If you are new to the business world, chances are that you're exploring the ideal pricing strategy for your products. In TradeGecko, you can set three different prices for your products. They are namely:
When you enter any of these price details for a variant, they are automatically loaded into either your Sales Orders/Purchase Orders/Online store. This is explained further, below.
If you chose to leave out this information when creating your products, you will be prompted for these prices when creating your Sales Orders and Purchase Orders.
Buy Price
The price that you pay your supplier or the price that you purchase your goods for originally.
- automatically used in Purchase Orders, when buying from vendors.
Did you know that the price used Purchase Orders can be revised? Find out how.
- along with landed costs, the Buy price is used in the calculation of Moving Average Cost (MAC), and thereby, Inventory Value.
Wholesale Price
The price that you sell to your customers at a lower price as it's sold in bulk.
- automatically suggested in Sales Orders. You have the option to alter the price used sales orders if need be.
- usually only slightly marked up from the Buy price, compared to Retail prices, which can often be double retail price or more.
Retail Price
The price that you sell to your consumer/end-user for which is also known as market price.
- synced with/pushed to your eCommerce store.