How to Setup Advanced Dynamic Pricing for WooCommerce in WordPress?

Introduction 

Do you know that applying dynamic pricing strategies can help your business grow? You must know this, as the customers’ demands never end when they walk into your site for any purchase. They look for some price changes that encourage them to purchase. 

To raise the overall sales of your woocommerce store, it is necessary to keep up with the market trends. Encouraging customers to shop from your site is a challenging task to do. Applying a dynamic pricing pattern can help with this. Sticking to the fixed price pattern on your woocommerce site may result in losing customers’ interest. They don’t find many price-changing patterns to make a purchase. 

To make your store a place for more customers and sales, you can apply advanced dynamic pricing for Woocommerce using WordPress. Not exactly WordPress holds this feature, but there are plugins to help you out. So here in this blog, we will let you know different queries in how many ways dynamic pricing can be applied on your Woocommerce site. 

What is Advanced Dynamic Pricing on WooCommerce? 

Woocommerce dynamic pricing is the strategic pattern that helps your store acquire different pricing structures. These are the flexible pricing strategies that help boost sales and customer visits based on discounts and conditions.

You must have seen various Woocommerce stores applying periodic discounts and changes in product prices, right? This is where the concept of dynamic pricing started for the sake of boosting sales. The product prices simply vary according to the quantity, specific products, user roles, and more factors. 

What are the Types of Discounts and Advanced Dynamic Pricing for Woocommerce? 

You must know how many ways dynamic pricing and discounts can strengthen your Woocommerce store. Listing some of the types of dynamic pricing and discount patterns for your WooCommerce store. 

1. Quantity-based Pricing: This is the pricing pattern where you can apply discounts based on the quantity of the products. 

2. Category-based Pricing: Discounts can be applied to a particular product category. 

3. Pricing based on user roles: This is the pricing pattern where you can offer discounts based on different user roles like wholesalers, subscribers, and more. 

4. Time-based pricing: This is the pricing pattern where you can offer discounts for a specific time. 

5. Location-based Pricing: At times, the pricing structure and discounts are offered for some specific locations and regions. This is nothing but location-based pricing. 

6. Product Bundling: The product bundling type is offered when a customer purchases a bundle of purchased items and then offers a discount. 

7. Dynamic pricing on cart total: The dynamic pricing on cart total is based on the total number of cart items of a customer.

8. BOGO Pricing: The BOGO (buy-one-get-one) pricing pattern is when a product is purchased at the original price while getting a free one at the same price. 

9. Product-specific Pricing: This type is highly based on the inventory level and demand. 

10. Conditional pricing rules: This is where Woocommerce store owners can put some conditions for the customers to make a purchase. Conditions may vary on purchasing bulk products, minimum purchase amount, and more. 

How Do You Set up Advanced Dynamic Pricing for Woocommerce? 

As you have already learned, dynamic pricing can help boost sales and provide more benefits. Let’s hear it to set up dynamic pricing in Woocommerce. We have decided to go with the "Discount Rules for Woocommerce - Pro" plugin for this guide. With this, we can easily create multiple advanced dynamic pricing. 

What you need first is to install and activate the plugin on your WordPress dashboard simply. And now, we will see various scenarios of how many times dynamic pricing can be done. For this guide, we will sell a range of chocolates with different flavours on your online.

Scenario 1: Dynamic Pricing for Specific User Roles 

The first scenario will discuss setting advanced dynamic pricing for Woocommerce for specific user roles. Different user roles include wholesalers, subscribers, VIP members, and more. What this helps is you can personalize the pricing based on how they are purchasing and thus build loyalty. 

So here we are taking an example by offering a deal of $5 off on all products for wholesale customers. And now, let’s start setting advanced dynamic pricing for wholesale user roles. 

1. Firstly, you need to install and activate the Discount Rules plugin. 
2. Next, move to Woocommerce and tap the “Woo Discount Rules.”.
3. Then tap the “Add New Rule” button and give a name to your dynamic pricing campaign. 
4. After this, choose the discount type “Product Adjustment” and filter “All Products” to apply storewide discounts.
5. Next, you need to set the discount type as “fixed discount” and the value as “5”. 
6. Under the Rules section, select the “Condition type” as the user role and then specify it as Wholesale Dealer. 
7. Lastly, save the changes. 

