retail price is the amount that you propose they sell the product to their customers. The retail currency is the currency you expect your buyer to retail your products in.

You can reuse the same price list for all of your buyers, or assign a different price list for each buyer.

Setting up a Price List

Before you can set up pricing, you will need to have already set up your products in Convictional. Assuming that's done, you now have two different options for setting up a price list:

  1. Automatic Method
  2. Spreadsheet Method

We'll walk through both of these methods in detail. The takeaway is that the simple method can be done fast but doesn't give you as much flexibility over your pricing. The spreadsheet method is a bit more involved, but lets you specify the exact price you want for each of your SKUs.

Automatic Method (Price List Builder)

This method can be done entirely through the Convictional app in a few easy steps.

Login

Login to the Convictional app, and head to the Prices page.

Click on the "New Price List" button on the top right corner. 

Create price list button
Create Price

You'll be redirected to a new page that asks you to name your price list and choose which method you want to use to create your price list. Please give your new list a name. An example may be "(Retailer) Price List - (Season/Year)".

Next you can choose which method you would like to use to make this price list. To use the automatic method, choose "Yes" when asked if you would like to use the Price List Builder

This will expose more options and steps to follow to set up the list. Next, you'll be asked to set a base currency and retail currency for the list. The base currency is the currency you, as a seller, will be paid in. It is also typically the currency that your product prices are priced in. Therefore, if your partner plans on selling with a different currency, you can add a conversion that is used to calculate a new suggested retail price for your buyers.

In the above photo, the seller wants to be paid in USD, but their partner is selling the products in CAD. A conversion factor has been added so that the seller's product has a new suggested retail price in CAD for the buyer to use. Note: using a conversion is optional, and it will NOT change or update based on the forex rates of the two currencies.

Next, you will want to apply a margin to your price list. This is the percent off of your retail prices you want to use to calculate the base price (or the price you offer your buyer).

In the above photo, this seller is setting a 20% discount off for their partner. This means that if they usually sell a product for $50, their buyer will pay $40 for it. You will then be asked if you want to apply this discount to every priceable product in your catalogue. If you choose "yes", all of your active products will be offered with this margin.

You then have the chance to set up a rounding rule if you wish. This rounding rule can be used to enforce how a suggest retail price rounds after the decimal. If no rounding rules are entered, the price won't be rounded. Valid values are 0-99. more details on how rounding works can be found later in this article.

Customize price for each product

If you choose not to offer that margin for all of your products, you can select "No" and edit the margin and pricing for each individual SKU.

You can search this list by the SKU value, and edit the Cost, Margin or Retail Price in each row. If you click the trash can, it will remove the SKU from this price list. You can also change the type of margin from "percent" to "fixed". A "fixed" margin allows you to specify the exact dollar amount you want to use as a discount off the retail price.

Confirm

Click the "Create Price List" button whenever you're ready, and the new price list will be added to the Price List table. You're done!

Automatically Pricing New Products

Price lists can be modified so that new (future) products created are automatically made available for buyers.

Once you have created a price list, click on it to enter into the price list's settings. There will be a notice that looks like this:

To configure your price list settings so that future products will automatically be priced at a specific discount rate, turn on "import new products?" and enter the "discount off retail" and "discount type" you wish to use.

Click "Save" in the top-right corner to save your new settings. Now, future products imported or added into Convictional will automatically be priced and available for your buyers to list on their storefronts.

Spreadsheet Method

Using a spreadsheet to import pricing allows for customization of margins while still maintaining ease-of-use. This method does require a spreadsheet program such as Microsoft Excel or Google Sheets as it involves creating a price list via CSV.

The Automatic Method is generally recommended for creating price lists. The spreadsheet method is only recommended for sellers who are non-integrated, cannot apply a flat retail margin across their catalogue or need to embed additional shipping costs into the product cost.
Login

Login to the Convictional app, and head to the Prices page.

Click on the "New Price List" button on the top right corner. 

Create price list button

Then, choose not to use the Price List Builder.

Click on the "this format" link to download a CSV template that is pre-populated with your SKUs.

Edit

Open the file in a spreadsheet editor. All spreadsheet programs will be able to read the .csv file.

