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Setting cost prices for products
Setting cost prices for products

Check cost price, edit cost price, set tiered prices in Inventory Planner

Monica avatar
Written by Monica
Updated today

Cost prices in Inventory Planner are vendor attributes used in purchase orders and for analytics. Adding them to your catalog lets the system calculate profitability metrics in many of the reports on offer.

Costs differ to landing costs, which you can learn more about here.

There are two ways to set cost prices:

  1. Sync cost prices from your connection. Cost prices will be taken from your connected platform, as well as any subsequent updates to those prices.

  2. Manage cost prices directly in Inventory Planner. With this option, cost prices are handled in Inventory Planner instead of being synced from your store.

You cannot use both options simultaneously.

Note: If your connected platform stores costs, Inventory Planner recommends maintaining cost prices directly on your platform to keep all systems in sync as cost prices added in Inventory Planner will not push to your platform.

You should only maintain cost prices in Inventory Planner if your platform does not have a cost field.

For a full list of integrations and details that are pulled from every system, visit https://inventory-planner.com/integrations.

Setting cost prices for variants

Cost prices can be updated per vendor by going to Catalog > Vendor Attributes.

Here, you can manage cost prices, associate variants with vendors, and apply other vendor rules (e.g. minimum order quantities, units of measurement) to variants.

Click "Save changes" to finish updating vendor attributes.

Note: Cost prices will only be automatically populated on purchase orders if the variant both has a cost price and is assigned to the purchase order's vendor. You can see which variants have cost prices applied in the Catalog using the "Has cost price" filter.

Resetting manually edited attributes

Editing attributes, including cost prices, directly in the Catalog section overrides attribute information that was from your platform (if applicable). If you've overwritten an attribute, you can always refresh the synced data to reset the value.

Setting cost prices for assemblies

You can set the cost price of an assembly using the sum of the costs of its components.

Go to Catalog > Assemblies and select the assemblies whose cost prices you would like to update. Then click Bulk actions > Set assembly cost price from component.

This is not an automatic or dynamic process and will have to be triggered manually whenever you need to update the cost of your assemblies.

Tiered pricing

Sometimes your supplier may offer you a better deal if you buy in bulk. For example, they may say that the price for a certain product is $2 per unit, or $1.75 per unit if you buy over 100 units.

When your supplier offers discounts based on bulk purchasing, you can use tiered pricing to enter the price breaks.

Note: Tiered prices can only be set per variant.

Setting tiered pricing

To set tiered pricing:

  • Go to Catalog > Vendor Attributes

  • Enable the "Tier prices" column using the gear icon on the right side

  • Any variants without a tier price will display "none" in the "Tier prices" column - click on the "none" to set tiered priced for that variant

  • In the popup window, click "+ Add price tier" to add a new price break

  • Enter the number of units needed to meet the price break and the corresponding cost price or discount in the "Price" or "Discount" fields. 

  • Continue adding price breaks until they've all been entered, then click "Save"

Once you've added a tiered price, you'll see the units needed to meet each tier and the corresponding cost price in the "Tier prices" column.

You can click on the figures in the column again to edit the tiered pricing.

Using tiered pricing

If a variant has tiered pricing, you will be prompted to change the quantity ordered when the total price at the current quantity is within 30% of the price at the next tier.

Comparing vendor costs

If you buy a product from multiple vendors and want to compare the prices they charge, you can use the "Cost compare" column, available in several different reports.

Importing cost price data

If your website platform does not have a cost field, or if you need to enter product or vendor information in bulk, you can import your cost price data from a CSV or Excel document.

Warning: Updating cost prices in Inventory Planner will not update cost prices in your connected platforms! If your connected platform has a cost field, we recommend updating cost prices there so they sync into Inventory Planner. Only update cost prices in Inventory Planner if your platform does not have a cost field.

For a full list of integrations and details that are pulled from every system, visit https://inventory-planner.com/integrations.

Importing cost price data can be done from Replenishment, under Import > Variant settings.

You will be asked to upload a file containing, at minimum, a SKU (or other product identifier, such as ID, barcode, etc.) and a cost price. You can see all available columns at the bottom of the import page, and you can also download a CSV template so you don't have to build your file from scratch.

Once your CSV file is prepared and ready, you can drag the file to the import section, or click to upload it.

After you've successfully loaded the file, click "Map columns" to be taken to the next stage.

Here, you can map the columns in your file to the relevant field in Inventory Planner. The cost price columns are in their own section at the bottom of the page.

Once you're happy with the mapping, click "Import" to complete the import. You'll be taken to an import summary screen listing any changes and errors.

Importing tiered pricing

You can import tiered pricing in the same way you import ordinary cost prices.

Tiered prices must be imported into the cost price field using the following format: qty1:price1;qty2:price2;...

So for example, if a vendor charges $2 per unit for any quantity below 100, then $1.50 per unit for a quantity over 100, you would enter the tiered prices into your spreadsheet as 1:2;100:1.50;

Updating other vendor catalog data

Learn more about updating other attributes that cannot be imported from your website platform or inventory management system in the update the vendor catalog article.

Answers the questions

How do I set cost prices for products?

Can I set tiered pricing for products?

Do you support price breaks?

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