This will apply a discount of $5 to all the wholesale dealers purchasing chocolates from your online store. 

Scenario 2: Updating Product Prices based on Time

You must be aware of online stores raising discounts on special days and specific periods. This is where they use dynamic pricing based on time. 

Taking an example, we will try to apply bulk discounts on 2 June 2024, starting from midnight to 10 am. You can set bulk prices for tea bags like this: 

• For 1-3 tea bags, each $5 off 
• For 4-10 tea bags, each $10 off 
• For 11 or more tea bags, each $15 off 

After deciding on the time-based query, now let’s see how to set dynamic pricing for Woocommerce products. 

What you need is to simply select the discount type as “bulk discounts” and filter “all products.”.

Next, you need to set the maximum and minimum discount quantity under the “Discount section." Then choose “Fixed Discount” with a value. 

Under the Rules section, choose the condition type as “Date and time” and select the specific period. 

Lastly, save the changes and see that the bulk discounts will be applied for a specific time and date. 

Scenario 3: Advanced Dynamic Pricing for Woocommerce Products 

Here’s to another query to apply dynamic pricing for Woocommerce products based on their demand. 

We are assuming that the sale of hibiscus tea bags is less than the other flavours, so we will reduce the original price to $5. 

Let’s see the dynamic pricing structure for specific products: 

1. Firstly, you need to choose the ‘Discount Type” as “Product Adjustment” and then filter the specific products.
2. Now on the Discount part, choose the “Fixed Price per Item” and then set the clear value. Suppose the price of white chocolate is $50, and after the discount, it will be $55.
3. And now save the changes. You can see the price of the white chocolate has been reduced to $5. 

Scenario 4: Advanced Dynamic Pricing Discounts for Location 

The fourth query tells you you can set advanced dynamic pricing discounts based on specific locations by specifying the country and state. 

Taking an example, we will put discounts on tea bags for the customers residing in India.

For this, you need to set the discount type as “bulk discount” and filter the products. 

Under the Discount section, you need to set the quantity and value. Specifically, you can set the discount type as: 

• Fixed price for set or bundle.
• Percent discount per product. 
• Fixed discount per product. 

Now under the Rules section, you need to choose “Country” as the condition type and select the location. Now finally, you need to save the query. 

Now you will see that the actual price of the Peppermint tea bag is $70, but for the Moroccan citizen, it will display as $60 per item. 

Do’s and Don’ts of Advanced Dynamic Pricing for WooCommerce 

Advanced dynamic pricing is done for your business and revenue growth. This is why there are some do’s and don’ts to apply while setting advanced dynamic pricing in Woocommerce. 

Do’s of Advanced Dynamic Pricing 

1. The first thing you need to ensure is to analyze the customer data well. You can use the purchase data, demographics, browsing history, and more to tailor pricing strategies. 
2. Segmenting customers based on their purchase frequency, loyalty, and cart value is also needed. 
3. You need to be smart enough to offer bulk discounts that affect sales positively. In short, discounts should be offered to receive bulk orders and repeat purchases. 
4. You must clearly explain the dynamic pricing to the customers to make them believe and create no confusion. 

Don’ts of Advanced Dynamic Pricing 

1. Make sure you avoid complicating the pricing structure for the customers by adding too many rules and strategies. This will eventually confuse the customers, resulting in no purchase from your store. 
2. Also, do not avoid what your competitors are doing with the dynamic pricing. Make sure you have an eye on your competitors to stay in the market. 
3. While giving customers more priority, make sure you do not give too many pricing discounts. This will reduce the value of the product and your profit too. 
4. Make sure you are not neglecting customer’s preferences while defining the advanced dynamic pricing structure.

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Conclusion 

Learned everything about advanced dynamic pricing for Woocommerce? Well, the above blog has said every single detail about it. Woocommerce stores run well when you offer dynamic pricing patterns and discounts. This is where you can raise interest among customers and encourage sales. Here in this blog, we have made it to the fullest to help you know well about dynamic pricing. No extra effort is required when you opt for offering an advanced dynamic pricing structure on your site. The ultimate goal is to boost sales and revenue on your site. So, you can see there is everything noted along with four scenarios that can help you understand well about dynamic pricing in Woocommerce.