B2B WooCommerce store’s sales and overall performance are directly tied to the store’s pricing strategy. You can attract more customers and generate more revenue with more competitive pricing. There are several scenarios in which a price reduction or discounted rate for a subset of customers may be appropriate. In the end, however, you want your offer to increase product sales.
A tiered pricing system can increase average order value and total revenues while attracting new clients and rewarding current ones.
This article will explain tiered pricing and discuss when and why it could be useful. Then, we’ll show you how to create WooCommerce tiered pricing with WholesaleX.
What Is a Tiered Pricing Structure?
Online retailers can use tiered pricing to discount products to attract and retain customers. By considering a range of demand rates and pricing options, this method may help you attract a more diverse set of consumers.
Tiered pricing emerges when the price of your product or service increases or decreases depending on the quantity ordered by a customer. If they spend more, they’ll save more.
You can draw in more customers of varying budgets by offering multiple price points. It’s great for satisfying the needs of your bigger clients while also enticing your smaller clients to increase their purchases.
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Benefits of WooCommerce Tiered Pricing
Using a WooCommerce tiered pricing plan in B2B business to sell your products will generate more revenue than a bulk pricing method. In addition to this, the tiered pricing approach has the following advantages:
Promotes bulk purchases by customers:
Customers are attracted to make larger purchases with the assurance of savings when they buy in bulk from the higher price tiers of a tiered pricing structure. Therefore, a higher AOV (average order value) can be achieved this way.
Increased revenue per unit sold:
Unlike volume pricing, tiered pricing protects revenues from falling below a certain threshold. In other words, you will only make money per sale if customers buy multiple units where the price drops significantly when they buy more than the threshold you set.
Offers Various Options:
Tiered pricing allows you to provide clients with a range of price tiers, which can boost your revenue. For example, a consumer can start with the most basic tier and, if happy with the outcome, move up to a more premium tier.
How to Create WooCommerce Tiered Pricing?
Now that we know about WooCommerce tiered pricing let us move forward and discuss how to create WooCommerce tiered pricing using WholesaleX. So, let’s not waste any time and move forward with it.
First, download and install WholesaleX. Here’s a complete guideline for installing WholesaleX.
1. Go to WordPress Dashboard.
2. Then go to WholesaleX → Dynamic Rules. Click “Create Dynamic Rule“, and name your Rule Title.
Naming is important, because you can have multiple rules for your store and users.
4. On the “Rule Type“, Select “Quantity Based Discount“.
So, as we mentioned the details of what tiered pricing is, so you already know you have to put discounts on the quantity of products.
5. Select Specific Roles in “Select User/Role“.
You need to choose specific roles because your store can have multiple different roles, with whom you don’t want to provide the tiered pricing.
6. Select “B2B Users” in “User Roles“.
Tiered pricing is generally set up for B2B users, that’s why you should keep in mind to select the B2B users for this.
7. Now, choose “Product in List” in “Product Filter“.
If you want to give tiered pricing in certain products, selecting the products in list is must. Otherwise all the products will have this tiered pricing.
8. Then Choose your preferred product in “Select Multiple Product“.
As we mentioned earlier, selecting product is important, so choose your products very carefully here.
9. Choose the “Discount Type” as “Fixed Price“. Input the “Minimum Quantity“. Then type the “Discount amount“. Name your Discount tier. [Click the Plus Icon to create at least one more tier and repeat the process.]
Now, you have to create tiers for your users. You need to repeat this step to create multiple tiers for your user.
10. Click Save, and Toggle the “Rule Status“.
And you’re done creating WooCommerce Tiered Pricing with WholesaleX.
We hope you found our article on creating WooCommerce tiered pricing extremely informative.
The use of price tiers is prevalent in B2B WooCommerce stores. Customers will buy more items if they believe they will get more appealing deals. If you want to attract customers and get them to buy more of your products, try using WooCommerce tiered pricing.
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