Set and manage prices for your products

When you import products from suppliers, the original prices are also imported into your Shopify admin. To profit from selling these products, you need to increase the prices in your Shopify store. You can set product prices manually, or set global pricing rules for automatic markup.

The original price of the products you're dropshipping is known as product cost. This is how much you're paying the supplier when you place an order.

To run a profitable business, you have to determine what the final price of your products will be, then set the mark-ups or margins for them. The profit is the difference between the amount of money the customer paid and the cost of the product (the amount you paid the supplier).

Strategy for pricing your products

There are several things you need to consider when pricing your products:

  • Consider the types of products you're selling: Product cost can help you determine how much you'll charge for a product. For example, if product cost is less than $5.00, depending on the product category and type, you could mark it up 4 or 5 times and sell it for $20.00 - $25.00. This allows you to make a profit up to $20.00, depending on shipping and other costs.

  • Consider other expenses or business costs, such as marketing expenses, your Shopify subscription, and transaction fees: Reflect on these expenses when setting prices for your products. These are necessary business costs that you will incur, so it's important your profit covers these costs at the very least.

  • Consider competitor's prices for similar products: Looking at stores that sell similar products can help you determine the average price of the products you're selling, then you can set your prices accordingly.

Set product prices manually for dropshipping

You can set product prices manually in both Shopify and Oberlo. We recommend you set your product prices in Oberlo before you import products to Shopify. If you've already imported your products to Shopify, then you can set your product prices in Shopify.

Set product prices in Oberlo

When you have added products to your import list, you can set product prices manually in Oberlo.

Steps:

  1. On the sidebar, hover over the price tag icon, and click Import List.

  2. Click the Variants tab for the product.

  3. Change the price for each variant in the Price column.

  4. If you want to set the same price for all variants, then click the Change All Prices drop-down, then Set New Value.

  5. Enter the new price and click Apply.

Your changes are saved automatically.

Set product prices in Shopify

Set product prices manually in Shopify after you've imported your products from Oberlo.

Steps:

  1. From your Shopify admin, go to Products.

  2. Click the name of the product that you want to update.

  3. In the Variants section, enter the price that you're charging for the product for each variant in the Price column.

  4. Click Save.

Setting global pricing rules

You can use global pricing rules to set prices for your products in bulk. You can set global pricing rules in the Global Pricing Rules section of your Oberlo settings.

Add a product price rule

You can set the price for all your products by using a product price rule. There are two types of product price rules:

  • Multiplier - multiplies the supplier product cost by the number you specify. For example, a product with supplier product cost of $2.00 with a multiplier of 3 is priced at $6.00 in your Shopify store.

  • Fixed Markup - adds a fixed amount to the supplier product cost. For example, a product with a supplier product cost of $2.00 with a fixed markup of 3 is priced at $5.00 in your Shopify store.

Steps:

  1. Click Settings > Global Pricing Rules.

  2. In the Product cost section for your Your product price, select a rule type from the drop-down list.

  3. Add an amount for your product cost rule:

Global pricing rule product cost

  1. Click Save Settings.

A product price rule applies only to product added after you created the rule. If you want to apply the rule to products in your import list or that you already have in your store, then click Apply pricing rule to existing products.

Adding a product compared at price rule

You can set a product compared at price to simulate product sales in your Shopify store. For example, if your supplier cost is $10.00 and you add a product cost multiplier of 3 then this product is listed at $30.00. If set your product compared at price multiplier to 6, then the product appears in your Shopify store with a cost reduction from $60.00.

Product compared at price rule

The set Your product compared at price value has to be greater than the "Your product price" setting value.

Steps:

  1. Click Settings > Global Pricing Rules.

  2. Enable Set your compared at pricing rules by clicking the toggle button.

  3. In the Product cost section for your Your product compared at price, select a rule type from the drop-down list.

  4. Enter an amount for your compared at price cost rule.

  5. Click Save Settings.

Global pricing rule compare price

A product cost rule applies only to products added after you created the rule. If you want to apply the rule to products in your import list or that you already have in your store, then click Apply pricing rule to existing products.

Advanced pricing rules

You can use advanced pricing rules to set the product prices for different supplier cost ranges. You can use this rule set if you have several different products with different supplier costs.

Steps:

  1. Click Settings > Global Pricing Rules.

  2. Enable Advanced pricing rules by clicking the toggle button.

  3. Enter a cost range.

  1. In the Markup section, select a rule type from the drop-down list.

  2. Enter an amount for your markup.

  3. Optional: Enable Compared at price markup to set a simulated sales price.

  1. Click Save Settings.

A product cost rule applies only to products added after you created the rule. If you want to apply the rule to products in your import list or that you already have in your store, then click Apply pricing rule to existing products.

Round the prices of your products

You can automatically round your product prices in the Shopify store. For example, you can use this feature if you want all your prices to end in .99.

Rounding only applies to product prices that are set using global pricing rules. If the supplier product costs is $2.00, you have the global pricing rules multiplier set to 3, and you set assign cents set to 99, then the product price will be set at $6.99 in your Shopify store.

Steps:

  1. Click Settings > Global Pricing Rules.

  2. Enable Assign cent.

  3. Enter a cents amount between 0 and 99.

  4. Click Save Settings.

You can also round the price for your compared at price rules. Compared at price rules simulate a product sale in your Shopify store.

To add price rounding for a compared at price rule:

  1. Click Settings > Global Pricing Rules.

  2. Enable Assign compared at cents.

  3. Enter a cents amount between 0 and 99.

  4. Click Save Settings.

Disable price auto updates

If you have set prices for your products manually, then you need to disable price auto updates to make sure global pricing rules aren't automatically applied to you products.

Steps:

  1. On the sidebar, hover over the price tag icon, and click My Products.

  2. Click the Actions drop-down for the product that you want to update.

  3. Enable Prevent product price from auto-updating by tapping the toggle button.

To disable auto updates for all products:

  1. Click Settings > Shop Settings > Auto Updates.

  2. In the When the cost changes section, click Do Nothing.

  3. Click Save Settings at the top of the page.

Change currency settings

Oberlo shows and imports all product prices in USD. However, you can choose which currency your store uses (for example, USD, EUR, CAD, AUD, JPY) in your Shopify admin.

Steps:

  1. Click General.

  2. In the Standards and formats section, use the drop-down menu under Currency to select a new monetary unit:

  1. Click Save.

If you changed your currency from USD, then you need to manually change your product prices in your Shopify admin. You will have to calculate the exchange rate, then change the prices manually from the Products page in the Shopify admin.

If you are using Oberlo Global Pricing Rules, then you might need to adjust the multipliers accordingly. For example, if your supplier cost is $20.00 USD and you add a product cost multiplier of 3 then this product is listed at $60.00 USD. If you set your currency in Shopify to EUR, then the exchange rate is not automatically applied to your price and your product is listed as €60.00 EUR. With a currency conversion rate of $1.00 USD for every €0.85 EUR, you need to set your multiplier to 0.85 x 3 = 2.55. As a result, the $20.00 USD is multiplied by 2.55 for price of $51.00 USD which is then displayed in your store as €51.00 EUR.

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