Auto RRP for Woocommerce is a plugin that will automatically set recommended retail prices based on your settings. It allows you to take advantage of a powerful pricing strategy to help conversions and sales.
Discounting is an effective pricing strategy for online business. It can be effective for drop-shippers to. There are plugins out there for Woocommerce that lets you set recommended retail prices (rrp). Unfortunately, these normally require you to manually add the rrp. If you are auto importing items then you need something that will automatically set that price.
This plugin sets the rrp automatically depending on the multiplier you set in the settings.
What does Woocommerce Auto RRP do?
The plugin sets the following to help you with this pricing strategy;
- Allows you to set the text for the recommended retail price
- Uses the regular price – including variations – to base an rrp on one. you set a multiplier and/or a set amount. The final price is rounded to the nearest whole number
- Displays the new rrp price above your actual price
- Allows you to set a prefix to your regular prices such as Our Price to highlight the difference in prices
- for variations swap out the price range for from lowest price to help with pricing strategy
Probably one of the best known off-price retailers is TK Max. They consistently aim to provide goods at 60% or more discounts on manufacturers suggested retail prices. They are not shy about displaying the recommended retail price alongside their own price. It’s an effective way of getting people to buy.
A lot of companies that supply drop shippers do not provide manufacturers recommended retail prices but as importers, we can set a recommended retail price or suggested retail price based on industry and retail standards.
As an example, if we buy items from our suppliers for £5.00 and double it for our sales price to give £10.00. The industry retail standard mark up for our sector is x4 of cost. So we add a multiplier of 2 in the plugin settings. This will then display a recommended retail price of £20.00 and our price of £10.00 for comparison.
By using this plugin we still have the option of using sales in Woocommerce to add further discounts.
Off-price online retailing
Off-price retailing is an effective strategy for pricing. Sadly, we are heading for a major global recession due to the virus crisis and during times of recession discount and off-price retailing always grow as people look for better deals and value for their money.
Auto RRP is a plugin that can help you put that pricing strategy to work for you automatically.
Se it in action here.