How to Set Up Pricing
What is a Price List?
Price Lists allow you to make products available to your partners for transaction on their platforms. Any active products you wish to make available to your partners should be included in the assigned Price List to said partner. The cost price of these products are configured within your Price List by taking the retail price you offer on your platform and applying a discount margin you wish to offer to your partners. Below we'll walk you through the steps needed to create and assign a Price List.
Setting up a Price List
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 in the top right corner.
Create a Price List
You'll be redirected to a new page that asks you to name your price list. An example of a price list name may be "(Retailer) Price List - (Season/Year)".
Next, you'll be asked to set a base currency and retail currency for the list. The base currency is the currency you, as the seller, will be paid in. This is also typically the currency that your product prices are priced in. If your partner plans on selling in a different currency, you can specify said currency and include a conversion rate which will be used to calculate a new suggested retail price for your buyers.
In the above image, the seller will be paid in USD, but their partner will be selling the products in CAD. A conversion rate 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. A margin represents the dicount you wish to offer your partners as a percentage or fixed dollar amount. This value will be subtracted from the retail price of each product within the Price List.
In the above photo, this seller is setting a discount margin of 20% for their partner for all dropship orders. This means that if they usually sell a product for $50, their buyer will pay $40 for it. There also exists the option to configure a wholesale margin which will also apply to any products included in your Price List. This particular margin is optional, however if set an optional minimum dollar amount for wholesale orders can also be configured.
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 within Convictional will be offered with this margin. If you choose "No", you will need to price each product individually on the Price List configuration page. To do this, navigate to the Price List in question and click the "Add New" button.
You then have the option to set up a rounding rule if you wish. This rounding rule can be used to enforce how a suggested 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.
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 any future products synced to Convictional will be automatically made available for buyers that have this Price List assigned to them, applying the configured margins to each product. To enable this feature, simply navigate to the Price List in question and enable the "Apply to New Products" toggle as depicted below.
Ignoring Pricing Updates for Products
You can also choose to prevent any product changes that may sync to Convictional from your platform from being applied to your Price List, such as updated retail prices for products included in the Price List in question. In order to ensure such changes are not reflected in your Price List, enable the "Ignore Product Updates" toggle. By default, any such product changes will be reflected in your Price List.
Click the "Save Price List Configuration" at the bottom of this section to save your new settings.
Next Steps
Congratulations! You've uploaded products. You've assigned prices. Now you just need to add a partner! If however you have already partnered with a buyer, you can assign your newly created Price List to them by clicking the "Edit" button in the above configuration panel under the "Buyers Assigned this List" section.
FAQ
In addition to these topics we have a separate video FAQ here with recorded videos for additional common questions!
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 by manually setting prices when you create your Price List, or by editing the prices afterwards. If your flat-rate is $10, then add an additional $10 to both the base price and the suggested retail price for each item.
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 by selecting the desired Price List Entry and modifying the values in the pop-up below.
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 rounding a price of $167 to $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.
How do I edit my price lists?
Please refer to our detailed guide on Editing Price Lists for instructions on modifying existing price lists.
