Inventory Price Override: A Guide
Understanding how to effectively use the Inventory Price Override feature is crucial for businesses that calculate their product prices based on cost data and predetermined markups. This feature is particularly beneficial for customizing pricing strategies and ensuring your pricing data remains accurate and tailored to your business needs.
What is Inventory Price Override?
Inventory Price Override is a powerful tool designed to allow you to set your product prices manually, overriding the automatic calculations based on cost and markup. By utilizing this feature, you can assign custom-calculated prices directly to your main price field, Product.Price, ensuring your pricing strategy aligns with your business objectives.
Key Benefits:
- Custom Pricing Flexibility: Directly manipulate the Product.Price field to accommodate special pricing strategies or adjustments.
- Integration with Kits: Seamlessly apply the override to kit prices, which are derived from the master product’s price, ensuring consistency across your product range.
How to Enable Inventory Price Override:
- You can find this setting in: Settings>Global>Pricing Settings>Prices tab.
- Activate Dynamic Pricing: to assign prices from a custom field click on “Enable Dynamic Inventory Level Pricing” ; ensure this is enabled
- A drop-down list of custom fields will appear- find the custom field you want to assign the prices, select it and save this setting.
In this example, Inventory Price override is enabled and being mapped from Price-Textbox.
When Inventory Price is enabled and set, the old values in your Product.Price field are deleted and new prices are inherited from the custom field.
Important Considerations
- Overriding Effect: Once activated, the existing prices in your Product.Price field will be overwritten with the values from the selected custom field.
- Manual Adjustments Warning: Post-activation, avoid manually altering the Product.Price values. Any manual changes might temporarily reflect until the system detects the discrepancy and reverts to the custom field’s price.
- Post-Deactivation: Disabling the feature maintains the last set prices from the custom field until new prices are manually assigned.
Practical Example:
Consider a scenario where the Inventory Price Override is activated and linked to a custom field named Price-Textbox. Upon activation, the system will replace all existing prices in the Product.Price field with the values from Price-Textbox.
Conclusion:
The Inventory Price Override feature is designed to offer businesses a high degree of control over their pricing strategies. By following the outlined steps and considerations, you can ensure that your product pricing is both strategic and consistent with your overall business model.