If you’re on the BigCommerce eCommerce platform, you may be familiar with, or have at least heard about, “Price Lists.” Price lists are a powerful feature that allows merchants to tailor pricing strategies to different customer segments. In this article, I’ll go into what price lists are, how they can be used, and the benefits they can bring to your online store.
First off, what exactly are price lists? Price lists in BigCommerce are customizable sets of prices that you can assign to specific groups of customers. Unlike a one-size-fits-all pricing model, price lists enable merchants to offer different prices to different customer segments based on various criteria such as membership, customer loyalty, geographic location, or purchase volume.
A price list is essentially a table of product prices that you can assign to different customer groups. Each product can have multiple price points, which are determined by the specific price list assigned to a customer group. For example, you might have a standard price list for general customers, a discounted price list for wholesale buyers, and a premium price list for VIP customers.
Creating and Managing Price Lists in BigCommerce
Creating and managing price lists in BigCommerce is a straightforward process, but it requires a strategic approach to maximize its effectiveness. Here’s a step-by-step guide on how to set up and use price lists in your BigCommerce store.
Step 1: Accessing Price Lists
To access price lists, log in to your BigCommerce control panel and navigate to the “Products” section. From there, you will find the “Price Lists” option. Click on it to start creating and managing your price lists.
Step 2: Creating a New Price List
To create a new price list, click on the “Create Price List” button. You will need to provide a name for your price list and assign it to a specific customer group. BigCommerce allows you to create multiple customer groups based on your business needs, such as retail customers, wholesale customers, or loyal members.
Step 3: Adding Products and Setting Prices
Once you’ve created a price list, the next step is to add products and set their prices. You can manually enter the prices for each product or use bulk editing tools like our Price List Price Updater and our Price List Bulk Pricing Updater to streamline the process. These two tools are particularly useful for stores with a large inventory.
Step 4: Assigning Price Lists to Customer Groups
After creating and populating your price list, you need to assign it to a customer group. This is done in the “Customer Groups” section of the control panel. Select the customer group you want to assign the price list to and link it accordingly. Customers in that group will now see the prices from the assigned price list when they log in and shop in your store.
Step 5: Testing and Adjusting Price Lists
Before rolling out your price lists, it’s essential to test them to ensure they work correctly. Check that the right customers see the right prices and that discounts or special prices are applied accurately.
Using Price Lists Effectively
The power of price lists lies in their versatility and the strategic advantage they offer. Here are some practical ways to use price lists in BigCommerce:
- Wholesale Pricing – For businesses that sell to both retail and wholesale customers, price lists are invaluable. Create a price list with discounted rates for wholesale customers, encouraging bulk purchases while maintaining standard prices for retail buyers. This approach helps manage different pricing structures without complicating your overall pricing strategy.
- Loyalty Programs – Reward your loyal customers by creating exclusive price lists that offer them better deals. This can include lower prices on popular items, special discounts, or early access to sales. By recognizing and rewarding loyalty, you can increase customer retention and boost long-term sales.
- Geographic Pricing – If your business operates in multiple regions or countries, price lists can help you set region-specific prices. This allows you to account for differences in currency exchange rates, shipping costs, and local market conditions. For example, you might offer different prices for customers in the US, Europe, and Asia.
- Promotional Pricing – Use price lists to run targeted promotions for specific customer groups. For instance, you could create a price list with special holiday discounts for your email subscribers or offer temporary discounts to customers who haven’t made a purchase in a while. This targeted approach can drive sales and re-engage inactive customers.
- Member-Exclusive Pricing – If you have a membership program, offer your members special pricing as a perk. This can include lower prices on select items, member-only sales, or bundle deals. By providing tangible benefits to your members, you can increase the perceived value of your membership program and attract more sign-ups.
Benefits of Using Price Lists in BigCommerce
Implementing price lists in your BigCommerce store offers several benefits that can enhance your business operations and customer satisfaction. Here are some of the key advantages:
- Increased Sales and Revenue – By offering tailored pricing to different customer segments, you can increase your sales and revenue. Wholesale customers are more likely to make large purchases if they receive a discount, and loyal customers will appreciate special prices that recognize their loyalty. This segmentation can lead to higher conversion rates and larger average order values.
- Enhanced Customer Experience – Customers appreciate personalized experiences, and price lists enable you to provide just that. Whether it’s offering exclusive discounts to VIP customers or region-specific prices that reflect local market conditions, personalized pricing can enhance the shopping experience and build stronger customer relationships.
- Improved Market Competitiveness – In today’s competitive market, differentiation is crucial. Price lists allow you to stand out by offering unique pricing strategies that your competitors might not have. This flexibility can help you capture and retain more customers, particularly in niche markets.
- Better Inventory Management – By using price lists to encourage bulk purchases or clear out slow-moving stock, you can better manage your inventory. Wholesale price lists can incentivize large orders, while promotional price lists can help you move excess inventory quickly.
- Streamlined Operations – BigCommerce’s price list feature simplifies the process of managing multiple pricing strategies. Instead of manually adjusting prices for different customers, you can create and assign price lists with ease. This reduces administrative work and minimizes the risk of pricing errors.
- Strategic Flexibility – Price lists offer strategic flexibility, allowing you to adapt your pricing strategy to changing market conditions, customer behavior, and business goals. Whether you need to launch a new promotion, enter a new market, or reward loyal customers, price lists provide the tools you need to respond quickly and effectively.
Price lists in BigCommerce are a powerful tool that can transform your pricing strategy and enhance your overall business operations. By allowing you to create customized pricing for different customer segments, price lists enable you to increase sales, improve customer satisfaction, and stay competitive in a dynamic market. Whether you’re selling to retail customers, wholesale buyers, or loyal members, price lists offer the flexibility and strategic advantage you need to succeed in e-commerce.
Implementing and managing price lists may require an initial investment of time and effort, but the benefits far outweigh the costs. With careful planning and strategic use, price lists can become a cornerstone of your pricing strategy, driving growth and success for your BigCommerce store.
Scott Sanfilippo began his eCommerce journey in 1994 by co-founding one of the Internet’s first online retailers, TheFerretStore.com, which was acquired by PetCo in 2006. In 2001, he co-founded the eCommerce design and marketing firm Solid Cactus, which was acquired by web.com in 2009. Today, Scott is the General Manager of Your Store Wizards and lives in Delray Beach, FL. Scott can be contacted at scott@yourstorewizards.com.