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Have you set up your price lists in TradeGecko? If you have not, check out this article.
Today’s market is extremely competitive where it is not one factor alone that makes your sales figures rise. It’s about the ‘X-factor’ your business has that goes beyond offering an attractive product. One of which being knowing how to accurately price your product while keeping in mind other factors like product performance, taxes, shipping, etc. 🤔
Learn how to use the Recommended Retail Price (RRP) in TradeGecko with more finesse and efficiency; all to benefit your business.
What is Recommended Retail Price (RRP)?
Recommended Retail Price (RRP) is the price that the wholesalers/manufacturers or distributors recommend the retailer charge for a particular product to help standardize prices amongst various locations. An RRP is commonly also known as a List Price or as a Manufacturer’s Suggested Retail Price (MSRP).
It is imperative that wholesalers provide the RRP to their customers alongside the actual wholesale price, so they can make informed decisions such as analyzing competitive pricing, tallying profit and loss, and managing their sales operations.
How to display RRP?
On the TradeGecko app, click on the B2B eCommerce tab on your main navigation bar, and then ‘Settings’ as shown below.
Scroll down to the Pricing, Tax and Shipping settings where you will see the ‘Display Recommended Retail Prices (RRP)' option. Check the box and you will get a dropdown of price lists to choose from.
Select ‘Recommended Retail Price (SGD)’.
*For the purpose of this demo, a price list was created under the name ‘Recommended Retail Price’. You can select any pre-existing price lists in your TradeGecko account as your RRP or create a new as above.
- You must have already created your price lists in order to choose it from the drop-down above. Only pre-existing price lists will be shown.
- The RRP currently supports a single currency only. When creating an RRP list, the column header will indicate the currency and you can input the amount respective to the products. For e.g.:
Then, click ‘Save Changes’.
On the top right-hand corner of the screen, click on ‘Visit your B2B store’ button to see the RRP being displayed for your products.
Here’s another example on List View.
And you’re done! 🥳