Dynamic Product Pricing


Since we have a great amount of valuable information about the customer, we can use that data to improve customer loyalty by defining custom prices per customer.

Formulas can be defined at various levels:

  • Globally
    • Product
    • Customer
  • Uniquely
    • Products
    • Customers


Globally defined prices are set in the configuration “Marketing/Marketing Automation/Configuration” and then on the left side “Pricing.”


Uniquely defined prices are set when editing the product or the customer in the admin interface.


Prices for customers and products follow the same conventions. We will be giving examples of products, but they work the same way.


When in the configuration page (System/Panda/Account/Configuration/Pricing) you will see a “Product Section” with the following options:



Enable
If we should enable product pricing
Global Min Price


The global min price is acting as a safeguard to make sure you have control over the dynamic prices. Independently of the product price equation result, the price displayed to the customer cannot be lower than the resulting price from this equation. For that reason, an example equation for the global min price would be:
  • {p.price} * 0.7
    • The product min price won’t be lower than 70% of the regular product price, even if the product price equation is lower
Global Max Price

The global max price acts the same way as the global min price, but for the max price. Independently of the product price equation result, the price displayed to the customer cannot be higher than the resulting price from this equation. An example equation would be:
  • {p.price} * 0.95
    • The product max price won’t be higher than 95% of the regular product price, even if the product price equation is higher

Product Price Equation
This is the equation that will define the product price.
Round Values to xx.99
This feature is intended to round prices up when they fall in a certain interval. When you select “Yes,” to new fields will appear:
  • Round Upper Values to xx.99.
    • If you insert “50” in this field and the product price generated by the equation is 90.87, the final price will be 90.99.
  • Min Price to Round-Up
    • Useful if you deal with small prices. If you insert 5 in this field, we won’t round up decimals for products with the generated price being lower.
Round Values to xx.49
The same as xx.99, but with the .49 threshold.
Round down to .99 on non-decimal prices
If the final price has no decimal points, such 100, whether we should make it a cent cheaper, in the case of 100, change the price to 99.99. 50=>49.99, 47=>46.99, etc
Customer Groups
Only calculate prices for the specified customer groups



Product and Customer Specific Formulas

You can enable and disable formulas for specific products' ad customers. Just edit the product or the customer and you will see two elements, like in the picture below.

To disable price calculation, switch the toggle to “Yes.”



To have a specific equation for the selected product, add it in the “Panda – Price Expression” field.