Pricing your products
Who is this article for?
- Store Owners or Admins with full access to manage inventory and set or update product pricing using the wicadu Assistant.
- Sellers or Suppliers with permission to configure product prices and adjust pricing based on business needs.
About pricing your products
Setting the selling price of your products allows you to define how much customers will pay for each item in your inventory. This step is essential for managing your sales and calculating profit margins. In wicadu, each product has a price that you can assign once and update whenever needed.
By assigning the right selling price, you can attract more customers and boost your profits. With wicadu, it's easy to update product prices anytime — whether you are adjusting to market trends or running special promotions. This gives you greater control over your inventory and helps you grow your business efficiently and effectively.
Before you begin
Before setting the selling prices of your products, make sure to check the following:
Ensure your products are properly registered, including name, SKU, category, and other key details in your inventory.
Remember that the unit cost is automatically assigned through purchase records, but the selling price must be manually set for each product.
Define your pricing strategy by considering acquisition costs, desired profit margins, and market conditions.
Following these steps will help you set selling prices quickly and accurately in your inventory.
Strategies for pricing your products
Setting the right selling price is essential to ensure your business remains profitable. Consider the added value you provide to your customers, including the time, effort, and resources invested in developing your product, packaging, or delivering excellent customer service. These factors can justify a higher price. It’s also important to account for operational expenses such as marketing costs, subscription plans, tools you use, and sales commissions. Make sure your prices cover these expenses while generating a healthy profit margin.
You can also use practical pricing strategies like psychological pricing (for example, pricing at $9.99 instead of $10) to influence customer perception. Additionally, monitor competitor prices to gauge the market and adjust your pricing based on seasonal trends or demand fluctuations. These approaches will help you keep your prices competitive, boost sales, and enhance your brand’s perceived value.
Steps to set your product prices
Go to the Inventory module:
Access the Inventory feature within the wicadu Assistant.
Select a product:
Use the search tool or browse the list to find the product you want to set a selling price for. Click its name to open the details.
Start price assignment:
If the product does not yet have a price, you will see the "Assign" button in the price section. Click it to enable edit mode.
Enter the selling price:
A field will appear where you can enter the product's selling price.
Note: If your store supports multiple currencies, a currency selector will appear. Multi-currency support is only available on paid plans.
Save your changes:
Click "Save" to apply the price. Once set, the product is ready to be displayed in your store and sold without issues.
Next Steps
Once you have assigned selling prices to your products, you can continue optimizing your store with these recommended actions:
Review products without assigned prices:
Make sure all products in your inventory have a selling price set so they can be displayed properly in your store and be available for sale.
Record costs with purchase orders:
Record your purchases to automatically update the unit cost of your products and keep your inventory up to date. Learn how to do this in this purchase orders guide.
Make your first sale:
Start selling your products once prices are assigned so customers can purchase them in your store. Find out how here: How to create an order.
Common Issues
Price not applied to new orders: Check if the product has old prices stored in active orders. Update manually if necessary.
Unable to select other currencies: The multi-currency feature is available only on paid plans. If you are on a free plan, this functionality will not be enabled in your store.
Updated price not reflected in the online store: Please wait a few minutes as changes may take time to synchronize.