The pricing strategies are very important to sales, be it retail, wholesale, or eCommerce. Most companies lure their customers through seasonal discounts, limited period offers happy hours, and so on. We've been told that an effective pricing strategy is sure to win more customers and the customer benefit has immediately reflected the buyers. Pricing strategies would also involve using different price lists and creating loyalty programs.
All these involve a lot of planning from the sales and marketing teams. There's a discount sale happening somewhere and we have to effectively manage the price lists and loyalty programs to hold the regular customers. Do discounts win customers? Not really. There's a discount sale happening around the corner and still, you can see your regular flock of customers visiting you. So is it only about discounts? Today the consumers are as smart as the sellers and they are smart enough to look beyond the discounts to choose their sellers
All factors from reasonable price to excellent customer care everything matters in winning customers. Approving in the age of technology, people are more impressed with smarter checkouts and quicker service than with large discounts. Most people will choose a five-minute checkout over a 50% discount. In the current century, time is more valuable than money. Now you may wonder why discounts. Discounts are more of a way of thanking your customers than winning customers in the current era.
Now, what if you can combine the pricing strategies and the faster checkout? That is surely going to impress your customers. This is why automation is important in sales, retail, and others. In this blog, we will look at how you can apply various pricing features in your point of sale with the Odoo PoS. Odoo PoS is the new smarter and efficient way of managing your retail stores. You can also read on how to configure PoS in Odoo 14 to have a better hand on the module.
The pricing features can be of various types. It could be a price discount applied manually, a limited period pricelist, seasonal discounts, loyalty programs, and so on. We'll have an overview of applying various pricing strategies on checkouts by using Odoo PoS.
Manual Discounts
For companies that do not have regular discount strategies, it is always better to use manual discounts. In the case of small retailers, this could be more effective than seasonal discounts and price lists. In manual discounts, we can either apply discounts on specific products or on the whole order.
Individual Product Discounts
After we launch the PoS session, we can add the products from the list and modify the quantity. Then we can click on the “disc” button to add the discount to the product. For this, we must first enable “manual discounts” in the PoS configuration of the running point of sale. In the image, you can see that we have added the discount only to the whiteboard pen.
Now if you need to apply the discount to all the products in the order, we can use a global discount.
Global Discounts
For global discounts, we have to make changes in the configuration of each Point of Sales. We can enter the PoS module and go to configuration> Point of sale. Then open the respective sales point and go to pricing settings. Heer we can enable global discounts. We have to create a discount product and select the product in the field provided. We have to mention the discount% for the global discount.
After the settings is saved we can run the PoS session, which will now have a "discount" button in the billing.
We can click the button to add the configured discount on the whole order. We can modify the discount percentage and add it to the order.
On orders that have been allowed global discounts, we can also add product-wise discounts if the “Manual Discount” setting is also enabled in the pricing configuration.
Limited-period offers
We can create time-limited offers and seasonal offers by using the price list feature. For this, we have to open the setting from the PoS configuration. Then enable pricelists. The two option available in price lists are
- Multiple prices per product: we can create a price list where individual products can have a different price from a start date to an end date. We can also set a minimum quantity criteria if needed.
- Advanced price rules: in this option, we can create price rules instead of individual product price configuration. We can choose to apply the price rules on all products or categories or certain products or even variants.
Once the price list is created, we can move to the configuration of individual PoS. From the individual PoS settings, we can add the default price list and also enable an advanced price list to allow seasonal discounts.
Once the price lists are added, we can run the PoS session. We can choose the pricelist to be run on the billing
This would apply the applicable discounts on the products.
Loyalty programs
Loyalty programs are used by shops to reward regular customers. It runs on a system of points and rewards. Certain criteria is set on each billing to generate points. As the criteria points are met, the customer is rewarded with discounts, free products, etc.
From loyalty programs in PoS products, we can create new programs or modify existing ones. We can add the rewards and the point rules for each loyalty program.
In reward, we can add the minimum point to qualify for this reward. And in point rules, we can determine the point rules for the loyalty program to be applicable.
In the configuration of the respective point of sale, select the loyalty program applicably.
We can add the customer and the corresponding points generated will be displayed in the billing. We can click on the reward to add the reward to the billing.