You will find that the spreadsheet has a row for each of your SKUs, and the following columns:

  • SKU (Read Only)
  • Product Code (Read Only)
  • Product Title (Read Only)
  • Variant Title (Read Only)
  • Original Retail Price (Read Only)
  • Original Retail Currency (Read Only)
  • Base Price
  • Base Currency
  • Suggested Retail Price
  • Retail Currency

The columns at the beginning of the sheet are labelled as Read Only. This information is included for your convenience, and these values won't be modified when uploading the price list file to Convictional later on. You do not need to edit these columns. 

Tip: You do not need to edit any column marked as (Read Only). 

Only the last four columns need to be filled out since they correspond to the base price and the suggested retail price for each SKU. You can exclude SKUS by the same thing by deleting entire rows from the spreadsheet.

Note: If a SKU does not contain a base price and a retail price, it will be excluded from the price list. Make sure you have filled out every column to prevent products not being added to your price list.

Item Name

Description

Examples

Base Price

Fill in the amount that the buyer will pay you for the SKU. Do not include a dollar sign.

9.99

Base Currency

The currency that you want to be paid in. The supported options are USD and CAD. This value needs to remain the same for the entire column.

USD, CAD

Suggested Retail Price

Fill in the amount that a consumer should pay for the product.

Retail Currency

The currency of the buyer's store. This value needs to remain the same for the entire column.

USD, CAD

Note: The "Base Currency" must be the same (USD or CAD) for the entire spreadsheet.
Save

Once the four columns are completed, save the updated spreadsheet as a .csv file again.

Upload

Give your price list a name by filling out the "List Name" field, and then click "Upload File" and choose the CSV file you just saved. You should see the name of your CSV file.

Confirm

Click the "Create Price List" button whenever you're ready, and the new price list will be added to the Price List table. You're done!

Next Steps

Congratulations! You've uploaded products. You've assigned prices. Now you just need to add a partner!

Without adding your price list to your partner, they will not be able to list your products.

FAQ

Who pays for shipping?

In most cases, the seller covers the cost of shipping the product. 

How do I factor in shipping costs?

You can embed a flat-rate shipping cost into the price of the product when you set up your price list. This will be easiest if you use the spreadsheet method for creating your price list. If your flat-rate is $10, then add an additional $10 to both the base price and the suggested retail price in each row. 

Do I need unique price list for each of my buyers?

You can either create a unique price list per buyer or attach a generic price list to your buyers. The cases where you will need a new price list are if you are listing with a buyer in a new currency or if you are offering a retail margin that you have not already created a price list for. 

How do I double-check my price list to ensure it's correct?

Once you've created your price list, you can click on the entry in the price list table and spot check the information. You can also make one-off changes in this view.

Will my new products sync over?

By turning on the "Apply to All Products" tab, any new products that you sync through into Convictional will automatically be made available to your retail partners.

How Does Conversion Work?

The conversion rate to apply to your prices where the base price currency (ex: USD) is different than the retail price currency (ex: CAD). This conversion factor only affects your suggested retail prices, not your base prices.

Imagine you sell a pair of boots in your own Shopify store with a retail price of $120 USD but you want to sell with a Canadian retailer. You input a conversion of 1.4 (the exchange rate from USD to CAD). This means that your suggested retail price will be $168 CAD (1.4 x 120) when your product syncs over to the buyer's ecommerce platform denominated in CAD.

How Does Rounding Work?

Like conversion, rounding only affects suggested retail prices, not base prices. 

In retail rounding is usually not the same as mathematical rounding. Think of it more as a "What cent value do I want the price of my item to have?"

If you put in a rounding value of "99" then all the prices will end with 99 cents.

Example: Entering "99" rounds the retail price to end in .99, such as $167.99. Entering 0 set the cent value to 0.

What's The Difference Between Fixed and Percent Discounts/Margins?

Example: Using the previous example of the $120 boots, setting the discount to 25% would mean that your base price for that product would be $90 (since the original retail price was $120). You keep $90 as the seller (the base price), while $30 serves as the retail margin.

Example: Using the same example of the boots, setting the discount to be a fixed $40 would mean that the base price is $80, the retail margin is $40, and the retail price remains at $120.

Supported File Upload Types

Files created on Mac OS 9 and earlier are not supported.

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Fixing SKUs in Scientific Notation

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