How to Set Up Pricing

Jessica Powell Updated by Jessica Powell

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 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 suggested retail price is the amount that you propose they sell the product to their customers.

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

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 "Create" button on the top right corner. 

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Create Price

A pop-up window will appear, as in the image below. An explanation of each field follows:

Item Name

Description

Examples

List Name

This is the name of your new price list.

"(Retailer) Price List"

Currency

The currency of your base prices (i.e. currency that you will be paid in).

USD, CAD

Conversion

The conversion rate to apply to your prices where the base price currency (ex: USD) is different than the retail price currency (ex: CAD). In cases where the base price and retail price are listed in the same currency, the conversion rate = 1 (i.e. no conversion).

1, 0.75, 1.5

Rounding

The rounding number determines the number which your prices round to after the decimal. If no value is entered, retail prices will not be rounded. 

Rounding values are truncated, not rounded. Values can be between 0 - 100.

  • A calculated value of $35.97 with Rounding=99 becomes $35.99.
  • A calculated value of $35.97 with Rounding=00 becomes $35.00.
  • A calculated value of $35.97 with Rounding=100 becomes $36.00.

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

0, 97, 99, 100

Discount Off Retail

The "discount off retail" determines your base prices. Convictional imports your retail prices from your ecommerce platform, and then applies this "discount" to generate your base prices. The "discount off retail" is the retailer margin.

Discount Type

Either "fixed" (ex: $50 off each item) or "percent" (ex: 25% off all items)

$50, 25%

 

Apply to all Products

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This is automatically toggled on.

Leaving this toggled on means that the discount rate you set above will be applied to each of your products, based on the original retail price that already accompanies each product. After the price list is created you can still tweak the individual values if you need to make adjustments.

If you untoggle Apply to all Products, then instead of using the discount rate above, you'll be able to manually set the base price for each SKU individually. You can also freely control the suggested retail price by adjusting the markup, as in the image below.

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Confirm

Click the "Create Prices" 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 "Download Template" button near the top right.

This will download a .csv price list file that comes pre-populated with your SKUs and retail prices.

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. 

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

Head back to the Prices page, and click the "Upload" button in the top right.

A pop-up window will appear, as in the image below. Assign the price list a name, and find your updated .csv file using the file selector.

Tip: Include the name of the buyer you created the price list for in the price list name. 

When ready, click the "Upload Price List" button. 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. 

Example: Entering "0" rounds the retail price to the nearest whole number, such as $168.00. Entering "99" rounds the retail price to end in .99, such as $167.99.

What's The Difference Between Fixed and Percent Discounts?

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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